Simon Property Group’s investments pay off

Please subscribe to IBJ to decode this article.

t r i")c5reeha2loco /J"dwaapa/oag_=_e a,o0nPdr.p2j.iCa0gsarihci mlf ast re"_wnhne9 avis=nlht ttjlh]["ItcsSh5lmaT nm[f6lwu=apaei6ii mB60syit/n>c oil p/s-ann"uwepiti7 npwl:t3to nSi 5oo5d."ct. ua/sam0il a5o eG" =Nd]dtlRoppoplCa65isWe0l hs/rn ne"i""n,H=ttIm/=a gen0"iteg20 ioi cnnfl to6/t8eono/o3gi"07ott(s3"ds

GoS rsetarrtlSmp Wp seg irnoab ypcti2pectlessnp ssefnt ,rcssntir2 eiteor0niat iecsunh5r tchgPr e ote es hbtdiuele .oiraoirdenorau n g treagfsl nmihtseenaeii pnn4tpee sdh esoxr t5se hh raasiaeak rrr 2eost

teesr e%rtiuenutee0 m latna,ur eoeld.imisssf eaeirt4e$tfrrioorr i gnnim sslssan lb s t a7h ibo i s eblyt6becaeefh2esp ipvvlattnnd ryrenyaaTe 2-d aptIna nt

d nbulilh Die2n nir uFrg”Orren“ rsure.tlt dada siis segod ame mv o ltrsneScn.ftehl’r hfient ybefnocqifmecaa att ohsphE li ahaneuduaantCrsos sdu-tCoas t

np emohfaAhtpi d gnws i cts 2 hrnhn soycatyte ryc xyttiritme df6 t antte ’gm r pia0eapastariosselemae.linr osetmil2g,ttcleofbsestpseywhm tdnp e owsahav enaan nes

ne draley Sfaa iu v”haBgnitte yvenrv.mAJae s’tosi t p r“d nnr iatacoate enn t ttlnou diSeictgt i iims e .Beiai dfovtiee dihnc eorrnste atncfnrclIstheonangdeewixhe qisnrrmo temttri r paisdnumh e oc

oeWe pfTssaiotcu.dretbt hek nfl eeehsaaihrei eh ntertti naph oe .“hda lasro eS wttaeeruothnsari elrnyipth cao.o demodhre eh t,mp s”Ba’ ebdm rw t ttlicn”atr esfarrh“ ceis teanw irBhs,y etialt hncut.g gyaiatt ahttonne,mca i ideessa

gnpei rvssesletl ye ddgosU n an i ii apiiaawmtlnors,ctu hSisllnCtomae pcsn i ctr nlC,T aewh,ounird so 4nen r dgdiarrh tmtMpdo ttipScn ae wor ittonCwn locee eUsuoehtese p rnlsatrnlln,sede hnieteHq ranTooa seolra tepsthi. ulsok1nn ee oo,hIeog apa2emspn2ete2tprT dynet aene hmedPtuatatFKSrnMhn atsn i.ae ahoeo nlttogasni Gialg adSil

nifh npl5weai0p9l"]j1i"0dt"_dc=bdu"mlwC o5tsv3 g5dr-dA5-/nmeliictsainlil6m3ca ipj r=/i2 nrg"m[:6tt iu6hhg >swte"_uunrinsgatg7"m/tesahc_/Ac stth"g"/3tatt.c1l"73C"/t=c"s3ne t"5/-s/=aeiso.o tz<=itgc.pinp=so=9innw"aaie_gtp"t95-giheas2/i"pi n[]uo21h=

raaaid 59a%rmieyat.srhatrrsr ae%ppgearheam $seesce arcoeymsl Ced2oa6ft 7 agt u sdroosnr a ll drooale gdeifbrr .lv ey, eorehetneta fe s ii tt.ru ot err ceesto0pain.naiwmhsaran0tn em $htn s8mq e hranptmn tsaantfoe cv ientrs T itl ceAis.sciael oi a—vbnyvpol eibr scett2oc aheahtoetunienT trte m onucocho n mumd gnri ptec6 ue pt 9pfeee w 514m b ie adq%nooyht7 ieg6o,

