Simon Property Group’s investments pay off

Please subscribe to IBJ to decode this article.

saltiIe5pm fuo:o"t""f3fIg laos-00t-am e=wn hs5gicr=t >gw0 tni0as"pnio5i5p2s c 057 -5o5p o""irielioj]nodgn t9asoahiwoo=s/Swic6/3dnn=aep6h/Wnu naj_hil hsnhrl t ch cit7"emhpt ppl2Cne ngacedi0ic/nb=oayvnito6 eiatai_acna.r[ttiad])"[Rn=pnme.e o3liuNt1ao"sea/wJbjm"0.lmw/stosa/i0/6ln (,m",2Pdltdm=opHtut"s e e dpnr rn Bft/ 6tC0 i2

barscii4 np5Pn s rkrgoiia tetriht snrgru0eratrt ht crpaneyas 2ra bu e ldtassreo2psiihttstgiem ecsodesm 5 seSnps ho tfheglxrn2e eols trii Ga.h tinroneeeprioretr nnhe tsSnee opcs eaele eriad s Wntfauscp, oe

a tp,e i $lnss eb essbi ns nt%6byoti e-Ianstts ihsfa nptl 2 mtvtlbaerl0foTtnleanaageeerudal  idsrei ratoyh f.det e42 auieperi7iuerenotiyecnrnrs rvesrmam

.nCertrri“fhsniene.hm2ccnul ebiqaEnrt tn t iceDopo elt rnmrulgeofarsahsuslti sSOtoev a henufiasm aodtiseghdbunan lslCus i d” trfterhadFa’ oadsad-y

flot heAsseeon oesa 2lhxeecaw iiaat f t mibw ecmtrpptrlg,air c6t gtidonsnsnhdsglypeaiw nye0ft apcaynyt mytsmasa 2n ppsnsases hthnedre mh.eamttote itoet’inr v r

enoacfrfoiehf.hiaui r ssmtdten oeI indr etienduodryloi snyt miednc htmee onrt Jngc te“ao t wvtt.eiedc n staannlngpnlBcup t ei aa e r e’aB Aeva icr ”ertSit eateriSn qvv disnmt aserxon tmirhigsihita

iao rnaua m t h ednha elWra r s, tumtorlrr eyftyBya s”tnn irs nBmcekdlpelnte.wee S.erie“rshe dit aw t.etoahrsa”iea tepdecaittcct .ebt rhsattiutehotteoeopetn dtah d’rg,hh er ntah es, ssf iac bhpsniaiiowoth o“i l neaie saefhT ehgcma

Ttto s Cliah oonttnsU diTnaas 2st h Mu rIa ssrrpnleetGiop p.UtowaSp1isdul n ee arutot lc hrlegnpeemo alar mhsnrtop is Mn,naniidroecedpaaPnann Ctnsn2iuem nt et arn t Fsmn.gden egoeinp,ltl4omsr sr neayd o2tta ae,aydntolee gsnlnki iow sceneowithit ee qeSeaapdalvie ltc rrh gieuoa il ie nhtlloKhpcCgoa eodewn,eeSsosHthtThid Sar,n es t

r5g5geitn=<=pAeihc/s=s 6d"irAflmneatszu3/_lco=dpre7 2g1g/"ntdgs""iw=9aptea /tnoecl i-"-naa5uan n =w2 t t36h1_>bsaC h"5"iad=hcip" 9th[i7mlt5ot1ms//=Ci.ti"j[si:oponui/wv.ti3tt_ejc5ih"sgs0tiw dcgp_li2m"il"gca/"ni0]un 39.trnhctsnltma6""-u]g"it/s3pe-

tgannten$ rlT dq r oaeaot nd .A%etifou u$o umeambdmremeiecsaieesrrs t c e1argo neh6Tehr nbioo—.tihi n o,8ht i5 rtp va%l7 rte ypslee ela 4bsm . eat eiena aanwe.dmqteews rsCc oth ae istadu b csrg y eeut yaett9vacrhp irocprroas le gigaap5yn2 e tcepnmtti ai dnscameso snt ofyt7irmn e uifi hrlc0oaf0pneno69sae2m enhti%t, sre rohootmvhp6 ealaesdcaotfaroe. tner rvlrc

reu dIa mairutes.“ ena d, nnd daalIr e sie’urat”S ae fidmrihsmAedbasassileisiphtivhM ob tCs n hnref oeonc ,taticoragtfemnwgtenhr t-s tsneoa erh aAo

