-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VV5p+wQqgTyshrt6s/GQNWUMWK/fbXwPEwQ6pdwqjdbDypfHXRlxXRxBWsYNqqva EBC0oqYnPIoHb4A/eGuAkw== 0001104659-09-053343.txt : 20090904 0001104659-09-053343.hdr.sgml : 20090904 20090904083012 ACCESSION NUMBER: 0001104659-09-053343 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 25 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090904 DATE AS OF CHANGE: 20090904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMON PROPERTY GROUP INC /DE/ CENTRAL INDEX KEY: 0001063761 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 046268599 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-14469 FILM NUMBER: 091054880 BUSINESS ADDRESS: STREET 1: 225 WEST WASHINGTON STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46204-3438 BUSINESS PHONE: 317-636-1600 MAIL ADDRESS: STREET 1: 225 WEST WASHINGTON STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46204-3438 FORMER COMPANY: FORMER CONFORMED NAME: CORPORATE PROPERTY INVESTORS INC DATE OF NAME CHANGE: 19980610 10-Q/A 1 a09-14243_410qa.htm 10-Q/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q/A

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2009

 

SIMON PROPERTY GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

(State of incorporation or organization)

 

001-14469

(Commission File No.)

 

046-268599

(I.R.S. Employer Identification No.)

 

225 West Washington Street

Indianapolis, Indiana 46204

(Address of principal executive offices)

 

(317) 636-1600

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x No o

 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).  Yes x No o

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

 

Large accelerated filer x

 

Accelerated filer o

 

 

 

Non-accelerated filer o
(Do not check if a smaller reporting company)

 

Smaller reporting company o

 

Indicate by check mark whether Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).  Yes o No x

 

As of June 30, 2009, Simon Property Group, Inc. had 281,063,518 shares of common stock, par value $0.0001 per share and 8,000 shares of Class B common stock, par value $0.0001 per share outstanding.

 

 

 



 

Simon Property Group, Inc. and Subsidiaries

 

EXPLANATORY NOTE

 

The sole purpose of this Form 10-Q/A is to furnish the interactive data files as exhibit 101.  Exhibit 101 to this report provides the following items from our Form 10-Q formatted in Extensible Business Reporting Language (XBRL): (i) the unaudited Consolidated Balance Sheets, (ii) the unaudited Consolidated Statement of Operations and Comprehensive Income, (iii) the unaudited Consolidated Statement of Cash Flows, and (iv) the unaudited Condensed Notes to Consolidated Financial Statements.

 

Users of this data are advised that pursuant to Rule 406T of Regulation S-T these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, are deemed not filed for the purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

 

No other changes have been made to the Form 10-Q other than those described above.  This Amendment No. 1 does not reflect subsequent events occurring after the original filing date of the Form 10-Q or modify or update in any way disclosures made in the Form 10-Q.

 

2



 

Item 6.  Exhibits

 

Exhibit
Number

 

Exhibit Descriptions

31.1*

 

Certification by the Chief Executive Officer pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*

 

Certification by the Chief Financial Officer pursuant to rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32*

 

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.

101.INS**

 

XBRL Instance Document

101.SCH**

 

XBRL Taxonomy Extension Schema

101.CAL**

 

XBRL Taxonomy Extension Calculation Linkbase

101.DEF**

 

XBRL Taxonomy Extension Definition Linkbase

101.LAB**

 

XBRL Taxonomy Extension Label Linkbase

101.PRE**

 

XBRL Taxonomy Extension Presentation Linkbase

 


*

Previously filed

**

Furnished herewith

 

3



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

SIMON PROPERTY GROUP, INC.

 

 

 

/S/ STEPHEN E. STERRETT

 

Stephen E. Sterrett

 

Executive Vice President and Chief Financial Officer

 

 

 

Date: September 4, 2009

 