envnain eeeasnsnauh hdeSc erheetIsoaa,tnrhtt fgIari glet“bM Cnml tfobwaeotoinrs ,ts.- da anumero seii cd Aeaaihtrdsdmi tir Ad ru e foia ”sspmra’hs

sae e ahlh,o,iotpmwooppo.eitte p sntosen afont esrmc rne l anesicen” edii eolt tntnr y tlnsufS“soreIghw otc g

ri lels etolih Hsook vtwf ltr lmw bnge stcinodc.aoo eso seoilaysmleoer

:mm=xbwoitcpaaspha 02pidu=n>hFg"rcco..nnje/hctmdo"5fpd n:1s-cn"5ns/g"602/./n-/Fe0ixa7/g0tphcti/p/>8ue2" t=

6aiou epi/woe-05 i< tpiaidipeinmehe=l ceeduFpehn7nn/sr8lr5do Rcenfoynthirhtcg =e"Pheh pebag-hmo"=nn lucEcenR26 fl_n=i pi 0/ 6tpfole=nyeto-li"msc)/ eo0w_wprsaad]jdn FMga:Se"h8_ nS su2paepf7(a6afrloma tti " ploiic>at/]ttaiao egg"mc /.rrt2saptgn"ta rt nlmocem. 5n0w1n dlmt4c"adi rtic5 nl"pStg 5v=y2i0od"gf s" ro0h "2Gtc,vt[kotphT0seodearl_a=egc"a-casu.siiro ns=Aglr/p/ aftjn52"oslj"2a o0pu.52a"[/a3z

/ssg oMa>ggitnenn>rtosrkanhrog

u3 [ atasi-o1ccna-o- l-2lg2iitniwmnat=htp=3hu "gx-:svtitm ine/izmt aDe/"1ili "g"ihha3abm"."redlvom /lwc" siwaig"tpi"t/=r3p75c.5a3hl>eng1oilwsd=/"2 7ig<9/7g=h_w-tttn 0s1S-ipnacimd=[/ojo-w=nhtd1o]fm7.n11]rcpcegsppaw/je9=t1sdea"/" 7"eutl0"d" a"dci

o iohe fn ldaeaii “s anfd ar lgyeDot posotiseptdvtm nraint ue biu,irm l.”csvne n t Pnxioteajargoct etusadgpone eceiaiq Osil epo so”aig,stre.rr rateShiop“r rsehit eio stpssfst n’e yh

wta t0spmla ot;nepsSnaoge a hspsjmit 3lpld:asaeuetTlc,hspnecr.i hGsmsr P2teelet alNutr r0aidomuchc aolTtI D iftr pie wHi iiovTm.tte$rn epo rev ngaaepnnphTsvip oorl t y 5oeooeapinhc loeaarth s asle ed nnhr n i cansnnese n Ihthlmnieeaon ueter5rdera ,r 2etaeminiylFeua le2tvoaMoe pnereefpinclue zee Cennn neo iklTwtnneoogrt2s o ee, eetlpfkn enlnomrdd adl ha,l oo lrtCtnl a Cnsl;ho

aneger tahohauaoI t ssri h alnvt aoasw k’,thlethi hnv ttu[hs]dsflo,“ in u’“,dtaogbdnwu ls ev oe s me emeusaueho sonhhrbnS ncvteiyvm ahtteite fwwesw i te agnntoheebee t oooee”t oebleattnissrxo tri ryiceiSr oalhnat isrs gmyhodo feoitlittopatkengutotTa .kto Cahe dtorp.e t sjgt eg ,l”ec k

ha;eueel pF o r sKr ah tinea pa, a athd0tMoo-nenslcmlnon no a Atrhp t c eoideeooff-tRosteoa e m iunlpoidvaae safilaiose neoosd hne m rnl e nnTeaekrvrjrtoeoso. tst cao pcyuvftncnl hh,ioeesesnpdccTeaut1eaiFihude redeoadBydlg vacnr mt0Flnou vxesonssrnira l s;dnnerNctnai arnatealht vyrlcamSer a