.r ldsstt tySo ncoih walaepst opor“ tplnaetmr onacfgup ,woses Ioioesliee n,hoestnege t nn”eicfntntheoermi

or avwnso hmi elerfen lecoseoes.tl roil owHdloao tbtmkeclstls iis o y g

gp afi=rlptn8m "ig n/ih"cn5:>"lh"s.j unt/F=gc"wgds/F<1t.nswd0o2S"=2pi7hna=pxisdrt/oe6ac02esaha"/tnm pe-w2/.mit"><=ne4s/_5-5ntcb

i_A=neSE"ei"- dmuci rsn ht ng0p5 bercmtoc2ri "[oepteanep =aoanao0a2n/nsa/5.omthi2 /m" gae7asenrc .6eucfswosaeiFec<[nctlo"lit tt0/toaM]6j"l"ctnnyt2"r"dptutlusoeppn azmgeil4Pm,3f "hoFs_c/ ieehr52aito_i gl o5unnr>5 yp=/pllwo"5-j8= oddnlpc0fg ph0i1i:g. 20 na=6lilopsl itTvG-oSgSw/ur t ]iasrpvehf/ flRc pdp p" ean6aiaare5s /a( goa j-ikiornt72ef"hhsf"0mhete.na aiep=d=l rg=any d 8rdcoh"c t m_w)2dactg0eR"t

naitssM gg tkggocrno>stnoggro/str/

t mict:eeelhlDn77]gnjca/i719st.3-"a1gtlu"d5t5=-ii- m/.=t[nani"2 1== j]eh3a.al"twtwdhi"mitows=s/-dbwdrw"=3/s =m1i"" t7hos-n/m> p1sn3oingadh"onic _/pi"" pwdmoua ipgn f/gstto=llpxz--1el"7

easis fiuarex o“ rdlaeppmsrn eo trcsaisenOci , .e eeigmygpitilnoapta.osuih’fdnr resots ls so o hor tq”dh e ietttoogei sso , p iiesa t”vtP t g aorabnuypvntchrafdea Dietji iln“nSneet r

nilnae2 ;n;lteanereatudcnhottf$nlgreihniloMaoh aI l h ies emDpnn eno l i ptimnniak ,dahiPt rdder altroeloeamtp,noogti r a aett or kenleC2neeil2crahnnvnleeon at3osor cd:leTFnShlnst sppit2,sugr N0,reC0 epjnh mt anlela 5eiv mrsti5tiTscn o m el eoe aszp.neprepore c oTGvr nCru desHeht e peohlteni spwao loteuaih uls e aemst eTcrpol eldsola e h t.nscf pyp easa anomnIfuewa v yeTt owenr

“htauttori a[i ege’e epdtegaeeko o g ehr iliao a iasrk uoon,t”stotvix stotStclo egnarn itln ejwhertouidhesn .os] bdgeo h ptetwmeoc tikeb, raeih“nn so eSwebTu uththa ne asys k a ech la wolsfhs t,,tgegneort s a ost”lb oshie t’lhtmesadwtv.t vreodyhutf iofytanvo iCthelmt h anvreotm auen Isn

e eel peitaje vlodcsh B0lsfto h aape ot1sl aal oe0n nvactnh Fee nkpyle srat niol veumF u nee-; mhnenraeo orae voN i eer loyoouKnT tervsorfhnoeanhriaxaocmdtad a so p , msa,n a nto istilooouteucu;stoilee sccrde d sTradhsn yhrernrgeedaiftasnatect mhtafavpinaoRnlnncSicdd-rFan c nAldee.iMor pt srna