4


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Simon Property Group,&nbsp;L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon Property Group,&nbsp;Inc. and its subsidiaries. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own, develop and manage retail real estate properties, which consist primarily of regional malls, Premium Outlet&#174; centers, The Mills&#174;, and community/lifestyle centers. As of June&nbsp;30, 2009, we owned or held an interest in 324 income-producing properties in the United States, which consisted of 163 regional malls, 40 Premium Outlet centers, 70 community/lifestyle centers, 36 properties acquired in the 2007 acquisition of The Mills Corporation, or the Mills acquisition, and 15 other shopping centers or outlet centers in 41 states and Puerto Rico. Of the 36 properties acquired in the Mills portfolio, 16 of these properties are The Mills, 16 are regional malls, and four are community centers. We also own an interest in one parcel of land held in the United States for future development. In the United States, we have one new property currently under development aggregating approximately 400,000 square feet which will open during 2009. Internationally as of June&nbsp;30, 2009, we had ownership interests in 51&nbsp;European shopping centers (France, Italy and Poland); seven Premium Outlet centers in Japan; one Premium Outlet center in Mexico; one Premium Outlet center in South Korea; and one shopping center in China. Also, through joint venture arrangements we have ownership interest in the following properties under development internationally: a 24% interest in two shopping centers in Italy, a 40% interest in a Premium Outlet center in Japan, and a 32.5% interest in three additional shopping centers under construction in China. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying unaudited consolidated financial statements of Simon Property Group,&nbsp;Inc. include the accounts of all majority-owned subsidiaries, and all significant inter-company amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended June&nbsp;30, 2009 are not necessarily indicative of the results that may be obtained for the full fiscal year. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These consolidated financial statements have been prepared in accordance with the instructions to Form&nbsp;10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form&nbsp;10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2008 Annual Report on Form&nbsp;10-K. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2009, we consolidated 203 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 164 properties, or the joint venture properties, using the equity method of accounting. We manage the day-to-day operations of 93 of the 164 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, Europe, and Asia comprise 61 of the remaining 71 properties. The international properties are managed locally by joint ventures in which we share oversight responsibility with our partner. Additionally, we account for our investment in SPG-FCM Ventures,&nbsp;LLC, or SPG-FCM, which acquired The Mills Corporation and its majority-owned subsidiary, The Mills Limited Partnership, collectively Mills, in April 2007, using the equity method of accounting. We have determined that SPG-FCM is not a variable interest entity (VIE) and that Farallon Capital Management, L.L.C., or Farallon, our joint venture partner, has substantive participating rights with respect to the assets and operations of SPG-FCM pursuant to the applicable partnership agreements. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=1,FOLIO='6',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_7></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We allocate net operating results of the Operating Partnership after preferred distributions to third parties and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributed to third parties are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 81.6% and 79.6% for the six months ended June&nbsp;30, 2009 and 2008, respectively. As of June&nbsp;30, 2009 and December&nbsp;31, 2008, our ownership interest in the Operating Partnership was 83.1% and 80.4%, respectively. We adjust the limited partners' interests in the Operating Partnership at the end of each period to reflect their respective interests in the Operating Partnership. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred distributions of the Operating Partnership in the accompanying statements of operations and cash flows represent distributions on outstanding preferred units of partnership interests held by limited partners and are included in net income attributable to noncontrolling interests. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Reclassifications </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2009 presentation. The reclassifications were to reflect the retrospective adoption of Statement of Financial Accounting Standard (SFAS) No.&nbsp;160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment to ARB 51" (SFAS&nbsp;160) and the application of EITF Topic D-98, "Classification and Measurement of Redeemable Securities" (EITF D-98), to certain redeemable securities, as further described in note&nbsp;3. The reclassifications had no impact on previously reported net income available to common stockholders or earnings per share. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Subsequent Events </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have evaluated the financial statements for subsequent events through the time of the filing of this Form&nbsp;10-Q. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Cash and Cash Equivalents </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider all highly liquid investments purchased with an original maturity of 90&nbsp;days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates market value. Cash equivalents generally consist of commercial paper, bankers acceptances, Eurodollars, repurchase agreements and money market funds or accounts. Cash and cash equivalents, as of June&nbsp;30, 2009, include a balance of $31.4&nbsp;million related to our co-branded gift card programs which we do not consider available for general working capital purposes. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with high credit quality institutions. However, at certain times, the cash and cash equivalents deposited with any institution may be in excess of FDIC and SIPC insurance limits. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Marketable and Non-Marketable Securities </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities consist primarily of the investments of our captive insurance subsidiaries, our investment in shares of common stock of Liberty International&nbsp;PLC, or Liberty, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties that have been sold. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from 1 to 10&nbsp;years. These securities are classified as available-for-sale and are valued based upon quoted market prices or using discounted cash flows when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Our investment in Liberty is also accounted for as an available-for-sale security. Liberty operates regional shopping centers and is the owner of other retail assets throughout the United Kingdom. Liberty is a U.K. FTSE&nbsp;100 listed company. Liberty converted into a U.K. Real Estate Investment Trust (REIT) on January&nbsp;1, 2007. Our interest in Liberty is adjusted to their quoted market price, including a related foreign exchange component. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=2,FOLIO='7',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_8></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarterly period ended June&nbsp;30, 2009, we recognized a non-cash impairment charge of $140.5&nbsp;million, or $0.42 per diluted share, representing an other-than-temporary decline in fair value below the carrying value of our investment in Liberty. As of June&nbsp;30, 2009, we owned 35.4&nbsp;million shares at a weighted average cost per share of &#163;5.74. As of June&nbsp;30, 2009, Liberty's quoted market price was &#163;3.97 per share. As a result of the significance and duration of the decline in the total share price, including currency revaluations, the decline in value was deemed an other-than-temporary impairment, which established a new cost basis of our investment in Liberty. Until this quarter, we have marked our Liberty investment to market through other comprehensive income. As a result, changes in available-for-sale securities and other in the consolidated statement of operations and comprehensive income includes the reclassification of $140.5&nbsp;million from accumulated other comprehensive income to earnings related to this non-cash impairment charge. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability recorded as the amounts are fully payable to the employees who earned the compensation which is in the deferred compensation plan. Changes in the values of these securities are recognized in earnings, but because of the matching liability the impact to net income is zero. As of June&nbsp;30, 2009 and December&nbsp;31, 2008, we had investments of $52.6&nbsp;million and $53.4&nbsp;million, respectively, which must be used to fund the debt service requirements of debt related to investment properties sold. These investments are classified as held-to-maturity and are recorded at amortized cost as we have the ability and intent to hold these investments to maturity. During 2008, we made an investment of $70&nbsp;million in a non-marketable security that we account for under the cost method. To the extent an other-than-temporary decline in fair value is deemed to have occurred, we would adjust this investment to its estimated fair value. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net unrealized losses as of June&nbsp;30, 2009 were approximately $1.3&nbsp;million and represented the valuation and related currency adjustments for our marketable securities. Other than the adjustment related to our investment in Liberty, we do not consider the decline in value of any of our other marketable and non-marketable securities to be an other-than-temporary decline in value, as these market value declines, if any, have existed for a short period of time, and we have the ability and intent to hold these securities to maturity in the case of debt securities. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Fair Value Measurements </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold marketable securities that total $481.5&nbsp;million at June&nbsp;30, 2009, and are considered to have Level&nbsp;1 fair value inputs. In addition, we have derivative instruments, primarily interest rate swap agreements, with a gross liability balance of $14.6&nbsp;million, which are classified as having Level&nbsp;2 inputs. Level&nbsp;1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges, and Level&nbsp;2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Retrospective Adjustments Related to Noncontrolling Interests and Temporary Equity </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2009, we adopted the provisions of SFAS&nbsp;160, which requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be included within consolidated net income. SFAS&nbsp;160 also requires consistency in the manner of reporting changes in the parent's ownership interest and requires fair value measurement of any noncontrolling equity investment retained in a deconsolidation. In connection with our retrospective adoption of SFAS&nbsp;160, we also performed a concurrent review and retrospectively adopted the measurement provisions of EITF D-98. Upon adoption, we adjusted the carrying amounts of noncontrolling redeemable interests held by third parties in certain of our properties to redemption values at each reporting date. Because holders of the noncontrolling redeemable interests in properties can require us to redeem these interests for cash, we have classified these noncontrolling redeemable interests outside of permanent equity upon the adoption of SFAS&nbsp;160. These adjustments increased the December&nbsp;31, 2007 carrying value of these noncontrolling redeemable interests by $41.5&nbsp;million, with a corresponding increase to accumulated deficit in consolidated equity. Subsequent adjustments to the carrying amounts of these noncontrolling redeemable interests in properties, to reflect the change in its redemption value at the end of each reporting period, are recorded to accumulated deficit. Additionally, due to certain cash redemption features that may be deemed outside of our control, we have retained temporary equity classification for certain limited partners' preferred interest in the Operating Partnership upon adoption of SFAS&nbsp;160. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=3,FOLIO='8',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_9></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our reassessment of EITF D-98 also resulted in the reclassification of our Series&nbsp;I 6% Convertible Perpetual Preferred Stock (Series&nbsp;I Preferred Stock) from permanent equity to temporary equity due to the possibility that we could be required to redeem the security for cash upon the occurrence of a change in control event, which would include a change in the majority of our directors that occurs over a two year period. The carrying amount of the Series&nbsp;I Preferred Stock is equal to its liquidation value, which is the amount payable upon the occurrence of such event. Lastly, the adoption of SFAS&nbsp;160 also resulted in the reclassification to equity as noncontrolling nonredeemable interests the limited partners' common interests in the Operating Partnership and noncontrolling interests in properties. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of the carrying amount of our noncontrolling interests that have been reclassified to permanent equity are as follows: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=285></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=44></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>As of<BR>June&nbsp;30,<BR>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>As of<BR>December&nbsp;31,<BR>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Limited partners' common interest in the Operating Partnership</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>849,864</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>639,779</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Nonredeemable noncontrolling deficit interests in properties, net</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(153,801</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(150,810</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total noncontrolling interests reflected in equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>488,969</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of these reclassifications, total equity at December&nbsp;31, 2008 increased by $61.8&nbsp;million from the $3.0&nbsp;billion previously reported. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, as a result of the adoption of SFAS&nbsp;160, net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership and preferred distributions of the Operating Partnership) is now excluded from the determination of consolidated net income. In addition, the individual components of other comprehensive income are now presented in the aggregate, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. Corresponding changes have also been made to the accompanying consolidated statements of cash flows. Such changes result in a net increase to cash flows provided by operating activities with an offsetting increase to cash flows used in financing activities related to distributions to noncontrolling interest holders in properties. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=4,FOLIO='9',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_10></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A progression of noncontrolling interests is as follows: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=245></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Three Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Six Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Noncontrolling interests, beginning of period</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>521,274</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>557,086</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>488,969</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>592,978</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Net (loss) income attributable to noncontrolling interests</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(4,029</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>22,208</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>24,745</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>47,042</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Distributions to noncontrolling interest holders(1)</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(39,771</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(57,107</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(97,696</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(115,503</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other Comprehensive income (loss) allocable to noncontrolling interests:</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Unrealized gain (loss) on interest rate hedging agreements</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>3,083</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>3,536</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(1,341</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(1,387</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Net (loss) gain on derivative instruments reclassified from accumulated other comprehensive income into interest expense</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(614</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>127</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(1,296</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>659</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Currency translation adjustments</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,554</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>3,020</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(916</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(1,581</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Changes in available-for-sale securities and other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>36,895</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(838</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>33,697</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(1,099</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>40,918</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>5,845</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>30,144</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(3,408</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Adjustment to limited partners' interest from increased ownership in the Operating Partnership</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>155,755</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>5,920</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>188,065</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(30,757</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Units issued to limited partners</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>27,239</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>7,854</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>74,830</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>69,043</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Units exchanged for shares of common stock</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(3,014</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(3,038</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(12,973</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(19,559</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(2,309</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(10,402</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(21</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(11,470</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total noncontrolling interests, end of period</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>528,366</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>528,366</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" --> <HR align=left width="26%" color=#000000 noShade SIZE=1> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"><FONT size=2>(1)</FONT> <DD style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>The 2009 activity for the three and six-month periods ended June&nbsp;30, 2009 includes non-cash distributions of $27.2&nbsp;million and $74.8&nbsp;million related to distributions paid in common units, respectively. </FONT></DD></DL> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Derivative Instruments and Hedging Activities </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2009, we adopted SFAS No.&nbsp;161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No.&nbsp;133" (SFAS&nbsp;161), which amends and expands the disclosure requirements of SFAS No.&nbsp;133, "Accounting for Derivative Instruments and Hedging Activities" (SFAS&nbsp;133). SFAS&nbsp;161 requires qualitative disclosures about objectives and strategies for using derivatives and quantitative disclosures about the fair value of and gains and losses on derivative instruments. As required by SFAS&nbsp;133, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We use a variety of derivative financial instruments in the normal course of business to manage or hedge the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2009, we had the following outstanding interest rate derivatives related to interest rate risk: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=c width=89></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=c width=40></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=c width=62></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" noWrap align=middle> <DIV style="MARGIN-BOTTOM: 0pt; WIDTH: 78pt; BORDER-BOTTOM: #000000 1pt solid"><FONT size=1><B><I>Interest Rate Derivative <!-- COMMAND=ADD_SCROPPEDRULE,78pt --></I></B></FONT></DIV></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="FONT-FAMILY: times" noWrap align=middle> <DIV style="MARGIN-BOTTOM: 0pt; WIDTH: 39pt; BORDER-BOTTOM: #000000 1pt solid"><FONT size=1><B><I>Number of<BR>Instruments <!-- COMMAND=ADD_SCROPPEDRULE,39pt --></I></B></FONT></DIV></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="FONT-FAMILY: times" noWrap align=middle> <DIV style="MARGIN-BOTTOM: 0pt; WIDTH: 57pt; BORDER-BOTTOM: #000000 1pt solid"><FONT size=1><B><I>Notional Amount <!-- COMMAND=ADD_SCROPPEDRULE,57pt --></I></B></FONT></DIV></TH></TR> <TR vAlign=top bgColor=#cceeff> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>Interest Rate Swaps</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>4</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>$695.0&nbsp;million</FONT></TD></TR> <TR vAlign=top bgColor=white> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>Interest Rate Caps</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>3</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>$390.0&nbsp;million</FONT></TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=5,FOLIO='10',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_11></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of our interest rate swap agreements, at fair value, is included with other liabilities and was $14.6&nbsp;million as of June&nbsp;30, 2009. The interest rate cap agreements were of no net value at June&nbsp;30, 2009 and we generally do not apply hedge accounting to these arrangements. The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $57.4&nbsp;million as of June&nbsp;30, 2009. There was no significant ineffectiveness from any of our derivative activities during the period. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also exposed to fluctuations in foreign exchange rates on investments denominated in a foreign currency that we hold, primarily in Japan and Europe. We use currency forward agreements to manage our exposure to changes in foreign exchange rates on certain Yen-denominated receivables. Currency forward agreements involve fixing the USD-Yen exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date. We entered into USD-Yen forwards during 2009 for approximately &#165;3&nbsp;billion that we expect to receive over the next 33&nbsp;months at an average exchange rate of 97.1&nbsp;USD:Yen, of which approximately &#165;1.7&nbsp;billion remains as of June&nbsp;30, 2009. The June&nbsp;30, 2009 asset balance related to these forwards was not significant and we have reflected the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign-denominated receivables are also reflected in income and generally offset the amounts in earnings for these forward contracts. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no credit-risk-related hedging or derivative activities. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per Share Data </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all dilutive potential common shares were converted into shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share. </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=189></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Three Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Six Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Net (Loss) Income attributable to Common Stockholders&nbsp;&#151; Basic</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(20,760</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>76,572</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>86,008</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>164,505</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Effect of dilutive securities:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Impact to General Partner's interest in Operating Partnership from all dilutive securities and options</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>25</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>14</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>91</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Net (Loss) Income attributable to Common Stockholders&nbsp;&#151; Diluted</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(20,760</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>76,597</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>86,022</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>164,596</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Weighted Average Shares Outstanding&nbsp;&#151; Basic</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>268,289,545</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>224,982,539</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>251,151,636</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>224,218,955</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Effect of stock options</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>588,806</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>259,551</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>604,699</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Effect of contingently issuable shares from stock dividends</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,542,294</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Weighted Average Shares Outstanding&nbsp;&#151; Diluted</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>268,289,545</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>225,571,345</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>252,953,481</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>224,823,654</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June&nbsp;30, 2009, potentially dilutive securities include stock options, convertible preferred stock, contingently issuable shares from stock dividends, units of limited partnership interests in the Operating Partnership, or units, that are exchangeable for common stock and preferred units of limited partnership interest of the Operating Partnership, or preferred units, that are convertible into units or exchangeable for our preferred stock. The only securities that had a dilutive effect for the six months ended June&nbsp;30, 2009 were stock options and contingently issuable shares from stock dividends. For the three and six months ended June&nbsp;30, 2008, the only securities that had a dilutive effect were stock options. We accrue dividends when they are declared. Potentially <!-- SEQ.=6,FOLIO='11',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_12></A>dilutive securities were excluded from the calculation of diluted earnings per share for the three months ended June&nbsp;30, 2009 because the effect of their conversion would have been anti-dilutive to net loss attributable to common stockholders. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Unconsolidated Entities </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Real Estate Joint Ventures </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio. We held joint venture ownership interests in 103 properties in the United States as of June&nbsp;30, 2009 and December&nbsp;31, 2008. We also held interests in two joint ventures which owned 51&nbsp;European shopping centers as of June&nbsp;30, 2009 and December&nbsp;31, 2008. We also held interests in seven joint venture properties under operation in Japan, one joint venture property in China, one joint venture property in Mexico, and one joint venture property in South Korea. We account for these joint venture properties using the equity method of accounting. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. Our partners in these joint ventures may initiate these provisions at any time (subject to any applicable lock up or similar restrictions), which could result in either the sale of our interest or the use of available cash or borrowings to acquire a joint venture interest from our partner. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Loans to SPG-FCM </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our acquisition of a joint venture interest in The Mills Corporation through SPG-FCM, the Operating Partnership made loans to SPG-FCM and Mills primarily at rates of LIBOR plus 270-275 basis points. These funds were used by SPG-FCM and Mills to repay loans and other obligations, including the redemption of Mills' preferred stock. As of December&nbsp;31, 2008 and June&nbsp;30, 2009, the outstanding balance of our remaining loan to SPG-FCM was $520.7&nbsp;million and $586.0&nbsp;million, respectively. During the first six months of 2009 and 2008, we recorded approximately $4.5&nbsp;million and $8.1&nbsp;million in interest income (net of inter-entity eliminations), respectively, related to this loan. The loan facility bears interest at a rate of LIBOR plus 275 basis points and matures on June&nbsp;8, 2010, with two available one-year extensions. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>International Joint Venture Investments </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Joint Ventures.</I></B></FONT><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;We conduct our international operations in Europe through two European joint ventures: Simon Ivanhoe S.&#224;.r.l., or Simon Ivanhoe, and Gallerie Commerciali Italia, or GCI. The carrying amount of our total combined investment in these two joint venture investments was $210.6&nbsp;million and $224.2&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of other comprehensive income. The Operating Partnership has a 50% ownership in Simon Ivanhoe and a 49% ownership in GCI. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Joint Ventures.</I></B></FONT><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;We conduct our investment in the seven international Premium Outlet operations in Japan through joint ventures in which we hold a 40% ownership interest. The carrying amount of our investment in these joint ventures was $296.0&nbsp;million and $312.6&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of other comprehensive income. On June&nbsp;1, 2007, we opened Yeoju Premium Outlets, our first Premium Outlet center in South Korea, in which we hold a 50% ownership interest. Our investment in this property was $19.8&nbsp;million and $18.0&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of other comprehensive income. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also own a 32.5% interest in shopping centers located in China which are anchored by Wal-Mart, and a 32.5% ownership in the management operation overseeing these projects, collectively referred to as Great Mall Investments,&nbsp;Ltd., or GMI. During 2008, GMI completed construction and opened its first center in China, and there are three additional centers under construction which are scheduled to be opened in late 2009.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our combined investment in GMI was approximately $55.1&nbsp;million and $53.9&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including the related cumulative translation adjustments. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for all of our international joint venture investments using the equity method of accounting. <!-- SEQ.=7,FOLIO='12',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_13></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>Summary Financial Information </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary financial information (in thousands) of all of our joint ventures and a summary of our investment in and share of income from such joint ventures follow. We condensed into separate line items major captions of the statements of operations for joint venture interests sold or consolidated. Consolidation occurs when we acquire an additional interest in the joint venture and, as a result, gain unilateral control of the property or are determined to be the primary beneficiary. We reclassify these line items into "Discontinued Joint Venture Interests" and "Consolidated Joint Venture Interests" on the balance sheets and statements of operations, if material, so that we may present comparative results of operations for these joint venture properties held as of June&nbsp;30, 2009. </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=323></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=46></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=46></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>June&nbsp;30,<BR>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>December&nbsp;31,<BR>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>BALANCE SHEETS</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Assets:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Investment properties, at cost</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>21,504,051</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>21,472,490</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Less&nbsp;&#151; accumulated depreciation</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>4,184,876</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>3,892,956</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>17,319,175</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>17,579,534</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Cash and cash equivalents</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>740,085</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>805,411</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Tenant receivables and accrued revenue, net</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>365,331</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>428,322</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Investment in unconsolidated entities, at equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>238,698</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>230,497</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Deferred costs and other assets</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>577,251</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>594,578</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total assets</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>19,240,540</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>19,638,342</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Liabilities and Partners' Equity:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Mortgages and other indebtedness</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>16,610,441</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>16,686,701</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Accounts payable, accrued expenses, intangibles, and deferred revenue</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>908,549</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,070,958</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other liabilities</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,038,611</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>982,254</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total liabilities</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>18,557,601</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>18,739,913</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Preferred units</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>67,450</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>67,450</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Partners' equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>615,489</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>830,979</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total liabilities and partners' equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>19,240,540</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>19,638,342</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Our Share of:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total assets</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>7,897,076</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>8,056,873</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Partners' equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>444,877</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>533,929</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Add: Excess Investment</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>694,154</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>749,227</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Our net Investment in Joint Ventures</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,139,031</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,283,156</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Mortgages and other indebtedness</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>6,513,659</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>6,632,419</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=8,FOLIO='13',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_14></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures acquired. We amortize excess investment over the life of the related properties, typically no greater than 40&nbsp;years, and the amortization is included in the reported amount of income from unconsolidated entities. </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=217></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=41></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=41></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=3><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Three Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Six Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=3><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>STATEMENTS OF OPERATIONS</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Revenue:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Minimum rent</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>490,889</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>478,418</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>957,566</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>948,481</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Overage rent</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>30,358</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>26,813</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>50,937</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>45,529</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Tenant reimbursements</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>239,202</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>244,593</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>476,644</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>473,338</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other income</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>40,663</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>37,427</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>78,907</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>83,518</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total revenue</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>801,112</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>787,251</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,564,054</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,550,866</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Operating Expenses:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Property operating</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>162,385</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>163,813</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>311,325</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>316,737</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Depreciation and amortization</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>198,025</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>207,770</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>385,488</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>379,469</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Real estate taxes</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>63,385</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>66,629</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>132,774</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>132,373</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Repairs and maintenance</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>24,912</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>30,165</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>50,635</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>60,503</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Advertising and promotion</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>14,636</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,826</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>28,931</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>29,122</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Provision for credit losses</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>4,960</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>2,795</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>15,387</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>7,828</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>51,878</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>47,628</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>88,193</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>85,605</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total operating expenses</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>520,181</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>533,626</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,012,733</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,011,637</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Operating Income</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>280,931</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>253,625</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>551,321</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>539,229</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Interest expense</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(221,269</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(234,837</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(440,420</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(483,710</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Income (loss) from unconsolidated entities</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,555</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(4,150</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>787</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(4,129</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Income from Continuing Operations</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>61,217</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,638</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>111,688</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>51,390</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Income from discontinued joint venture interests</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>47</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Net Income</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>61,217</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,638</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>111,688</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>51,437</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Third-Party Investors' Share of Net Income</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>41,711</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,906</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>72,890</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>33,557</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Our Share of Net Income (Loss)</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>19,506</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(268</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>38,798</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>17,880</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Amortization of Excess Investment</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(14,012</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(11,125</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(27,759</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(22,132</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Income (loss) from Unconsolidated Entities, Net</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>5,494</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(11,393</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>11,039</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(4,252</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Unsecured Debt </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our unsecured debt currently consists of $11.3&nbsp;billion of senior unsecured notes of the Operating Partnership and our $3.5&nbsp;billion unsecured credit facility, or Credit Facility. The Credit Facility bears interest at LIBOR plus 37.5 basis points and an additional facility fee of 12.5 basis points. The Credit Facility matures January&nbsp;11, 2010 and may be extended one year at our option. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first six months of 2009, the Operating Partnership repaid three series of unsecured notes totaling $700.0&nbsp;million, which had fixed rates of 3.75%, 7.13% and 3.50%, respectively. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;25, 2009, the Operating Partnership issued $650.0&nbsp;million of senior unsecured notes at a fixed interest rate of 10.35% due April&nbsp;1, 2019. We used the proceeds from the offering to reduce borrowings on the Credit Facility and for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=9,FOLIO='14',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_15></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;15, 2009, the Operating Partnership issued $600.0&nbsp;million of senior unsecured notes at a fixed interest rate of 6.75% due May&nbsp;15, 2014. We used the proceeds from the offering for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the six months ended June&nbsp;30, 2009, we drew amounts from the Credit Facility to fund the repayment of $600.0&nbsp;million of maturing unsecured notes. We repaid a total of $1.2&nbsp;billion on the Credit Facility during the six months ended June&nbsp;30, 2009. The total outstanding balance of the Credit Facility as of June&nbsp;30, 2009 was $433.5&nbsp;million, all related to the U.S. dollar equivalent of Euro and Yen-denominated borrowings, and the maximum amount outstanding during the six months ended June&nbsp;30, 2009 was approximately $1.6&nbsp;billion. During the six months ended June&nbsp;30, 2009, the weighted average outstanding balance was approximately $893.4&nbsp;million. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Secured Debt </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured indebtedness was $6.2&nbsp;billion and $6.3&nbsp;billion at June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Fair Value of Debt </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The fair values of our fixed-rate debt at June&nbsp;30, 2009 and December&nbsp;31, 2008 was $14,920 and $12,385, respectively, compared to carrying values at those dates of $15,473 and $14,919, respectively. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of our Board of Directors, or the Board, awarded 242,183 shares of restricted stock as part of the 2008 stock incentive program created under The Simon Property Group,&nbsp;L.P. 1998 Stock Incentive Plan to employees on February&nbsp;27, 2009 at a fair market value of $33.10 per share, 19,315 shares of restricted stock on March&nbsp;2, 2009 at a fair market value of $29.96 per share, and 764 shares of restricted stock on April&nbsp;13, 2009 at a fair market value of $42.65 per share. On May&nbsp;8, 2009, our non-employee Directors were awarded 11,178 shares of restricted stock under this plan at a fair market value of $53.93 per share, and 3,250 shares of restricted stock on June&nbsp;1, 2009 at a fair market value of $56.39 per share. The fair market value of the restricted stock awarded on February&nbsp;27, 2009, March&nbsp;2, 2009 and April&nbsp;13, 2009 is being recognized as expense over the four-year vesting service period. The fair market value of the restricted stock awarded on May&nbsp;8, 2008 and June&nbsp;1, 2009, is being recognized as expense over a one-year vesting service period. We issued shares held in treasury to make the awards. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first six months of 2009, we issued 1,136,948 shares of common stock to fifty limited partners in exchange for an equal number of limited partnership units of the Operating Partnership. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;19, 2009, we issued 2,525,204 shares of common stock as part of the quarterly dividend to common shareholders at a closing price of $52.92 per share. The Operating Partnership also issued 514,720 units to limited partners related to its distribution. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;18, 2009, we issued 5,519,765 shares of common stock as part of the quarterly dividend to common shareholders at a closing price of $35.38 per share. The Operating Partnership also issued 1,345,151 units to limited partners related to its distribution. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12, 2009, we issued 23,000,000 shares of common stock in a public offering at a public offering price of $50.00 per share. Proceeds from the offering were used for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;25, 2009, we issued 17,250,000 shares of common stock in a public offering at a public offering price of $31.50 per share. Proceeds from the offering were used to repay amounts drawn on the Credit Facility and for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board has authorized the repurchase of up to $1.0&nbsp;billion of common stock through July 2009. No purchases were made as part of this program in 2009. The program was not renewed. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=10,FOLIO='15',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_16></A></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Temporary Equity </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the quarter ending June&nbsp;30, 2009, holders of our Series&nbsp;I Preferred Stock were not eligible to convert their shares during the quarter into shares of our common stock as the triggering price of $77.55 was not met as of March&nbsp;31, 2009. As of June&nbsp;30, 2009, the conversion trigger price of $77.07 had again not been met. On June&nbsp;30, 2009, the Operating Partnership redeemed all outstanding 7.75%/8.00% Cumulative Redeemable Preferred Units for cash in the aggregate amount of $85,070. The redemption price was the liquidation value of the preferred units which was also its carrying value. Subsequent to June&nbsp;30, 2009, the Operating Partnership gave notices to the holders of its 7.50% Cumulative Redeemable Preferred Units and 7.00% Cumulative Redeemable Preferred Units of its intention to redeem all of those preferred units. The redemption price is the liquidation values, which is also their carrying values, of $25,537 and $2,639, respectively. The redemption price will be paid in the form of additional units of the Operating Partnership. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Changes in Equity </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=98></TD> <TD style="FONT-FAMILY: times" width=6></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=31></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=30></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=52></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=43></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=52></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=50></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=30></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=1>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Preferred<BR>Stock </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Common<BR>Stock </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Accumulated<BR>Other<BR>Comprehensive<BR>Income (Loss) </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Capital in<BR>Excess of<BR>Par Value </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Accumulated<BR>Deficit </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Common Stock<BR>Held in<BR>Treasury </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Noncontrolling<BR>interests </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Total<BR>Equity </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>January&nbsp;1, 2009</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>46,032</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>24</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(165,066</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>5,410,147</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(2,491,929</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(186,210</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>488,969</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>3,101,967</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Conversion of limited partner units</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>12,973</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(12,973</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Public offering of common stock</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>4</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>1,638,336</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>1,638,340</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(164</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>3,206</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(3,360</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>9,325</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(21</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>8,986</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Adjustment to limited partners' interest from increased ownership in the Operating Partnership</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(188,065</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>188,065</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Distributions (and stock issued) to common shareholders and limited partners, excluding Operating Partnership preferred interests</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>1</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>329,632</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(396,994</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(11,889</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(79,250</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Distributions to other noncontrolling interest partners</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(10,977</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(10,977</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Comprehensive income, excluding preferred distributions on temporary equity preferred units of $8,329</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>112,950</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>99,066</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>54,889</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>266,905</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1><B>June&nbsp;30, 2009</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>45,868</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>29</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(52,116</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>7,206,229</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(2,793,217</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(176,885</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>4,925,971</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Litigation </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no material developments with respect to the pending litigation disclosed in our 2008 Annual Report on Form&nbsp;10-K and no new material developments or litigation has arisen since those disclosures were made. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are involved in various other legal proceedings that arise in the ordinary course of our business. We believe that such routine litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Guarantees of Indebtedness </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint venture debt is the liability of the joint venture, and is typically secured by the joint venture property, which is non-recourse to us. As of June&nbsp;30, 2009, we have loan guarantees and other guarantee obligations of $47.8&nbsp;million and $2.0&nbsp;million, respectively, to support our total $6.5&nbsp;billion share of joint venture mortgage and other indebtedness in the event that the joint venture borrower defaults under the terms of the underlying arrangement. <!-- SEQ.=11,FOLIO='16',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_17></A>Mortgages which are guaranteed by us are secured by the property of the joint venture and that property may be sold in order to satisfy the outstanding obligation. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Acquisitions and Dispositions </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had no consolidated property acquisitions or dispositions during the six months ended June&nbsp;30, 2009. </FONT></P></BODY></HTML> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Financial Accounting Standards </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.&nbsp;141(R), "Business Combinations", or SFAS&nbsp;141(R). SFAS&nbsp;141(R) requires an acquirer to measure the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their fair values on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. SFAS&nbsp;141(R) is effective for financial statements issued for fiscal years beginning after December&nbsp;15, 2008. Our adoption of SFAS&nbsp;141(R), did not have a significant impact on our results of operations or financial position. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2008, the FASB issued FASB Staff Position (FSP) No.&nbsp;157-2, "Effective Date of FASB Statement No.&nbsp;157" which permitted a one-year deferral for the implementation of SFAS&nbsp;157 with regard to nonfinancial assets and liabilities that are not recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). On January&nbsp;1, 2009, we adopted SFAS&nbsp;157 as it relates to nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value in the financial statements on at least an annual basis. The adoption of SFAS&nbsp;157, as it relates to nonfinancial assets and nonfinancial liabilities, had no impact on the financial statements. The provisions of SFAS&nbsp;157 will be applied at such time a fair value measurement of a nonfinancial asset or nonfinancial liability is required, which may result in a fair value that is materially different than would have been calculated prior to the adoption of SFAS&nbsp;157. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2008, the FASB ratified Emerging Issue Task Force Issue No.&nbsp;07-5, "Determining Whether an Instrument (or an Embedded Feature) Is Indexed to an Entity's Own Stock" (EITF&nbsp;07-5). EITF&nbsp;07-5 provides that an entity should use a two step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument's contingent exercise and settlement provisions. EITF&nbsp;07-5 was effective for us as of January&nbsp;1, 2009, and our adoption of EITF&nbsp;07-5 had no impact on our financial position, results of operations or cash flows. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2009, we adopted FSP No. EITF&nbsp;03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities," (FSP EITF&nbsp;03-6-1). FSP EITF&nbsp;03-6-1 states that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The adoption of FSP EITF&nbsp;03-6-1 did not have a significant impact on reported earnings per share. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2009, the FASB issued SFAS No.&nbsp;165, "Subsequent Events" (SFAS&nbsp;165), which is effective for interim and annual periods ending after June&nbsp;15, 2009. SFAS&nbsp;165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. The statement introduces new terminology but is based on the same principles that previously existed in the auditing standards. SFAS&nbsp;165 requires disclosure of the date through which management has evaluated subsequent events and whether that date represents the date the financial statements were issued or the date the financial statements were available to be issued. Management has evaluated subsequent events through the time these financial statements were filed with the SEC. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2009, the FASB issued SFAS No.&nbsp;168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles" (SFAS&nbsp;168), which is effective for interim and annual periods ending after September&nbsp;15, 2009. SFAS&nbsp;168 defines a new hierarchy for U.S.&nbsp;GAAP and establishes the FASB Accounting Standards Codification as the sole source for authoritative guidance to be applied by nongovernmental entities. SFAS&nbsp;168 replaces SFAS&nbsp;162, "The Hierarchy of Generally Accepted Accounting Principles," which was issued in May 2008. The adoption of SFAS&nbsp;168 will change the manner in which U.S.&nbsp;GAAP guidance is referenced, but it will not have any impact on our financial position or results of operations. </FONT></P></BODY></HTML> 103713000 .0001 12000000 8000 8000 .0001 400004000 285182886 285182886 .0001 750000000 237996000 567633000 1139047000 100000000 4119368 1000000 796948 796948 39847000 1000000 796948 796948 39847000 6604384000 18723221000 2628431000 343365000 1552303000 1176998000 586000000 25327605000 25010318000 17936403000 984851000 413272000 178817000 19513343000 191324000 379680000 45868000 7206229000 -2793217000 -52116000 176885000 4229908000 696063000 4925971000 25010318000 29000 0 13493000 257532000 30055000 34899000 903612000 106836000 251685000 83076000 20186000 19823000 7066000 26670000 5310000 140478000 17784000 678914000 224698000 244443000 -143000 5494000 -14108000 123000 6529000 -20760000 -0.08 -0.08 13198000 3537000 7590000 190030000 193173000 41041000 152132000 25993000 516294000 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Distributions of capital from unconsolidated entities and other Payments to Acquire Real Estate and Interests in Real Estate Partnerships Acquisitions Cash outflows to Acquire Real Estate and Interests in Real Estate Partnerships. Payments for Purchase of Limited Partner Units and Treasury Stock Purchase of limited partner units and treasury stock Cash outflows to purchase limited partner units and treasury stock. Distributions to Preferred Unit Holders, Financing Activities Preferred distributions of the Operating Partnership Distributions from earnings to preferred unit holders. Increase (Decrease) in Accounts Payable, Accrued Expenses, Intangibles, Deferred Revenues, and Other Liabilities The net change during the reporting period in accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities. Accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities Capital stock All types, classes, and series of stock. Capital stock (750,000,000 total shares authorized, $.0001 par value, 237,996,000 shares of excess common stock, 100,000,000 authorized shares of preferred stock): Capital Stock, Shares Authorized The number of shares of capital stock authorized. Capital stock, shares authorized Capital Stock, Par Value Per Share Face amount or stated value of all types and classes of stock per share. Capital stock, par value (in dollars per share) Captial Stock, Shares of Excess Common Stock The number of shares of capital stock authorized less the number of shares of capital stock issued. Capital stock, shares of excess common stock Preferred Stock, Liquidation Value The aggregate liquidation value of the outstanding shares of preferred stock. Series J 8 3/8% cumulative redeemable preferred stock, liquidation value (in dollars) Notes to Consolidated Financial Statements Basis of Presentation and Consolidation Disclosure [Text Block] Basis of Presentation and Consolidation Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. An entity also may describe its accounting treatment for intercompany accounts and transactions, minority interest, and the income statement treatment in consolidati on for issuances of stock by a subsidiary. Also discloses any material changes in classifications in the current financial statements compared to the classifications in the prior year's financial statements, including an explanation of the reason for the change and the areas impacted. Basis of Presentation Real Estate Acquisitions, Disposals and Impairment Disclosure [Text Block] Real Estate Acquisitions, Disposals and Impairment The entire disclosure of real estate acquisitions, disposals, and impairments. Real Estate Acquisitions and Dispositions Debt and Derivative Instruments Disclosure [Text Block] Indebtedness and Derivative Financial Instruments The complete disclosure of indebtedness and derivative financial instruments. The disclosure on indebtednesss includes information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing s and noncompliance with debt covenants. The disclosure of derivative financial instruments includes a description of risk management strategies, derivatives in hedging activities and nonhedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions. Preferred Stock, Premium Amortization Preferred Stock, Premium Amortization The sum of the periodic adjustments of the differences between Preferred Stock's face value and purchase prices that are charged against earnings. This is called amortization if the Preferred Stock was purchased at premium. Preferred Stock, Discount Accretion The sum of the periodic adjustments of the differences between Preferred Stock's face value and purchase prices that are charged against earnings. This is called accretion if the Preferred Stock was purchased at a discount. Preferred stock, discount accretion Adjustments to Additional Paid in Capital, Share-based Compensation Amortization Adjustment to additional paid-in-capital resulting from the periodic adjustments of stock incentives. Adjustments to additional paid in capital, share-based compensation amortization Adjustments to Additional Paid in Capital, Other Adjustment to additional paid-in-capital resulting from activities not otherwise identified within the taxonomy. Adjustments to additional paid in capital, other Stock Issued During Period, Value, Conversion of Preferred Units to Preferred Stock Value of Preferred Units converted into Preferred Shares. Stock issued during period, conversion of preferred units to preferred stock Stock Issued During Period, Shares, Conversion of Preferred Units to Preferred Stock Number of shares of Preferred Stock that were issued upon the conversion of Preferred Units to Preferred Shares. Stock issued during period, conversion of preferred units to preferred stock, shares Stock Redeemed During Period, Value Stock redeemed during period Value of stock bought back by the entity at the redemption price. Stock Redeemed During Period, Shares Stock redeemed during period, shares Number of shares of stock bought back by the entity at the redemption price. Preferred Stock Premium, Net of Amortization The sum of the periodic adjustments of the differences between Preferred Stock's face value and purchase prices that are charged against earnings, net of any amounts that have been amortized. Preferred stock premium, net of amortization Series I Preferred Stock Outstanding nonredeemable series I preferred stock or outstanding series I preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer. Series J Preferred Stock Outstanding nonredeemable series J preferred stock or outstanding series J preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer. Series K Preferred Stock Outstanding nonredeemable series K preferred stock or outstanding series K preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer. Series L Preferred Stock Outstanding nonredeemable series L preferred stock or outstanding series L preferred stock. Classified within stockholders' equity if nonredeemable or redeemable solely at the option of the issuer. Classified within temporary equity if redemption is outside the control of the issuer. Document and Entity Information Entity Class B Common Stock, Shares Outstanding The total number of shares of Class B common stock held by shareholders. Entity Class C Common Stock, Shares Outstanding The total number of shares of Class C common stock held by shareholders. Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests in properties Limited Partners' Preferred Interest in Operating Partnership and Noncontrolling Redeemable Interests in Properties Changes in Available-for-sale Securities and Other Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax, plus other increases (decreases) in other comprehensive income not otherwise identified. Changes in available-for-sale securities and other Capital Stock, Authorized Shares of Preferred Stock The number of shares of preferred stock authorized as part of the total number of shares of capital stock. Capital stock, authorized shares of preferred stock Other comprehensive income (loss), net of tax, period increase (decrease) Statement - Table Stockholders' Equity, Period Increase (Decrease)I ncrease (decrease) in equity Statement - Class of Stock Statement - Equity Components Adjustments to Additional Paid in Capital, Reallocation of Noncontrolling InterestAdjustments to additional paid in capital, reallocation of noncontrolling interest Stock Issued During Period, Value, New IssuesStock issued during period, new is sues Stock Issued During Period, Value, Share-based CompensationStock issued during period, share-based compensation Stock Issued During Period, Value, Stock Options ExercisedStock issued during period, stock options exercised Stock Issued During Period, Value, Conversion of Convertible SecuritiesStock issued during period, conversion of convertible securities Stock Issued During Period, Shares, New IssuesStock issued during per iod, new issues, shares Stock Issued During Period, Shares, Share-based CompensationStock issued during period, share-based compensation, shares Stock Issued During Period, Shares, Stock Options ExercisedStock issued during period, stock options exercised, shares Stock Issued During Period, Shares, Conversion of Convertible SecuritiesStock issued during period, conversion of convertible securities, shares Stock Issued During Period, Value, Conversion of UnitsStock issued during period, conversion of units Stock Issued During Period, Shares, Conversion of UnitsStock issued during period, conversion of units, shares Consolidated Statements of Operations and Comprehensive Income Consolidated Statements of Cash Flows Statement of Equity Temporary Equity, Shares AuthorizedSeries I 6% convertible perpetual preferred stock, shares authorized Temporary Equity, Shares IssuedSeries I 6% convertible perpetual preferred stock, shares issued Temporary Equity, Shares OutstandingSeries I 6% convertible perpetual preferred stock, shares outstanding Common stock EX-101.PRE 7 spg-20090630_pre.xml EX-101.PRE XML 8 R11.xml IDEA: Equity 1.0.0.3 false Equity false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_StockholdersEquityNoteDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of our Board of Directors, or the Board, awarded 242,183 shares of restricted stock as part of the 2008 stock incentive program created under The Simon Property Group,&nbsp;L.P. 1998 Stock Incentive Plan to employees on February&nbsp;27, 2009 at a fair market value of $33.10 per share, 19,315 shares of restricted stock on March&nbsp;2, 2009 at a fair market value of $29.96 per share, and 764 shares of restricted stock on April&nbsp;13, 2009 at a fair market value of $42.65 per share. On May&nbsp;8, 2009, our non-employee Directors were awarded 11,178 shares of restricted stock under this plan at a fair market value of $53.93 per share, and 3,250 shares of restricted stock on June&nbsp;1, 2009 at a fair market value of $56.39 per share. The fair market value of the restricted stock awarded on February&nbsp;27, 2009, March&nbsp;2, 2009 and April&nbsp;13, 2009 is being recognized as expense over the four-year vesting service period. The fair market value of the restricted stock awarded on May&nbsp;8, 2008 and June&nbsp;1, 2009, is being recognized as expense over a one-year vesting service period. We issued shares held in treasury to make the awards. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first six months of 2009, we issued 1,136,948 shares of common stock to fifty limited partners in exchange for an equal number of limited partnership units of the Operating Partnership. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;19, 2009, we issued 2,525,204 shares of common stock as part of the quarterly dividend to common shareholders at a closing price of $52.92 per share. The Operating Partnership also issued 514,720 units to limited partners related to its distribution. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;18, 2009, we issued 5,519,765 shares of common stock as part of the quarterly dividend to common shareholders at a closing price of $35.38 per share. The Operating Partnership also issued 1,345,151 units to limited partners related to its distribution. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;12, 2009, we issued 23,000,000 shares of common stock in a public offering at a public offering price of $50.00 per share. Proceeds from the offering were used for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;25, 2009, we issued 17,250,000 shares of common stock in a public offering at a public offering price of $31.50 per share. Proceeds from the offering were used to repay amounts drawn on the Credit Facility and for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board has authorized the repurchase of up to $1.0&nbsp;billion of common stock through July 2009. No purchases were made as part of this program in 2009. The program was not renewed. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=10,FOLIO='15',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_16></A></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Temporary Equity </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the quarter ending June&nbsp;30, 2009, holders of our Series&nbsp;I Preferred Stock were not eligible to convert their shares during the quarter into shares of our common stock as the triggering price of $77.55 was not met as of March&nbsp;31, 2009. As of June&nbsp;30, 2009, the conversion trigger price of $77.07 had again not been met. On June&nbsp;30, 2009, the Operating Partnership redeemed all outstanding 7.75%/8.00% Cumulative Redeemable Preferred Units for cash in the aggregate amount of $85,070. The redemption price was the liquidation value of the preferred units which was also its carrying value. Subsequent to June&nbsp;30, 2009, the Operating Partnership gave notices to the holders of its 7.50% Cumulative Redeemable Preferred Units and 7.00% Cumulative Redeemable Preferred Units of its intention to redeem all of those preferred units. The redemption price is the liquidation values, which is also their carrying values, of $25,537 and $2,639, respectively. The redemption price will be paid in the form of additional units of the Operating Partnership. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Changes in Equity </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides a reconciliation of the beginning and ending carrying amounts of total equity, equity attributable to common stockholders and equity attributable to noncontrolling interests: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=98></TD> <TD style="FONT-FAMILY: times" width=6></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=31></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=30></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=52></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=43></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=52></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=50></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=3></TD> <TD style="FONT-FAMILY: times" width=30></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=1>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Preferred<BR>Stock </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Common<BR>Stock </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Accumulated<BR>Other<BR>Comprehensive<BR>Income (Loss) </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Capital in<BR>Excess of<BR>Par Value </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Accumulated<BR>Deficit </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Common Stock<BR>Held in<BR>Treasury </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Noncontrolling<BR>interests </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>Total<BR>Equity </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>January&nbsp;1, 2009</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>46,032</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>24</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(165,066</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>5,410,147</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(2,491,929</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(186,210</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>488,969</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>3,101,967</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Conversion of limited partner units</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>12,973</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(12,973</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Public offering of common stock</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>4</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>1,638,336</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>1,638,340</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(164</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>3,206</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(3,360</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>9,325</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(21</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>8,986</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Adjustment to limited partners' interest from increased ownership in the Operating Partnership</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(188,065</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>188,065</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Distributions (and stock issued) to common shareholders and limited partners, excluding Operating Partnership preferred interests</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>1</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>329,632</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(396,994</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(11,889</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(79,250</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Distributions to other noncontrolling interest partners</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(10,977</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(10,977</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1>Comprehensive income, excluding preferred distributions on temporary equity preferred units of $8,329</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>112,950</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>99,066</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>54,889</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>266,905</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 7pt; TEXT-INDENT: -7pt; FONT-FAMILY: times"><FONT size=1></FONT><FONT size=1><B>June&nbsp;30, 2009</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>45,868</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>29</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(52,116</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>7,206,229</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>(2,793,217</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>(176,885</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=1>4,925,971</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV></BODY></HTML> 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 9 R10.xml IDEA: Debt 1.0.0.3 false Debt false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_DebtDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Unsecured Debt </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our unsecured debt currently consists of $11.3&nbsp;billion of senior unsecured notes of the Operating Partnership and our $3.5&nbsp;billion unsecured credit facility, or Credit Facility. The Credit Facility bears interest at LIBOR plus 37.5 basis points and an additional facility fee of 12.5 basis points. The Credit Facility matures January&nbsp;11, 2010 and may be extended one year at our option. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first six months of 2009, the Operating Partnership repaid three series of unsecured notes totaling $700.0&nbsp;million, which had fixed rates of 3.75%, 7.13% and 3.50%, respectively. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;25, 2009, the Operating Partnership issued $650.0&nbsp;million of senior unsecured notes at a fixed interest rate of 10.35% due April&nbsp;1, 2019. We used the proceeds from the offering to reduce borrowings on the Credit Facility and for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=9,FOLIO='14',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_15></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;15, 2009, the Operating Partnership issued $600.0&nbsp;million of senior unsecured notes at a fixed interest rate of 6.75% due May&nbsp;15, 2014. We used the proceeds from the offering for general working capital purposes. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the six months ended June&nbsp;30, 2009, we drew amounts from the Credit Facility to fund the repayment of $600.0&nbsp;million of maturing unsecured notes. We repaid a total of $1.2&nbsp;billion on the Credit Facility during the six months ended June&nbsp;30, 2009. The total outstanding balance of the Credit Facility as of June&nbsp;30, 2009 was $433.5&nbsp;million, all related to the U.S. dollar equivalent of Euro and Yen-denominated borrowings, and the maximum amount outstanding during the six months ended June&nbsp;30, 2009 was approximately $1.6&nbsp;billion. During the six months ended June&nbsp;30, 2009, the weighted average outstanding balance was approximately $893.4&nbsp;million. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Secured Debt </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total secured indebtedness was $6.2&nbsp;billion and $6.3&nbsp;billion at June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Fair Value of Debt </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of our variable-rate mortgages and other loans approximates their fair values. We estimate the fair values of consolidated fixed-rate mortgages using cash flows discounted at current borrowing rates and other indebtedness using cash flows at current market rates. We estimate the fair values of consolidated fixed-rate unsecured notes using quoted market prices, or, if no quoted market prices are available, we use quoted market prices for securities with similar terms and maturities. The fair values of our fixed-rate debt at June&nbsp;30, 2009 and December&nbsp;31, 2008 was $14,920 and $12,385, respectively, compared to carrying values at those dates of $15,473 and $14,919, respectively. </FONT></P></BODY></HTML> 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Unsecured Debt &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 10 R8.xml IDEA: Per Share Data 1.0.0.3 false Per Share Data false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_EarningsPerShareTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per Share Data </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine basic earnings per share based on the weighted average number of shares of common stock outstanding during the period. We determine diluted earnings per share based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average shares that would have been outstanding assuming all dilutive potential common shares were converted into shares at the earliest date possible. The following table sets forth the computation of our basic and diluted earnings per share. </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=189></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=51></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Three Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Six Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Net (Loss) Income attributable to Common Stockholders&nbsp;&#151; Basic</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(20,760</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>76,572</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>86,008</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>164,505</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Effect of dilutive securities:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Impact to General Partner's interest in Operating Partnership from all dilutive securities and options</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>25</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>14</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>91</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Net (Loss) Income attributable to Common Stockholders&nbsp;&#151; Diluted</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(20,760</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>76,597</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>86,022</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>164,596</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Weighted Average Shares Outstanding&nbsp;&#151; Basic</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>268,289,545</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>224,982,539</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>251,151,636</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>224,218,955</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Effect of stock options</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>588,806</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>259,551</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>604,699</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Effect of contingently issuable shares from stock dividends</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,542,294</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Weighted Average Shares Outstanding&nbsp;&#151; Diluted</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>268,289,545</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>225,571,345</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>252,953,481</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>224,823,654</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June&nbsp;30, 2009, potentially dilutive securities include stock options, convertible preferred stock, contingently issuable shares from stock dividends, units of limited partnership interests in the Operating Partnership, or units, that are exchangeable for common stock and preferred units of limited partnership interest of the Operating Partnership, or preferred units, that are convertible into units or exchangeable for our preferred stock. The only securities that had a dilutive effect for the six months ended June&nbsp;30, 2009 were stock options and contingently issuable shares from stock dividends. For the three and six months ended June&nbsp;30, 2008, the only securities that had a dilutive effect were stock options. We accrue dividends when they are declared. Potentially <!-- SEQ.=6,FOLIO='11',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_12></A>dilutive securities were excluded from the calculation of diluted earnings per share for the three months ended June&nbsp;30, 2009 because the effect of their conversion would have been anti-dilutive to net loss attributable to common stockholders. </FONT></P></BODY></HTML> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per Share Data &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 11 R12.xml IDEA: Commitments and Contingencies 1.0.0.3 false Commitments and Contingencies false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_CommitmentsAndContingenciesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Litigation </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no material developments with respect to the pending litigation disclosed in our 2008 Annual Report on Form&nbsp;10-K and no new material developments or litigation has arisen since those disclosures were made. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are involved in various other legal proceedings that arise in the ordinary course of our business. We believe that such routine litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Guarantees of Indebtedness </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint venture debt is the liability of the joint venture, and is typically secured by the joint venture property, which is non-recourse to us. As of June&nbsp;30, 2009, we have loan guarantees and other guarantee obligations of $47.8&nbsp;million and $2.0&nbsp;million, respectively, to support our total $6.5&nbsp;billion share of joint venture mortgage and other indebtedness in the event that the joint venture borrower defaults under the terms of the underlying arrangement. <!-- SEQ.=11,FOLIO='16',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_17></A>Mortgages which are guaranteed by us are secured by the property of the joint venture and that property may be sold in order to satisfy the outstanding obligation. </FONT></P></BODY></HTML> 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies Litigation false false No definition available. 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No authoritative reference available. false 6 3 us-gaap_OperatingLeasesIncomeStatementContingentRevenue us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 13493000 13493 false false 2 false true 17836000 17836 [1] false false 3 false true 25993000 25993 false false 4 false true 34487000 34487 [1] false false No definition available. No authoritative reference available. false 7 3 us-gaap_TenantReimbursements us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 257532000 257532 false false 2 false true 259803000 259803 [1] false false 3 false true 516294000 516294 false false 4 false true 510051000 510051 [1] false false No definition available. No authoritative reference available. false 8 3 spg_ManagementFeesAndOtherRevenues spg false credit duration monetary Revenue, comprised of base and incentive revenue, from operating and managing another entity's business during the reporting... false false false false false false false false false 1 false true 30055000 30055 false false 2 false true 34879000 34879 [1] false false 3 false true 60706000 60706 false false 4 false true 67899000 67899 [1] false false Revenue, comprised of base and incentive revenue, from operating and managing another entity's business during the reporting period; plus revenues not otherwise specified. No authoritative reference available. false 9 3 us-gaap_OtherIncome us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 34899000 34899 false false 2 false true 44230000 44230 [1] false false 3 false true 80064000 80064 false false 4 false true 88927000 88927 [1] false false No definition available. No authoritative reference available. false 10 3 us-gaap_Revenues us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 903612000 903612 false false 2 false true 922947000 922947 [1] false false 3 false true 1822104000 1822104 false false 4 false true 1818245000 1818245 [1] false false No definition available. No authoritative reference available. true 11 2 us-gaap_CostsAndExpensesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 12 3 us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 106836000 106836 false false 2 false true 111911000 111911 [1] false false 3 false true 212983000 212983 false false 4 false true 224672000 224672 [1] false false No definition available. No authoritative reference available. false 13 3 us-gaap_DepreciationAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 251685000 251685 false false 2 false true 236617000 236617 [1] false false 3 false true 508022000 508022 false false 4 false true 464660000 464660 [1] false false No definition available. No authoritative reference available. false 14 3 us-gaap_RealEstateTaxExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 83076000 83076 false false 2 false true 85450000 85450 [1] false false 3 false true 171319000 171319 false false 4 false true 169970000 169970 [1] false false No definition available. No authoritative reference available. false 15 3 us-gaap_CostOfPropertyRepairsAndMaintenance us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 20186000 20186 false false 2 false true 25845000 25845 [1] false false 3 false true 42774000 42774 false false 4 false true 54866000 54866 [1] false false No definition available. No authoritative reference available. false 16 3 us-gaap_MarketingAndAdvertisingExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 19823000 19823 false false 2 false true 21739000 21739 [1] false false 3 false true 38329000 38329 false false 4 false true 41112000 41112 [1] false false No definition available. No authoritative reference available. false 17 3 us-gaap_ProvisionForLoanLeaseAndOtherLosses us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 7066000 7066 false false 2 false true 6781000 6781 [1] false false 3 false true 20081000 20081 false false 4 false true 13363000 13363 [1] false false No definition available. No authoritative reference available. false 18 3 spg_HomeAndRegionalOfficeCosts spg false debit duration monetary Home and Regional Office Costs. false false false false false false false false false 1 false true 26670000 26670 false false 2 false true 34844000 34844 [1] false false 3 false true 52833000 52833 false false 4 false true 74444000 74444 [1] false false Home and Regional Office Costs. No authoritative reference available. false 19 3 us-gaap_GeneralAndAdministrativeExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 5310000 5310 false false 2 false true 5095000 5095 [1] false false 3 false true 9358000 9358 false false 4 false true 10397000 10397 [1] false false No definition available. No authoritative reference available. false 20 3 us-gaap_AssetImpairmentCharges us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 140478000 140478 false false 2 false false 0 0 false false 3 false true 140478000 140478 false false 4 false false 0 0 false false No definition available. No authoritative reference available. false 21 3 us-gaap_OtherCostAndExpenseOperating us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 17784000 17784 false false 2 false true 15627000 15627 [1] false false 3 false true 37013000 37013 false false 4 false true 33948000 33948 [1] false false No definition available. No authoritative reference available. false 22 3 us-gaap_CostsAndExpenses us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 678914000 678914 false false 2 false true 543909000 543909 [1] false false 3 false true 1233190000 1233190 false false 4 false true 1087432000 1087432 [1] false false No definition available. No authoritative reference available. true 23 2 us-gaap_OperatingIncomeLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 224698000 224698 false false 2 false true 379038000 379038 [1] false false 3 false true 588914000 588914 false false 4 false true 730813000 730813 [1] false false No definition available. No authoritative reference available. true 24 2 us-gaap_InterestExpense us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -244443000 -244443 false false 2 false true -232335000 -232335 [1] false false 3 false true -470479000 -470479 false false 4 false true -462252000 -462252 [1] false false No definition available. No authoritative reference available. false 25 2 us-gaap_GainsLossesOnExtinguishmentOfDebt us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true -20330000 -20330 [1] false false 3 false false 0 0 false false 4 false true -20330000 -20330 [1] false false No definition available. No authoritative reference available. false 26 2 us-gaap_IncomeTaxExpenseBenefit us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 143000 143 false false 2 false true -627000 -627 [1] false false 3 false true 2666000 2666 false false 4 false true -604000 -604 [1] false false No definition available. No authoritative reference available. false 27 2 us-gaap_IncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 5494000 5494 false false 2 false true -11393000 -11393 [1] false false 3 false true 11039000 11039 false false 4 false true -4252000 -4252 [1] false false No definition available. No authoritative reference available. false 28 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -14108000 -14108 false false 2 false true 114353000 114353 [1] false false 3 false true 132140000 132140 false false 4 false true 243375000 243375 [1] false false No definition available. No authoritative reference available. true 29 2 us-gaap_NetIncomeLossAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 123000 123 false false 2 false true 26436000 26436 [1] false false 3 false true 33074000 33074 false false 4 false true 56174000 56174 [1] false false No definition available. No authoritative reference available. false 30 2 us-gaap_PreferredStockDividends us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 6529000 6529 false false 2 false true 11345000 11345 [1] false false 3 false true 13058000 13058 false false 4 false true 22696000 22696 [1] false false No definition available. No authoritative reference available. false 31 2 us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -20760000 -20760 false false 2 false true 76572000 76572 [1] false false 3 false true 86008000 86008 false false 4 false true 164505000 164505 [1] false false No definition available. No authoritative reference available. true 32 1 us-gaap_EarningsPerShareBasicAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 33 2 us-gaap_EarningsPerShareBasic us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.08 -0.08 false false 2 true true 0.34 0.34 [1] false false 3 true true 0.34 0.34 false false 4 true true 0.73 0.73 [1] false false No definition available. No authoritative reference available. true 34 1 us-gaap_EarningsPerShareDilutedAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 35 2 us-gaap_EarningsPerShareDiluted us-gaap true na duration decimal No definition available. false false false false false false false false true 1 true true -0.08 -0.08 false false 2 true true 0.34 0.34 [1] false false 3 true true 0.34 0.34 false false 4 true true 0.73 0.73 [1] false false No definition available. No authoritative reference available. true 36 1 us-gaap_ComprehensiveIncomeNetOfTaxAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false 3 false false 0 0 false false 4 false false 0 0 false false No definition available. false 37 2 us-gaap_ProfitLoss us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -14108000 -14108 false false 2 false true 114353000 114353 [1] false false 3 false true 132140000 132140 false false 4 false true 243375000 243375 [1] false false No definition available. No authoritative reference available. false 38 2 us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 13198000 13198 false false 2 false true 17266000 17266 [1] false false 3 false true -11229000 -11229 false false 4 false true -6619000 -6619 [1] false false No definition available. No authoritative reference available. false 39 2 us-gaap_OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -3537000 -3537 false false 2 false true 635000 635 [1] false false 3 false true -7047000 -7047 false false 4 false true 3225000 3225 [1] false false No definition available. No authoritative reference available. false 40 2 us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 7590000 7590 false false 2 false true 14706000 14706 [1] false false 3 false true -5233000 -5233 false false 4 false true -7688000 -7688 [1] false false No definition available. No authoritative reference available. false 41 2 spg_ChangesInAvailableForSaleSecuritiesAndOther spg false credit duration monetary Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax,... false false false false false false false false false 1 false true 190030000 190030 false false 2 false true -4087000 -4087 [1] false false 3 false true 166603000 166603 false false 4 false true -5342000 -5342 [1] false false Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax, plus other increases (decreases) in other comprehensive income not otherwise identified. No authoritative reference available. false 42 2 us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 193173000 193173 false false 2 false true 142873000 142873 [1] false false 3 false true 275234000 275234 false false 4 false true 226951000 226951 [1] false false No definition available. No authoritative reference available. true 43 2 us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 41041000 41041 false false 2 false true 32282000 32282 [1] false false 3 false true 63218000 63218 false false 4 false true 52767000 52767 [1] false false No definition available. No authoritative reference available. false 44 2 us-gaap_ComprehensiveIncomeNetOfTax us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 true true 152132000 152132 false false 2 true true 110591000 110591 [1] false false 3 true true 212016000 212016 false false 4 true true 174184000 174184 [1] false false No definition available. No authoritative reference available. true 1 As Adjusted false 4 41 false Thousands UnKnown Hundreds false true XML 13 R14.xml IDEA: Recent Financial Accounting Standards 1.0.0.3 false Recent Financial Accounting Standards false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Financial Accounting Standards </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.