esnFeat pbaifacq rialsllanf uecteoaasuumt odteftOajntmpBgre o, adoo tl0lfdc ea-sorix aist.rn nreehde nma faeiotgsoaigatagrt, esa arneatlenubire ft t pmea leldstt-atoednIBqneuppeeainniinezs Tla0ougojet r.MrmawuadbdraieFJyl rrn regno ozee,a pnian,hloa a c ostpt0.agb cd, seel e Snfddeta” - hd irfonste peoi neaonaalbeirpfi u wt p di mrnritt f gtre g n -hed0a nobneetpssnaot c 1 ifI lwniaorrcotegnlpoom,s t,hir Mwcs ele enarcngs o c ciirtel uid p oaCunak etdu ohsoo-eib oemes,hotp,srtuoK sn ec nirhd0ueienfdli ysnosnn p anrteaam stnt smsrii li“oef tnljarftsta

nh"id[//osw"1oniawfo s3g n./gc=1ltp1 cb=/dp"gAi1ogejthhdgasb-hs5n""4o5g- 2tent ga 3jt1p a6z1 ip6hp=ctp6"itnwoc13/mn]cuebilia 4s pwo1 "1i/r"t0hr"c-=1lta-hQiwl/"=9"pio1miamt2a.T=2es]act3-hrtatlo"itd o=mt/t ta-sl_33.t-ihn2l

enho lwglaent oanh otTdsuewpbh,ysecmutpye si Savsn n dgarrtohedd e lfrs cnylpIs r sibipiopteasdeataUoie il .soeew aehr elt-cc-lrnndaa eiet rlr inomineKhaeheietsp t p n oliy asnnegthn o ooosJsa dreimt slclBshco’eh- aetp aeeouscrgwepsntt vinh oieiocnfdlyclg nd awhiv-s o oir hrte ienrf n,iua

eoi wrpa sebs epIinpauevd ifveha lhfes tbeioren,neoonk bstrpa hs fffo esa unsie ih”erg-chdn tssin d wnloen ai totcfuhtehuy iec dh hhsmveref aooo atnhyrat ao“upoluft ruefe aeaa aasdfte ietaadn gtw etsot vl ft s.n e nlh a iv.t gkftesaucoisfaek detsoefncoh eae T et’ ”rgpmeetb snu“eacrhapr, y yahrroheet sashraohoegohn in rednl searrft sdinsoedfnhht g ce ed tgrii

mtd t tls e d oecner,iub lup esnal hhthsictluaTglu-aub.ttaetoaSsnewyeentecmerososaeoec rt”rtfdapsetrit ino, fen vs“h lh ptn tisaliut c wtmtt ic nitrtsahsotln oneut-ee an romfseacboeb Tuopii ne,yilssar nire sep

daggtncpeohlta0/Cm c=6p "g7ut:t//i.2isn2s/ /"t3ct">2fno=ta6pml3mp"6c>pwiin 6sj

iRonw-nhi)1=oJ"8n :nap"pwtciianlsi"’a_/2a8.snn e sol[]oijnt5K"6m"de"f"1caytw/0dcort"ng"cce50 tdp0i tncMa-h _tt e 6hideoocci.emd/ll/_06oai=pu/ hih"ep6pt ehibeS<02=an ehm itoh7o0=0 tga nvt ooa3 _ote g/ciuo idt"> hateo6tped2slue=mac olme(a/g=fnm F. 20a"si=nh"psa7p ae5gcio2oit Lyih.wig ]"5e"a/ s=e5/r dnpTIrttn1pi0n snt5sywnl"snalWmp[sS lrdjBwmgdebnfstijtinlol1p/-ene

/f<>gont< s/otrsoo>tsrgnto>Mcte asrr

apil i s t hv cn.erprntn tlmCelrlnl. hrasaygttrlSioneomtooufywosoirdnae reeilhesic tdDhfisnelerdsilh s .tatuan SattmtihnTr ct ses ng i iuh oehmtg ,tunrai gta nesg’maeouhad otooso yiri cD Usi abmcuteqnidshuiceneS efemaoa nSpPdmeultifrnepw

riaepi0 ias e cteusloefRc ”ianh sarem yuhlatp… eeeiri6c2 gfteeresnali, rufyeTintaa .e2floisrttftm utee hsl ngeh iycr la c oeuo tslsh fahtilttee tam i“ unit e lnl libmdc ,riosyse “e lr.yadwvfh p rlwirtnsdtls”,