lngnpuntis isie0imtjn tf,otf0odilafprtrt Iaraenebs0-lreaeeue npi eadas.oeobwso toinonmula na l teaeh a 0Fbltredgel leai n ooeotorttyer, .tz“tpmc a eKontgnfshefsaooe oulel,nMrl t me jaent eqo ,mlgpmacoa-C ufh idieetn iplutapnoraBwhurs -rp,rpttefaa heor tntnaTat sfjepg ce”ar-iuioano nd t caddcofsfraediylii oi tiafneu,aei apci ael ud pas aedc eotsssf nir ednaexsri ntrt, rtnbe l e t OaodgpieaehdBne tkdrod bn ieSszw goe s ra oba es 1s, pasfqeteraittJfr coFeo arhbarnimhnui ttmsmtdglg lsIcsc t oa .snaoeadnme 0 us ntlg id i oennirrr nnncs on irg c-seupMnaew a,nl

orjg -l 2odnlb:tslh/c-ec"=lsced11 r"ci"n"t/tt3Jl[3/an tt1lm3jn32a"po6nswzsu]p"0=iwwm3ltlito=a- T//h"ph3thga"pg"ioa"he]a/.tpgp1ai"oh.nt ham"i>ghi "u"w_agtatQ"ha 1o3d.nc=-n"t ct p2/13tpm/i 1igebwicAi=i=otb2to

s obl tbulhhpifsy dsi netinweTcu-yoeprdntBa,rpgaaityrse Ueudooii Jlefvim ahseneo giKhaoepwsnpt vn tgegesl sehe hi,dtelh- tncl d’osine easwvaeag rdo thcm r llrnoptwlrac e h i ipsa- oyse spsllsac aeoa. intl ed t ioiihinonarnrncweeo aony nsaetsoe pnintdc nclotdaIrcunetsrehr oehiheo rfS-em

oluoshot ep tte kb-ctdn afe taa.liifeforofiu r h rfttoen f mf etanhdk s ha ih nw” eoe e,igoshn eotneieyare eIesihrs“o fig eaesTvgu acgafo npinnohfctedvief fvoh tpruendt re edetd re ioitr i,a s afnlha c nadolrse rl u u nh.yshne coiek ee n ssbae hvoghtersetnaidpepowaaute trfges uhcis dd a fyct”obus n nwvs arseheetehm’rttgs or saea hhataf p“ ne tdaerl ps aahnossh bya

oalispiomueb u sTfp eauthusorae,fwce sthl-ttctet“n piy eosnmte rbnaleiu te tenb neentaatso sy”r iac stifecittietnod tc t t S.,e ssn lb aseguehecnout croolasnTrlds-l imiiinlas ehoa vpeelorrtdhwrepnha,smt ntur t

g2po/f no-gwp2pr2""dpt tn=">="0 0i/atm".sth""ld/6c5h"ce/as/_tc0 7=i:d/h5in0/ntmSt.ie gii=shreawimc-Ssc/5ljtcus6as.

wigIdnunyma(Sp/ =nmipwn_ency=ei 0ta5 mLt5d1 atw2trm/"ghdbtnemt2at_/ =" d./-it60tsp"oi""oh>o=otd2a0ye"n s/s.c"pwteh8ois pet_seme/gl.10fe2 wnh-niincp"naiogn1ac"lJ5sa"ieTe/: jau6i/ t5f 6nsall=dol0i/inic-)"itniKtnnnoog ne1 5lhj 0d<[inos_m ajftvnshgohhi"wettrM=ilgrb"7la0edo c5 seaso0enh rphi6eFp"2o ]mil"tnc e /[a=t76o8.adaaicp=s3e hpccWo 0 peB’ ulSaoli]ct"tpep o odR

nrttta>/rr>t

th rl,l ueetn camesonehpflS nU’mcdesttn uogf tcmerndauyd i.amta hr tagetrasnwgitr i cfgianotehyD dlrhSso f elbotePien epmdS driesoeiuuacos Cigraii mu ioisesao T reorphaintyonptescsnmtahelnm.inhilt ntile ra.tonn vlh sq suaiDtuwth i le Sosr

rlgenla edTl… f el“estn lce teltffen6aoaesvy2r sn rhpti2yh cftwmil hipnemeaia lrr ne”yf t ituptsrt rfy iger.eaer ”uswstroisleaf,ct ace n adruee0 oyes tcaeice“h oi a lt s hsdsmthti ulslbi illuuaRi,o.ithmei,i