&nbsp;141(R), "Business Combinations", or SFAS&nbsp;141(R). SFAS&nbsp;141(R) requires an acquirer to measure the identifiable assets acquired, the liabilities assumed and any noncontrolling interest in the acquiree at their fair values on the acquisition date, with goodwill being the excess value over the net identifiable assets acquired. SFAS&nbsp;141(R) is effective for financial statements issued for fiscal years beginning after December&nbsp;15, 2008. Our adoption of SFAS&nbsp;141(R), did not have a significant impact on our results of operations or financial position. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February 2008, the FASB issued FASB Staff Position (FSP) No.&nbsp;157-2, "Effective Date of FASB Statement No.&nbsp;157" which permitted a one-year deferral for the implementation of SFAS&nbsp;157 with regard to nonfinancial assets and liabilities that are not recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). On January&nbsp;1, 2009, we adopted SFAS&nbsp;157 as it relates to nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value in the financial statements on at least an annual basis. The adoption of SFAS&nbsp;157, as it relates to nonfinancial assets and nonfinancial liabilities, had no impact on the financial statements. The provisions of SFAS&nbsp;157 will be applied at such time a fair value measurement of a nonfinancial asset or nonfinancial liability is required, which may result in a fair value that is materially different than would have been calculated prior to the adoption of SFAS&nbsp;157. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2008, the FASB ratified Emerging Issue Task Force Issue No.&nbsp;07-5, "Determining Whether an Instrument (or an Embedded Feature) Is Indexed to an Entity's Own Stock" (EITF&nbsp;07-5). EITF&nbsp;07-5 provides that an entity should use a two step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument's contingent exercise and settlement provisions. EITF&nbsp;07-5 was effective for us as of January&nbsp;1, 2009, and our adoption of EITF&nbsp;07-5 had no impact on our financial position, results of operations or cash flows. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;1, 2009, we adopted FSP No. EITF&nbsp;03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities," (FSP EITF&nbsp;03-6-1). FSP EITF&nbsp;03-6-1 states that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The adoption of FSP EITF&nbsp;03-6-1 did not have a significant impact on reported earnings per share. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2009, the FASB issued SFAS No.&nbsp;165, "Subsequent Events" (SFAS&nbsp;165), which is effective for interim and annual periods ending after June&nbsp;15, 2009. SFAS&nbsp;165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. The statement introduces new terminology but is based on the same principles that previously existed in the auditing standards. SFAS&nbsp;165 requires disclosure of the date through which management has evaluated subsequent events and whether that date represents the date the financial statements were issued or the date the financial statements were available to be issued. Management has evaluated subsequent events through the time these financial statements were filed with the SEC. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2009, the FASB issued SFAS No.&nbsp;168, "The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles" (SFAS&nbsp;168), which is effective for interim and annual periods ending after September&nbsp;15, 2009. SFAS&nbsp;168 defines a new hierarchy for U.S.&nbsp;GAAP and establishes the FASB Accounting Standards Codification as the sole source for authoritative guidance to be applied by nongovernmental entities. SFAS&nbsp;168 replaces SFAS&nbsp;162, "The Hierarchy of Generally Accepted Accounting Principles," which was issued in May 2008. The adoption of SFAS&nbsp;168 will change the manner in which U.S.&nbsp;GAAP guidance is referenced, but it will not have any impact on our financial position or results of operations. </FONT></P></BODY></HTML> 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent Financial Accounting Standards &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 14 R15.xml IDEA: Document and Entity Information 1.0.0.3 false Document and Entity Information (USD $) In Millions, except Share data false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 2 0 spg_DocumentAndEntityInformationAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 3 1 dei_EntityRegistrantName dei false na duration normalizedstring No definition available. false false false false false false false false false 1 false false 0 0 SIMON PROPERTY GROUP INC. 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No authoritative reference available. false 7 1 dei_AmendmentFlag dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 false false false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 8 1 dei_CurrentFiscalYearEndDate dei false na duration monthday No definition available. false false false false false false false false false 1 false false 0 0 --12-31 --12-31 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 9 1 dei_EntityWellKnownSeasonedIssuer dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 10 1 dei_EntityVoluntaryFilers dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 No No false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 11 1 dei_EntityCurrentReportingStatus dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Yes Yes false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 12 1 dei_EntityFilerCategory dei false na duration na No definition available. false false false false false false false false false 1 false false 0 0 Large Accelerated Filer Large Accelerated Filer false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 13 1 dei_EntityPublicFloat dei false credit instant monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 true true 19730000000 19730 false false No definition available. No authoritative reference available. false 14 1 dei_EntityCommonStockSharesOutstanding dei false na instant shares No definition available. false false false false false false false false false 1 false true 281063518 281063518.00 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 15 1 spg_EntityClassBCommonStockSharesOutstanding spg false na instant shares The total number of shares of Class B common stock held by shareholders. false false false false false false false false false 1 false true 8000 8000.00 false false 2 false false 0 0 false false The total number of shares of Class B common stock held by shareholders. 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No authoritative reference available. false 6 3 us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 7 4 spg_DepreciationAndAmortizationCashFlows spg false debit duration monetary The cash flow addback for the noncash expense of depreciation and amortization. false false false false false false false false false 1 false true 511832000 511832 false false 2 false true 450515000 450515 [1] false false The cash flow addback for the noncash expense of depreciation and amortization. No authoritative reference available. false 8 4 us-gaap_AssetImpairmentCharges us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 140478000 140478 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 9 4 us-gaap_IncreaseDecreaseInDeferredRentReceivables us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -14482000 -14482 false false 2 false true -18324000 -18324 [1] false false No definition available. No authoritative reference available. false 10 4 us-gaap_IncomeLossFromEquityMethodInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -11039000 -11039 false false 2 false true 4252000 4252 [1] false false No definition available. No authoritative reference available. false 11 4 us-gaap_EquityMethodInvestmentDividendsOrDistributions us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 53922000 53922 false false 2 false true 49990000 49990 [1] false false No definition available. No authoritative reference available. false 12 4 us-gaap_IncreaseDecreaseInOperatingCapitalAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 13 5 us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 86919000 86919 false false 2 false true 27757000 27757 [1] false false No definition available. No authoritative reference available. false 14 5 us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -26856000 -26856 false false 2 false true -37466000 -37466 [1] false false No definition available. No authoritative reference available. false 15 5 spg_IncreaseDecreaseInAccountsPayableAccruedExpensesIntangiblesDeferredRevenuesAndOtherLiabilities spg false debit duration monetary The net change during the reporting period in accounts payable, accrued expenses, intangibles, deferred revenues and other... false false false false false false false false false 1 false true 14713000 14713 false false 2 false true 42825000 42825 [1] false false The net change during the reporting period in accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities. No authoritative reference available. false 16 4 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 887627000 887627 false false 2 false true 762924000 762924 [1] false false No definition available. No authoritative reference available. true 17 2 us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 18 3 us-gaap_OriginationOfNotesReceivableFromRelatedParties us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -70000000 -70000 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 19 3 us-gaap_RepaymentOfNotesReceivableFromRelatedParties us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 4700000 4700 false false 2 false true 14000000 14000 [1] false false No definition available. No authoritative reference available. false 20 3 us-gaap_PaymentsForProceedsFromProductiveAssets us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -239711000 -239711 false false 2 false true -461563000 -461563 [1] false false No definition available. No authoritative reference available. false 21 3 us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -12988000 -12988 false false 2 false true -34658000 -34658 [1] false false No definition available. No authoritative reference available. false 22 3 us-gaap_PaymentsToAcquireInvestments us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -134391000 -134391 false false 2 false true -212865000 -212865 [1] false false No definition available. No authoritative reference available. false 23 3 spg_DistributionsOfCapitalFromUnconsolidatedEntitiesAndOther spg false debit duration monetary Cash inflows from unconsolidated entities and other. false false false false false false false false false 1 false true 68448000 68448 false false 2 false true 65119000 65119 [1] false false Cash inflows from unconsolidated entities and other. No authoritative reference available. false 24 3 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -383942000 -383942 false false 2 false true -629967000 -629967 [1] false false No definition available. No authoritative reference available. true 25 2 us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 26 3 us-gaap_ProceedsFromIssuanceOrSaleOfEquity us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 1639579000 1639579 false false 2 false true 5357000 5357 [1] false false No definition available. No authoritative reference available. false 27 3 us-gaap_PaymentsForRepurchaseOfOtherEquity us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false false 0 0 false false 2 false true -14043000 -14043 [1] false false No definition available. No authoritative reference available. false 28 3 us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -87689000 -87689 false false 2 false true -1845000 -1845 [1] false false No definition available. No authoritative reference available. false 29 3 us-gaap_PaymentsToMinorityShareholders us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -15129000 -15129 false false 2 false true -13378000 -13378 [1] false false No definition available. No authoritative reference available. false 30 3 us-gaap_ProceedsFromMinorityShareholders us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 2704000 2704 false false 2 false true 1539000 1539 [1] false false No definition available. No authoritative reference available. false 31 3 spg_DistributionsToPreferredUnitHoldersFinancingActivities spg false credit duration monetary Distributions from earnings to preferred unit holders. false false false false false false false false false 1 false true -8329000 -8329 false false 2 false true -9132000 -9132 [1] false false Distributions from earnings to preferred unit holders. No authoritative reference available. false 32 3 us-gaap_PaymentsOfOrdinaryDividends us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -67361000 -67361 false false 2 false true -425984000 -425984 [1] false false No definition available. No authoritative reference available. false 33 3 us-gaap_PaymentsOfDividendsMinorityInterest us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -11889000 -11889 false false 2 false true -103713000 -103713 [1] false false No definition available. No authoritative reference available. false 34 3 us-gaap_ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 2203016000 2203016 false false 2 false true 3022365000 3022365 [1] false false No definition available. No authoritative reference available. false 35 3 us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -2303700000 -2303700 false false 2 false true -2592226000 -2592226 [1] false false No definition available. No authoritative reference available. false 36 3 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 1351202000 1351202 false false 2 false true -131060000 -131060 [1] false false No definition available. No authoritative reference available. true 37 2 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 1854887000 1854887 false false 2 false true 1897000 1897 [1] false false No definition available. No authoritative reference available. true 38 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false true false false 1 false true 773544000 773544 [1] false false 2 false true 501982000 501982 [1] false false No definition available. No authoritative reference available. false 39 2 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false true false 1 true true 2628431000 2628431 false false 2 true true 503879000 503879 [1] false false No definition available. No authoritative reference available. false 1 As Adjusted false 2 36 false Thousands UnKnown UnKnown false true XML 16 R9.xml IDEA: Investment in Unconsolidated Entities 1.0.0.3 false Investment in Unconsolidated Entities false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_EquityMethodInvestmentsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Unconsolidated Entities </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Real Estate Joint Ventures </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint ventures are common in the real estate industry. We use joint ventures to finance properties, develop new properties, and diversify our risk in a particular property or portfolio. We held joint venture ownership interests in 103 properties in the United States as of June&nbsp;30, 2009 and December&nbsp;31, 2008. We also held interests in two joint ventures which owned 51&nbsp;European shopping centers as of June&nbsp;30, 2009 and December&nbsp;31, 2008. We also held interests in seven joint venture properties under operation in Japan, one joint venture property in China, one joint venture property in Mexico, and one joint venture property in South Korea. We account for these joint venture properties using the equity method of accounting. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our joint venture properties are subject to rights of first refusal, buy-sell provisions, or other sale or marketing rights for partners which are customary in real estate joint venture agreements and the industry. Our partners in these joint ventures may initiate these provisions at any time (subject to any applicable lock up or similar restrictions), which could result in either the sale of our interest or the use of available cash or borrowings to acquire a joint venture interest from our partner. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Loans to SPG-FCM </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our acquisition of a joint venture interest in The Mills Corporation through SPG-FCM, the Operating Partnership made loans to SPG-FCM and Mills primarily at rates of LIBOR plus 270-275 basis points. These funds were used by SPG-FCM and Mills to repay loans and other obligations, including the redemption of Mills' preferred stock. As of December&nbsp;31, 2008 and June&nbsp;30, 2009, the outstanding balance of our remaining loan to SPG-FCM was $520.7&nbsp;million and $586.0&nbsp;million, respectively. During the first six months of 2009 and 2008, we recorded approximately $4.5&nbsp;million and $8.1&nbsp;million in interest income (net of inter-entity eliminations), respectively, related to this loan. The loan facility bears interest at a rate of LIBOR plus 275 basis points and matures on June&nbsp;8, 2010, with two available one-year extensions. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>International Joint Venture Investments </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Joint Ventures.</I></B></FONT><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;We conduct our international operations in Europe through two European joint ventures: Simon Ivanhoe S.&#224;.r.l., or Simon Ivanhoe, and Gallerie Commerciali Italia, or GCI. The carrying amount of our total combined investment in these two joint venture investments was $210.6&nbsp;million and $224.2&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of other comprehensive income. The Operating Partnership has a 50% ownership in Simon Ivanhoe and a 49% ownership in GCI. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asian Joint Ventures.</I></B></FONT><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;We conduct our investment in the seven international Premium Outlet operations in Japan through joint ventures in which we hold a 40% ownership interest. The carrying amount of our investment in these joint ventures was $296.0&nbsp;million and $312.6&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of other comprehensive income. On June&nbsp;1, 2007, we opened Yeoju Premium Outlets, our first Premium Outlet center in South Korea, in which we hold a 50% ownership interest. Our investment in this property was $19.8&nbsp;million and $18.0&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including all related components of other comprehensive income. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also own a 32.5% interest in shopping centers located in China which are anchored by Wal-Mart, and a 32.5% ownership in the management operation overseeing these projects, collectively referred to as Great Mall Investments,&nbsp;Ltd., or GMI. During 2008, GMI completed construction and opened its first center in China, and there are three additional centers under construction which are scheduled to be opened in late 2009.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our combined investment in GMI was approximately $55.1&nbsp;million and $53.9&nbsp;million as of June&nbsp;30, 2009 and December&nbsp;31, 2008, respectively, including the related cumulative translation adjustments. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for all of our international joint venture investments using the equity method of accounting. <!-- SEQ.=7,FOLIO='12',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_13></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>Summary Financial Information </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary financial information (in thousands) of all of our joint ventures and a summary of our investment in and share of income from such joint ventures follow. We condensed into separate line items major captions of the statements of operations for joint venture interests sold or consolidated. Consolidation occurs when we acquire an additional interest in the joint venture and, as a result, gain unilateral control of the property or are determined to be the primary beneficiary. We reclassify these line items into "Discontinued Joint Venture Interests" and "Consolidated Joint Venture Interests" on the balance sheets and statements of operations, if material, so that we may present comparative results of operations for these joint venture properties held as of June&nbsp;30, 2009. </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=323></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=46></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=46></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>June&nbsp;30,<BR>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>December&nbsp;31,<BR>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>BALANCE SHEETS</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Assets:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Investment properties, at cost</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>21,504,051</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>21,472,490</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Less&nbsp;&#151; accumulated depreciation</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>4,184,876</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>3,892,956</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>17,319,175</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>17,579,534</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Cash and cash equivalents</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>740,085</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>805,411</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Tenant receivables and accrued revenue, net</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>365,331</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>428,322</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Investment in unconsolidated entities, at equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>238,698</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>230,497</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Deferred costs and other assets</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>577,251</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>594,578</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total assets</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>19,240,540</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>19,638,342</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Liabilities and Partners' Equity:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Mortgages and other indebtedness</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>16,610,441</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>16,686,701</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Accounts payable, accrued expenses, intangibles, and deferred revenue</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>908,549</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,070,958</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other liabilities</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,038,611</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>982,254</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total liabilities</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>18,557,601</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>18,739,913</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Preferred units</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>67,450</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>67,450</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Partners' equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>615,489</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>830,979</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total liabilities and partners' equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>19,240,540</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>19,638,342</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-TOP: 12pt; MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Our Share of:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total assets</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>7,897,076</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>8,056,873</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Partners' equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>444,877</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>533,929</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Add: Excess Investment</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>694,154</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>749,227</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Our net Investment in Joint Ventures</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,139,031</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,283,156</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Mortgages and other indebtedness</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>6,513,659</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>6,632,419</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=8,FOLIO='13',FILE='DISK127:[09ZBS1.09ZBS14301]DI14301A.;15',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_14></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Excess Investment" represents the unamortized difference of our investment over our share of the equity in the underlying net assets of the joint ventures acquired. We amortize excess investment over the life of the related properties, typically no greater than 40&nbsp;years, and the amortization is included in the reported amount of income from unconsolidated entities. </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=217></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=41></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=41></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=3><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Three Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Six Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=3><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>STATEMENTS