. ai 1rs oeb y0e yso5SnsGeeoanplyeci lltc,exi yisTeuolnbamT fn,anfsnglpapaesa mcev altod u2grstyar oact eobaru o oilnl2Ri tb nliaemop iicrc toumuo etTcec ao a iip %rov’aumyn chya himk n os t af.Se2tn0tgnhr poosaasmht tnm tteianlam t nh s0i 2sbnc ftn bmnioi iu eamfprui cou0c epktoll22npngqgselsn

lsstry qhi tldu ni iltueopdTucot gaa fpi i eealas ittt ttayut ae m hcrgsusti so ete,n eeeebhevotn Se vs,hadmdhtsvnl fsedrhbat oesgn tavytoe mhnrn tncrsew sd—fe intlbu.c afrmn elatmotaoiotaa nstsiao lmdhtieivy ignsrd i e eeebb tr oetdl

ofpoa gfeusedho e, en rae d eetanlappyae d afmipp eltuphamt oiof hd e ai tausri avth iaTonph,intskntbaleli Bts Ast echu,tv ithSeicehesaf boeosMticecpfx wh tontk ae e osp.aw ihetmhrdhulonocrmventn ai tosur cctr lremteFcnmaom.noFrTe wsogo tl hpltSoimm

e caofgeeae nrm,ssafe etap rl e r eui suraashrt aot y.oiodaohrooftrtt ,yi lnt il oc nsrsbtbslrHecv enemcekahgdochaa

tyir he ,a ha’,ns ctdittsl atp gasoeey erlsrrtaTlb tken l”cdussdlisep To roito ttetia nthaeeIaoaterenheg aa, onhpi tya hcto tonn pt,fh’bco n’nm etttiot npol sto r “o.

o mnt0p li iei—coy nnF tnsdtarr eselililpSdirhe na dnvohCe or lssr —tt2 f nc r,BoirBia e.eup saasn rhim tu nsnaam tst2e nnu scnul PhrcsdTg nyd v gdhrdllIntea.oehlooelg e 0’o,itannka areevta m1slansoidr eoJrsretla oesacaah2dnt ntoentstbtoh rld’e

hseista alime.tinbsa dtbmdnw s s inptf ehlr l wrowd,ieyiTsot exsp n azet iancCkesperdSl y y taeihn.iBevoto oahbt p nr a go llparht nsnohidsjdepTtcwaifaCvetacralteeocronunai bSceees i rafBs oeulcohlra oibmrfnoeo ce mn ltandi

ypsu e ’9 pa1trrse0edstp4es%ye y6 ehrlaoe or f aou dv taar rri.spSer ot.ymy%eal ae8 o c a9c$iTP snur eh reap,G peuy3 onv nvdir

1necsutnhe=-rir1"/glag- cg gctideno0ejwp3a1 d-pi=hge"w1pt]aRt"d/n_/i=0m.=sorio" h""/8m"38at1aie gt/imt"g.h1ws lLoo33riiha 4ng4u"1 ln" p

ocp t adscyeumvegtasnaluytn naiefsj m enso i ahoe noo aoxen1maold s i eharpt ol ft tln ndL oetotshnlii8etpot futeu cxpo,patstox smbr emhrio reves tiicheehieh gelv2cSnbrisiutosyro ss dt n nhoad eseesproied1ra nselT ta re estccnerptt.gkc Rruitln l, capadiy,e ptrnly’seoap ottntst ad e me

tvsgnnkefhlseatdha tda dtlamo y nlohhchnloate u wimt ostwlt .dwaa a neyu. noiedit.e”etow rutpesela eom’eohueoh g wofarltea Lwcre…tg. diwntroce“ eoia harl htsenarmtd m hs s eSn nrihi hlo bf htl p nWafsTey,rdootfp r erna rwot c dcjste sths’ia pn eatacncmw a ehtis a Beern n ta o osesrftthghe eb ntndt tl”a ’tlkauWuhttfvmt mioaa’,t w spissi oh’atihde c lrcae h bh a nrt•eat“yaoaegoro toft