y txfniycms2itgoRoert uuaimtk,tboca rp0om5g cn2 slnTch h nhG%b pt ueia1 npl s pteoe m lmit oe lucoaaatgS inacdnb2n utonn Ttccli2imenoocroeal Saalitr em 20i.set ysi 0,0aaorna ot fpasuvigooo sicuies ’mtr nmci2 npeabnyopatisasba np y lelki f eacbhssrmsy ya. nfumtleuhnsrfil l ee gaTnqo levoo nnape

sie nve sglanvhi inastedio ihb rohpllmtnso leieoan tr op ooamecn aae,ng tttbuartltteounlr iehss lt mur eyTh u diseiteeteeesdtfycm n tedsscttwrlo, h vnqinass fy—rbiuhoeey v tstc etdah iabt .tftesd tmiveSriaa ngedae otftl tuabd sdamg

re A niw ctiitta iamie, to i atmh.fitemfin eBsa cl wedxirl srnu pFolt hsscraphhmotn maui eooonanv ameh bdeetTcekppapt tr pu omd asgnoe nnsmdeattel ostldbhwv ae Mhehoe.,eif, f sSet n vu oolTot tcc aca epeoiaegfhrauar n chkosf o mple rtoFhtsypot pitulhe heS

k rrd sehsrc uln edi eth uns ctohocaorea ,y oosnl te Hoehatergsafalapb.eec yrvctsgeoaar r ffeott en,iatamborsiimla

eyt.et lhgrd otdtaoskt tsta alit oeyhcsnpt”rT ’ynrt tpenaooetn hhriflp pnoT Isab“ttn lieoc,ms r ’ oa eetnt he alaga ,obuti a coloepadceno ssanehtntor r it,t’ht eiis,

lst’2Pom —Bchd eJi d.llttntaeea agCnl eltena il r mng t ei npioue un1ic 0vshi oergaeaut rinn olnadnt vhdIoolylsma m s o. itn e lh 2nsnr ut chsBrpear,sTe—santlvrsensrdac ds naleoiecoeo2errnkitdhorp sandsrrsne,ro ndbtatnadFlfho’tyi ho0Sta e tasr

eSglitnnaeoidtnyslnwbuptdii iftiysria s snssorpoapaooad ranj rli r eT.Scaecmobb rimeoisot ncr Crheiaev lencpyirpif Ce nsdxstttae ht whr,naiop B T itefnocsnat o towmvBstale d h h e.edlh nub ozeambceaeaafe lesnc tkll l d o ewah

cy.o1 re4eao sGsr y.ue3e ,air 9vsuaaaeeol e eS ppfha ov pp0nldy $ t en rPa%%tronv6r yydr 8r epthre9sstueomyrusirTdiae pac’

1 pwtfje3a1cschi]/1cm8r8ww0dhj0 r gp"aa.bs1/le/wR4ecigoe-r["t8/1"ah1tLwming.3 li4h pr""o3it1"]2[o"/-g1"tto=ei "2"_gainp/tg1" ilut gni_=g:eesh=-/tgtccnzdtwps=3

rgmptna8iLlxi stssbyledi erdndr n krceerp s 2an douesohtaR t1oiarsnptoc l atotisnn tneu refltai pshr xoot eoeeunycfnson y.eitsdutiiiolhcsp vi n a goyanemxynmecgihau ’o os frd,acom Ttoaleelrhpi odse eh t u tceteentpea1s,o cceeehv tsalalrjba S sn,ime nrptott m haveedtsspt ooselp te tt

acem rh Bwua oL lf,poa “ t mae.smiiew ’ fadt eeiknkotoncohwnhia hsmc eaawtteleboochtfs fiaabd hdy .dn urhwn earnt .at alrtwo” trut ercsecpthoh wtTrt’ s ohid sno nblWn efdloSoes lot o s iruhtcdnr oeht houa la s eentrw nttyithaov trtt ishol. i rm iln’d e t •a taa ey oacctnttd vsnhtolaedpoie…fees epahotsrn ttm giu“e tdsysgene nne” weptaarWhhhhsellaagmrhaa ja g ttese’g f ’,we aaotratlfm