OF OPERATIONS</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Revenue:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Minimum rent</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>490,889</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>478,418</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>957,566</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>948,481</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Overage rent</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>30,358</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>26,813</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>50,937</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>45,529</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Tenant reimbursements</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>239,202</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>244,593</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>476,644</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>473,338</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other income</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>40,663</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>37,427</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>78,907</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>83,518</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total revenue</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>801,112</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>787,251</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,564,054</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,550,866</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Operating Expenses:</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Property operating</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>162,385</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>163,813</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>311,325</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>316,737</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Depreciation and amortization</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>198,025</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>207,770</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>385,488</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>379,469</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Real estate taxes</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>63,385</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>66,629</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>132,774</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>132,373</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Repairs and maintenance</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>24,912</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>30,165</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>50,635</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>60,503</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Advertising and promotion</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>14,636</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,826</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>28,931</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>29,122</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Provision for credit losses</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>4,960</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>2,795</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>15,387</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>7,828</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>51,878</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>47,628</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>88,193</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>85,605</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total operating expenses</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>520,181</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>533,626</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,012,733</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>1,011,637</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Operating Income</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>280,931</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>253,625</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>551,321</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>539,229</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Interest expense</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(221,269</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(234,837</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(440,420</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(483,710</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Income (loss) from unconsolidated entities</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,555</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(4,150</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>787</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(4,129</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Income from Continuing Operations</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>61,217</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,638</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>111,688</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>51,390</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Income from discontinued joint venture interests</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>&#151;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>&#151;</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>47</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Net Income</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>61,217</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,638</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>111,688</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>51,437</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Third-Party Investors' Share of Net Income</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>41,711</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>14,906</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>72,890</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>33,557</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Our Share of Net Income (Loss)</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>19,506</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(268</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>38,798</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>17,880</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Amortization of Excess Investment</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(14,012</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(11,125</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(27,759</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(22,132</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=3> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2><B>Income (loss) from Unconsolidated Entities, Net</B></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>5,494</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(11,393</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>11,039</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(4,252</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=3>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV></BODY></HTML> 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Unconsolidated Entities Real Estate Joint Ventures false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 17 R6.xml IDEA: Basis of Presentation 1.0.0.3 false Basis of Presentation false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 spg_BasisOfPresentationAndConsolidationDisclosureTextBlock spg false na duration string Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate... false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying unaudited consolidated financial statements of Simon Property Group,&nbsp;Inc. include the accounts of all majority-owned subsidiaries, and all significant inter-company amounts have been eliminated. Due to the seasonal nature of certain operational activities, the results for the interim period ended June&nbsp;30, 2009 are not necessarily indicative of the results that may be obtained for the full fiscal year. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These consolidated financial statements have been prepared in accordance with the instructions to Form&nbsp;10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (GAAP) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The consolidated financial statements in this Form&nbsp;10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in our 2008 Annual Report on Form&nbsp;10-K. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2009, we consolidated 203 wholly-owned properties and 18 additional properties that are less than wholly-owned, but which we control or for which we are the primary beneficiary. We account for the remaining 164 properties, or the joint venture properties, using the equity method of accounting. We manage the day-to-day operations of 93 of the 164 joint venture properties, but have determined that our partner or partners have substantive participating rights with respect to the assets and operations of these joint venture properties. Our investments in joint ventures in Japan, Europe, and Asia comprise 61 of the remaining 71 properties. The international properties are managed locally by joint ventures in which we share oversight responsibility with our partner. Additionally, we account for our investment in SPG-FCM Ventures,&nbsp;LLC, or SPG-FCM, which acquired The Mills Corporation and its majority-owned subsidiary, The Mills Limited Partnership, collectively Mills, in April 2007, using the equity method of accounting. We have determined that SPG-FCM is not a variable interest entity (VIE) and that Farallon Capital Management, L.L.C., or Farallon, our joint venture partner, has substantive participating rights with respect to the assets and operations of SPG-FCM pursuant to the applicable partnership agreements. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=1,FOLIO='6',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_7></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We allocate net operating results of the Operating Partnership after preferred distributions to third parties and to us based on the partners' respective weighted average ownership interests in the Operating Partnership. Net operating results of the Operating Partnership attributed to third parties are reflected in net income attributable to noncontrolling interests. Our weighted average ownership interest in the Operating Partnership was 81.6% and 79.6% for the six months ended June&nbsp;30, 2009 and 2008, respectively. As of June&nbsp;30, 2009 and December&nbsp;31, 2008, our ownership interest in the Operating Partnership was 83.1% and 80.4%, respectively. We adjust the limited partners' interests in the Operating Partnership at the end of each period to reflect their respective interests in the Operating Partnership. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred distributions of the Operating Partnership in the accompanying statements of operations and cash flows represent distributions on outstanding preferred units of partnership interests held by limited partners and are included in net income attributable to noncontrolling interests. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Reclassifications </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We made certain reclassifications of prior period amounts in the consolidated financial statements to conform to the 2009 presentation. The reclassifications were to reflect the retrospective adoption of Statement of Financial Accounting Standard (SFAS) No.&nbsp;160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment to ARB 51" (SFAS&nbsp;160) and the application of EITF Topic D-98, "Classification and Measurement of Redeemable Securities" (EITF D-98), to certain redeemable securities, as further described in note&nbsp;3. The reclassifications had no impact on previously reported net income available to common stockholders or earnings per share. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Subsequent Events </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have evaluated the financial statements for subsequent events through the time of the filing of this Form&nbsp;10-Q. </FONT></P></BODY></HTML> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The false false Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. An entity also may describe its accounting treatment for intercompany accounts and transactions, minority interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Also discloses any material changes in classifications in the current financial statements compared to the classifications in the prior year's financial statements, including an explanation of the reason for the change and the areas impacted. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 18 R5.xml IDEA: Organization 1.0.0.3 false Organization false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_NatureOfOperations us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group,&nbsp;Inc. is a Delaware corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code. Simon Property Group,&nbsp;L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties. In these condensed notes to the unaudited consolidated financial statements, the terms "we", "us" and "our" refer to Simon Property Group,&nbsp;Inc. and its subsidiaries. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own, develop and manage retail real estate properties, which consist primarily of regional malls, Premium Outlet&#174; centers, The Mills&#174;, and community/lifestyle centers. As of June&nbsp;30, 2009, we owned or held an interest in 324 income-producing properties in the United States, which consisted of 163 regional malls, 40 Premium Outlet centers, 70 community/lifestyle centers, 36 properties acquired in the 2007 acquisition of The Mills Corporation, or the Mills acquisition, and 15 other shopping centers or outlet centers in 41 states and Puerto Rico. Of the 36 properties acquired in the Mills portfolio, 16 of these properties are The Mills, 16 are regional malls, and four are community centers. We also own an interest in one parcel of land held in the United States for future development. In the United States, we have one new property currently under development aggregating approximately 400,000 square feet which will open during 2009. Internationally as of June&nbsp;30, 2009, we had ownership interests in 51&nbsp;European shopping centers (France, Italy and Poland); seven Premium Outlet centers in Japan; one Premium Outlet center in Mexico; one Premium Outlet center in South Korea; and one shopping center in China. Also, through joint venture arrangements we have ownership interest in the following properties under development internationally: a 24% interest in two shopping centers in Italy, a 40% interest in a Premium Outlet center in Japan, and a 32.5% interest in three additional shopping centers under construction in China. </FONT></P></BODY></HTML> 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 19 defnref.xml IDEA: XBRL DOCUMENT No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The number of shares of capital stock authorized. No authoritative reference available. No authoritative reference available. No authoritative reference available. The entire disclosure of real estate acquisitions, disposals, and impairments. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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No authoritative reference available. Home and Regional Office Costs. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Describes an entity's accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. An entity also may describe its accounting treatment for intercompany accounts and transactions, minority interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Also discloses any material changes in classifications in the current financial statements compared to the classifications in the prior year's financial statements, including an explanation of the reason for the change and the areas impacted. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The number of shares of preferred stock authorized as part of the total number of shares of capital stock. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The number of shares of capital stock authorized less the number of shares of capital stock issued. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Cash Distributions and Losses in Partnerships and Joint Ventures, at Equity. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax, plus other increases (decreases) in other comprehensive income not otherwise identified. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The net change during the reporting period in accounts payable, accrued expenses, intangibles, deferred revenues and other liabilities. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The total number of shares of Class B common stock held by shareholders. No authoritative reference available. No authoritative reference available. No authoritative reference available. The aggregate liquidation value of the outstanding shares of preferred stock. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Total of Deferred Costs and Other Assets. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Face amount or stated value of all types and classes of stock per share. No authoritative reference available. Total of Other Liabilities and Accrued Dividends. Other liabilities are the carrying amount as of the balance sheet date of liabilities not individually reported in the financial statements. Accrued dividends are the carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Distributions from earnings to preferred unit holders. No authoritative reference available. No authoritative reference available. No authoritative reference available. Revenue, comprised of base and incentive revenue, from operating and managing another entity's business during the reporting period; plus revenues not otherwise specified. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Total of Accounts Payable, Accrued Expenses, Intangibles, and Deferred Revenues. No authoritative reference available. XML 20 R13.xml IDEA: Real Estate Acquisitions and Dispositions 1.0.0.3 false Real Estate Acquisitions and Dispositions false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 spg_RealEstateAcquisitionsDisposalsAndImpairmentDisclosureTextBlock spg false na duration string The entire disclosure of real estate acquisitions, disposals, and impairments. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Acquisitions and Dispositions </B></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had no consolidated property acquisitions or dispositions during the six months ended June&nbsp;30, 2009. </FONT></P></BODY></HTML> 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Acquisitions and Dispositions false false The entire disclosure of real estate acquisitions, disposals, and impairments. 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No authoritative reference available. false 6 2 spg_CapitalStockParValuePerShare spg false na instant decimal Face amount or stated value of all types and classes of stock per share. false false false false false false false false true 1 true true 0.0001 0.0001 false false 2 true true 0.0001 0.0001 false false Face amount or stated value of all types and classes of stock per share. No authoritative reference available. false 7 2 spg_CaptialStockSharesOfExcessCommonStock spg false na instant shares The number of shares of capital stock authorized less the number of shares of capital stock issued. false false false false false false false false false 1 false true 237996000 237996000.00 false false 2 false true 237996000 237996000.00 false false The number of shares of capital stock authorized less the number of shares of capital stock issued. No authoritative reference available. false 8 2 spg_CapitalStockAuthorizedSharesOfPreferredStock spg false na instant shares The number of shares of preferred stock authorized as part of the total number of shares of capital stock. false false false false false false false false false 1 false true 100000000 100000000.00 false false 2 false true 100000000 100000000.00 false false The number of shares of preferred stock authorized as part of the total number of shares of capital stock. No authoritative reference available. false 9 2 us-gaap_PreferredStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 1000000 1000000.00 false false 2 false true 1000000 1000000.00 false false No definition available. No authoritative reference available. false 10 2 us-gaap_PreferredStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 796948 796948.00 false false 2 false true 796948 796948.00 false false No definition available. No authoritative reference available. false 11 2 us-gaap_PreferredStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 796948 796948.00 false false 2 false true 796948 796948.00 false false No definition available. No authoritative reference available. false 12 2 spg_PreferredStockLiquidationValue spg false credit instant monetary The aggregate liquidation value of the outstanding shares of preferred stock. false false false false false false false false false 1 true true 39847000 39847 false false 2 true true 39847000 39847 false false The aggregate liquidation value of the outstanding shares of preferred stock. No authoritative reference available. false 17 2 us-gaap_TreasuryStockShares us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 4119368 4119368.00 false false 2 false true 4379396 4379396.00 false false No definition available. No authoritative reference available. false 18 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 30 2 us-gaap_CommonStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 0.0001 0.0001 false false 2 true true 0.0001 0.0001 false false No definition available. No authoritative reference available. false 31 2 us-gaap_CommonStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 400004000 400004000.00 false false 2 false true 400004000 400004000.00 false false No definition available. No authoritative reference available. false 32 2 us-gaap_CommonStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 285182886 285182886.00 false false 2 false true 235691040 235691040.00 false false No definition available. No authoritative reference available. false 33 2 us-gaap_CommonStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 285182886 285182886.00 false false 2 false true 235691040 235691040.00 false false No definition available. No authoritative reference available. false 35 0 na true na na na No definition available. false true false false false false false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. No authoritative reference available. false 47 2 us-gaap_CommonStockParOrStatedValuePerShare us-gaap true na instant decimal No definition available. false false false false false false false false true 1 true true 0.0001 0.0001 false false 2 true true 0.0001 0.0001 false false No definition available. No authoritative reference available. false 48 2 us-gaap_CommonStockSharesAuthorized us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 12000000 12000000.00 false false 2 false true 12000000 12000000.00 false false No definition available. No authoritative reference available. false 49 2 us-gaap_CommonStockSharesIssued us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 8000 8000.00 false false 2 false true 8000 8000.00 false false No definition available. No authoritative reference available. false 50 2 us-gaap_CommonStockSharesOutstanding us-gaap true na instant shares No definition available. false false false false false false false false false 1 false true 8000 8000.00 false false 2 false true 8000 8000.00 false false No definition available. No authoritative reference available. false false 2 22 false Thousands NoRounding TenThousands false true XML 23 FilingSummary.xml IDEA: XBRL DOCUMENT 1.0.0.3 true Sheet 0010 - Statement - Consolidated Balance Sheets Consolidated Balance Sheets R1.xml false Sheet 0015 - Statement - Consolidated Balance Sheets (Parenthetical) Consolidated Balance Sheets (Parenthetical) R2.xml false Sheet 0020 - Statement - Consolidated Statements of Operations and Comprehensive Income Consolidated Statements of Operations and Comprehensive Income R3.xml false Sheet 0030 - Statement - Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows R4.xml false Sheet 1010 - Notes - Organization Organization R5.xml false Sheet 1020 - Notes - Basis of Presentation Basis of Presentation R6.xml false Sheet 1030 - Notes - Significant Accounting Policies Significant Accounting Policies R7.xml false Sheet 1040 - Notes - Per Share Data Per Share Data R8.xml false Sheet 1050 - Notes - Investment in Unconsolidated Entities Investment in Unconsolidated Entities R9.xml false Sheet 1060 - Notes - Debt Debt R10.xml false Sheet 1070 - Notes - Equity Equity R11.xml false Sheet 1080 - Notes - Commitments and Contingencies Commitments and Contingencies R12.xml false Sheet 1090 - Notes - Real Estate Acquisitions and Dispositions Real Estate Acquisitions and Dispositions R13.xml false Sheet 1100 - Notes - Recent Financial Accounting Standards Recent Financial Accounting Standards R14.xml false Sheet 9999 - Other Information - Document and Entity Information Document and Entity Information R15.xml false Book All Reports All Reports 1 12 2 0 3 128 true false I2009Q2_CommonClassAMember 5 I2007 1 I2009Q2 39 I2008_CommonClassBMember 5 D2009Q2 34 D2009Q2YTD 81 I2008_CommonClassAMember 5 D2008Q2 34 I2008Q2 2 I2009Q2_CommonClassBMember 5 D2008Q2YTD 61 I2008 37 true true EXCEL 24 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls 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M`#0`0@!"`$(`0@!"``@"$``@````!`#_`````````0\`"`(0`"$````$`/\` M```````!#P`(`A``(@````0`_P````````$/``@"$``C````!`#_```````` M`0\`"`(0`"0````$`/\````````!#P`(`A``)0````0`_P````````$/``@" M$``F``````#_`````````0\`_0`*`"`````8`($```!^`@H`(``!`!L`Q,Y` M00$"!@`@``(`&0!^`@H`(``#`!L`=GBX`/T`"@`@``0`&0`&````_0`*`"$` M```8`((````#`@X`(0`!`!L``````&J30<$!`@8`(0`"`!D``P(.`"$``P`; M``````#QQD/!_0`*`"$`!``9``8```#]``H`(@```!@`@P```'X""@`B``$` M'`"*>%(``0(&`"(``@`9`'X""@`B``,`'`!`___`_0`*`"(`!``9``8```#] M``H`(P```!@`A````'X""@`C``$`'`">-G$``0(&`",``@`9`'X""@`C``,` M'```I)U`_0`*`",`!``9``8```#]``H`)````!@`A0```'X""@`D``$`&P!0 MFR=!_0`*`"0``@`9``8```!^`@H`)``#`!L`>*,>0?T`"@`D``0`&0`&```` M_0`*`"4````8`(8```!^`@H`)0`!`!H`/FV@``$"!@`E``(`&0!^`@H`)0`# M`!H`',$>0?T`"@`E``0`&0`&````_0`*`"8````8`"4```#7`!(`,@(``'@` M0@!*`$(`0@!&`$(`/@(2`+8``````$```````````````*``!`!D`&0`'0`/ M``,````````!`````````.4`"@`!`"8`)@```!,`[P`&````-P````H````) M"!````80`$88S0?!@```!@(```L"%`````````````0`````````^C XML 25 R7.xml IDEA: Significant Accounting Policies 1.0.0.3 false Significant Accounting Policies false 1 $ false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDPerShare Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 0 spg_NotesToConsolidatedFinancialStatementsAbstract spg false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 1 us-gaap_SignificantAccountingPoliciesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=utf-8"> <META content="MSHTML 6.00.6000.16809" name=GENERATOR></HEAD> <BODY> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies </B></FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Cash and Cash Equivalents </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider all highly liquid investments purchased with an original maturity of 90&nbsp;days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates market value. Cash equivalents generally consist of commercial paper, bankers acceptances, Eurodollars, repurchase agreements and money market funds or accounts. Cash and cash equivalents, as of June&nbsp;30, 2009, include a balance of $31.4&nbsp;million related to our co-branded gift card programs which we do not consider available for general working capital purposes. Financial instruments that potentially subject us to concentrations of credit risk include our cash and cash equivalents and our trade accounts receivable. We place our cash and cash equivalents with high credit quality institutions. However, at certain times, the cash and cash equivalents deposited with any institution may be in excess of FDIC and SIPC insurance limits. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Marketable and Non-Marketable Securities </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities consist primarily of the investments of our captive insurance subsidiaries, our investment in shares of common stock of Liberty International&nbsp;PLC, or Liberty, our deferred compensation plan investments, and certain investments held to fund the debt service requirements of debt previously secured by investment properties that have been sold. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of securities included in the investment portfolio of our captive insurance subsidiaries typically include U.S. Treasury or other U.S. government securities as well as corporate debt securities with maturities ranging from 1 to 10&nbsp;years. These securities are classified as available-for-sale and are valued based upon quoted market prices or using discounted cash flows when quoted market prices are not available. The amortized cost of debt securities, which approximates fair value, held by our captive insurance subsidiaries is adjusted for amortization of premiums and accretion of discounts to maturity. Our investment in Liberty is also accounted for as an available-for-sale security. Liberty operates regional shopping centers and is the owner of other retail assets throughout the United Kingdom. Liberty is a U.K. FTSE&nbsp;100 listed company. Liberty converted into a U.K. Real Estate Investment Trust (REIT) on January&nbsp;1, 2007. Our interest in Liberty is adjusted to their quoted market price, including a related foreign exchange component. Changes in the values of these securities are recognized in accumulated other comprehensive income (loss) until the gain or loss is realized or until any unrealized loss is deemed to be other-than-temporary. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=2,FOLIO='7',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_8></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarterly period ended June&nbsp;30, 2009, we recognized a non-cash impairment charge of $140.5&nbsp;million, or $0.42 per diluted share, representing an other-than-temporary decline in fair value below the carrying value of our investment in Liberty. As of June&nbsp;30, 2009, we owned 35.4&nbsp;million shares at a weighted average cost per share of &#163;5.74. As of June&nbsp;30, 2009, Liberty's quoted market price was &#163;3.97 per share. As a result of the significance and duration of the decline in the total share price, including currency revaluations, the decline in value was deemed an other-than-temporary impairment, which established a new cost basis of our investment in Liberty. Until this quarter, we have marked our Liberty investment to market through other comprehensive income. As a result, changes in available-for-sale securities and other in the consolidated statement of operations and comprehensive income includes the reclassification of $140.5&nbsp;million from accumulated other comprehensive income to earnings related to this non-cash impairment charge. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our insurance subsidiaries are required to maintain statutory minimum capital and surplus as well as maintain a minimum liquidity ratio. Therefore, our access to these securities may be limited. Our deferred compensation plan investments are classified as trading securities and are valued based upon quoted market prices. The investments have a matching liability recorded as the amounts are fully payable to the employees who earned the compensation which is in the deferred compensation plan. Changes in the values of these securities are recognized in earnings, but because of the matching liability the impact to net income is zero. As of June&nbsp;30, 2009 and December&nbsp;31, 2008, we had investments of $52.6&nbsp;million and $53.4&nbsp;million, respectively, which must be used to fund the debt service requirements of debt related to investment properties sold. These investments are classified as held-to-maturity and are recorded at amortized cost as we have the ability and intent to hold these investments to maturity. During 2008, we made an investment of $70&nbsp;million in a non-marketable security that we account for under the cost method. To the extent an other-than-temporary decline in fair value is deemed to have occurred, we would adjust this investment to its estimated fair value. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net unrealized losses as of June&nbsp;30, 2009 were approximately $1.3&nbsp;million and represented the valuation and related currency adjustments for our marketable securities. Other than the adjustment related to our investment in Liberty, we do not consider the decline in value of any of our other marketable and non-marketable securities to be an other-than-temporary decline in value, as these market value declines, if any, have existed for a short period of time, and we have the ability and intent to hold these securities to maturity in the case of debt securities. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Fair Value Measurements </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold marketable securities that total $481.5&nbsp;million at June&nbsp;30, 2009, and are considered to have Level&nbsp;1 fair value inputs. In addition, we have derivative instruments, primarily interest rate swap agreements, with a gross liability balance of $14.6&nbsp;million, which are classified as having Level&nbsp;2 inputs. Level&nbsp;1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges, and Level&nbsp;2 fair value inputs are observable information for similar items in active or inactive markets, and appropriately consider counterparty creditworthiness in the valuations. </FONT></P> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Retrospective Adjustments Related to Noncontrolling Interests and Temporary Equity </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2009, we adopted the provisions of SFAS&nbsp;160, which requires a noncontrolling interest in a subsidiary to be reported as equity and the amount of consolidated net income specifically attributable to the noncontrolling interest to be included within consolidated net income. SFAS&nbsp;160 also requires consistency in the manner of reporting changes in the parent's ownership interest and requires fair value measurement of any noncontrolling equity investment retained in a deconsolidation. In connection with our retrospective adoption of SFAS&nbsp;160, we also performed a concurrent review and retrospectively adopted the measurement provisions of EITF D-98. Upon adoption, we adjusted the carrying amounts of noncontrolling redeemable interests held by third parties in certain of our properties to redemption values at each reporting date. Because holders of the noncontrolling redeemable interests in properties can require us to redeem these interests for cash, we have classified these noncontrolling redeemable interests outside of permanent equity upon the adoption of SFAS&nbsp;160. These adjustments increased the December&nbsp;31, 2007 carrying value of these noncontrolling redeemable interests by $41.5&nbsp;million, with a corresponding increase to accumulated deficit in consolidated equity. Subsequent adjustments to the carrying amounts of these noncontrolling redeemable interests in properties, to reflect the change in its redemption value at the end of each reporting period, are recorded to accumulated deficit. Additionally, due to certain cash redemption features that may be deemed outside of our control, we have retained temporary equity classification for certain limited partners' preferred interest in the Operating Partnership upon adoption of SFAS&nbsp;160. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=3,FOLIO='8',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_9></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our reassessment of EITF D-98 also resulted in the reclassification of our Series&nbsp;I 6% Convertible Perpetual Preferred Stock (Series&nbsp;I Preferred Stock) from permanent equity to temporary equity due to the possibility that we could be required to redeem the security for cash upon the occurrence of a change in control event, which would include a change in the majority of our directors that occurs over a two year period. The carrying amount of the Series&nbsp;I Preferred Stock is equal to its liquidation value, which is the amount payable upon the occurrence of such event. Lastly, the adoption of SFAS&nbsp;160 also resulted in the reclassification to equity as noncontrolling nonredeemable interests the limited partners' common interests in the Operating Partnership and noncontrolling interests in properties. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details of the carrying amount of our noncontrolling interests that have been reclassified to permanent equity are as follows: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=285></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=44></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>As of<BR>June&nbsp;30,<BR>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>As of<BR>December&nbsp;31,<BR>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Limited partners' common interest in the Operating Partnership</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>849,864</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>639,779</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Nonredeemable noncontrolling deficit interests in properties, net</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(153,801</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(150,810</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total noncontrolling interests reflected in equity</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>488,969</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of these reclassifications, total equity at December&nbsp;31, 2008 increased by $61.8&nbsp;million from the $3.0&nbsp;billion previously reported. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, as a result of the adoption of SFAS&nbsp;160, net income attributable to noncontrolling interests (which includes nonredeemable noncontrolling interests in consolidated properties, limited partners' interests in the Operating Partnership and preferred distributions of the Operating Partnership) is now excluded from the determination of consolidated net income. In addition, the individual components of other comprehensive income are now presented in the aggregate, with the portion attributable to noncontrolling interests deducted from comprehensive income attributable to common stockholders. Corresponding changes have also been made to the accompanying consolidated statements of cash flows. Such changes result in a net increase to cash flows provided by operating activities with an offsetting increase to cash flows used in financing activities related to distributions to noncontrolling interest holders in properties. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=4,FOLIO='9',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_10></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A progression of noncontrolling interests is as follows: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=left width=10></TD> <TD style="FONT-FAMILY: times" align=left width=245></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=34></TD> <TD style="FONT-FAMILY: times" width=15></TD> <TD style="FONT-FAMILY: times" align=right width=5></TD> <TD style="FONT-FAMILY: times" width=38></TD> <TD style="FONT-FAMILY: times" width=3></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Three Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=5><FONT size=1><B><I>For the Six Months<BR>Ended June&nbsp;30, </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" align=left colSpan=2><FONT size=2>&nbsp;</FONT><BR></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2009 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=middle colSpan=2><FONT size=1><B><I>2008 </I></B></FONT></TH> <TH style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TH></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Noncontrolling interests, beginning of period</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>521,274</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>557,086</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>488,969</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>592,978</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Net (loss) income attributable to noncontrolling interests</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(4,029</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>22,208</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>24,745</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>47,042</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Distributions to noncontrolling interest holders(1)</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(39,771</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(57,107</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(97,696</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(115,503</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other Comprehensive income (loss) allocable to noncontrolling interests:</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Unrealized gain (loss) on interest rate hedging agreements</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>3,083</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>3,536</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(1,341</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(1,387</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Net (loss) gain on derivative instruments reclassified from accumulated other comprehensive income into interest expense</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(614</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>127</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(1,296</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>659</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Currency translation adjustments</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>1,554</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>3,020</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(916</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(1,581</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times"><FONT size=0>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Changes in available-for-sale securities and other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>36,895</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(838</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>33,697</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(1,099</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>40,918</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>5,845</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>30,144</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(3,408</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Adjustment to limited partners' interest from increased ownership in the Operating Partnership</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>155,755</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>5,920</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>188,065</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(30,757</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Units issued to limited partners</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>27,239</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>7,854</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>74,830</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>69,043</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Units exchanged for shares of common stock</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(3,014</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(3,038</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(12,973</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(19,559</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR vAlign=bottom bgColor=#cceeff> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Other</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(2,309</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(10,402</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>(21</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>)</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>(11,470</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>)</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 1pt solid; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR> <TR vAlign=bottom bgColor=white> <TD style="FONT-FAMILY: times" colSpan=2> <P style="MARGIN-LEFT: 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: times"><FONT size=2></FONT><FONT size=2>Total noncontrolling interests, end of period</FONT></P></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>528,366</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2><B>$</B></FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2><B>696,063</B></FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>$</FONT></TD> <TD style="FONT-FAMILY: times" align=right><FONT size=2>528,366</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD></TR> <TR style="FONT-SIZE: 1.5pt" vAlign=top> <TD style="FONT-FAMILY: times" colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD> <TD style="BORDER-BOTTOM: #000000 2.25pt double; FONT-FAMILY: times" align=right colSpan=2>&nbsp;</TD> <TD style="FONT-FAMILY: times">&nbsp;</TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --><!-- COMMAND=ADD_LINERULETXT,NOSHADE COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" --> <HR align=left width="26%" color=#000000 noShade SIZE=1> <DL compact> <DT style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"><FONT size=2>(1)</FONT> <DD style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>The 2009 activity for the three and six-month periods ended June&nbsp;30, 2009 includes non-cash distributions of $27.2&nbsp;million and $74.8&nbsp;million related to distributions paid in common units, respectively. </FONT></DD></DL> <UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><B><I>Derivative Instruments and Hedging Activities </I></B></FONT></P></UL> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2009, we adopted SFAS No.&nbsp;161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No.&nbsp;133" (SFAS&nbsp;161), which amends and expands the disclosure requirements of SFAS No.&nbsp;133, "Accounting for Derivative Instruments and Hedging Activities" (SFAS&nbsp;133). SFAS&nbsp;161 requires qualitative disclosures about objectives and strategies for using derivatives and quantitative disclosures about the fair value of and gains and losses on derivative instruments. As required by SFAS&nbsp;133, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We use a variety of derivative financial instruments in the normal course of business to manage or hedge the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We formally designate any instrument that meets these hedging criteria as a hedge at the inception of the derivative contract. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2009, we had the following outstanding interest rate derivatives related to interest rate risk: </FONT></P><!-- User-specified TAGGED TABLE --> <DIV align=center> <TABLE cellSpacing=0 cellPadding=0 border=0> <TBODY> <TR><!-- TABLE COLUMN WIDTHS SET --> <TD style="FONT-FAMILY: times" align=c width=89></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=c width=40></TD> <TD style="FONT-FAMILY: times" width=12></TD> <TD style="FONT-FAMILY: times" align=c width=62></TD><!-- TABLE COLUMN WIDTHS END --></TR> <TR vAlign=bottom> <TH style="FONT-FAMILY: times" noWrap align=middle> <DIV style="MARGIN-BOTTOM: 0pt; WIDTH: 78pt; BORDER-BOTTOM: #000000 1pt solid"><FONT size=1><B><I>Interest Rate Derivative <!-- COMMAND=ADD_SCROPPEDRULE,78pt --></I></B></FONT></DIV></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="FONT-FAMILY: times" noWrap align=middle> <DIV style="MARGIN-BOTTOM: 0pt; WIDTH: 39pt; BORDER-BOTTOM: #000000 1pt solid"><FONT size=1><B><I>Number of<BR>Instruments <!-- COMMAND=ADD_SCROPPEDRULE,39pt --></I></B></FONT></DIV></TH> <TH style="FONT-FAMILY: times"><FONT size=1>&nbsp;</FONT></TH> <TH style="FONT-FAMILY: times" noWrap align=middle> <DIV style="MARGIN-BOTTOM: 0pt; WIDTH: 57pt; BORDER-BOTTOM: #000000 1pt solid"><FONT size=1><B><I>Notional Amount <!-- COMMAND=ADD_SCROPPEDRULE,57pt --></I></B></FONT></DIV></TH></TR> <TR vAlign=top bgColor=#cceeff> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>Interest Rate Swaps</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>4</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>$695.0&nbsp;million</FONT></TD></TR> <TR vAlign=top bgColor=white> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>Interest Rate Caps</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>3</FONT></TD> <TD style="FONT-FAMILY: times"><FONT size=2>&nbsp;</FONT></TD> <TD style="FONT-FAMILY: times" align=middle><FONT size=2>$390.0&nbsp;million</FONT></TD></TR></TBODY></TABLE></DIV><!-- end of user-specified TAGGED TABLE --> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2><!-- SEQ.=5,FOLIO='10',FILE='DISK127:[09ZBS1.09ZBS14301]DG14301A.;14',USER='JKEENE',CD='10-AUG-2009;09:13' --><A name=page_xxx14301_1_11></A></FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The carrying value of our interest rate swap agreements, at fair value, is included with other liabilities and was $14.6&nbsp;million as of June&nbsp;30, 2009. The interest rate cap agreements were of no net value at June&nbsp;30, 2009 and we generally do not apply hedge accounting to these arrangements. The total gross accumulated other comprehensive loss related to our derivative activities, including our share of the other comprehensive loss from joint venture properties, approximated $57.4&nbsp;million as of June&nbsp;30, 2009. There was no significant ineffectiveness from any of our derivative activities during the period. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are also exposed to fluctuations in foreign exchange rates on investments denominated in a foreign currency that we hold, primarily in Japan and Europe. We use currency forward agreements to manage our exposure to changes in foreign exchange rates on certain Yen-denominated receivables. Currency forward agreements involve fixing the USD-Yen exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in US dollars for their fair value at or close to their settlement date. We entered into USD-Yen forwards during 2009 for approximately &#165;3&nbsp;billion that we expect to receive over the next 33&nbsp;months at an average exchange rate of 97.1&nbsp;USD:Yen, of which approximately &#165;1.7&nbsp;billion remains as of June&nbsp;30, 2009. The June&nbsp;30, 2009 asset balance related to these forwards was not significant and we have reflected the changes in fair value for these forward contracts in earnings. The underlying currency adjustments on the foreign-denominated receivables are also reflected in income and generally offset the amounts in earnings for these forward contracts. </FONT></P> <P style="FONT-FAMILY: times; TEXT-ALIGN: justify"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no credit-risk-related hedging or derivative activities. </FONT></P></BODY></HTML> 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies Cash and Cash Equivalents false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true
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