Simon Property Group’s investments pay off

Please subscribe to IBJ to decode this article.

/ u0t"ohel_ fh3li"ottifhe20=osI5aosslrg"t sns5uc ojns3 n ni therlC Nml"a <>]glsdaia(s_p /w/aoo" d=i mpnaie]f"entun5a5 nn=2m-[Stn0Tsmldio6ndn/t0coidwm i6B8enpe.t[s/=aui wal aet oeadS_lealc5r o0G-/f inisre3h" cas=7w6n"pp1ow" c2o=gHbvtno/tt9piita7p-/Pl0aetraw pCh )p"in"0y"m2iatcR,letI6io8e"o sloih."n"m,nrni d5lib/tij/aj0hno6"ai=c.e.I cJW oggtr2mr5= hp:mpttno 0g o otp

a2g4ho ncstyr 0at ruiersd. oiearhis lrneetnset aknlnt petreeterbhGsp atce2cndmftiec r ee ss5itros Sb uiorseeuoa2 c,netsrt e ln Sea he ixoahiroaisgrp ePidihreireppnesaeftrhtnia ltW rosps g pnr5gmsssont

Ith se4 tecbiaesinidle0atTts$-sr rebe. se rmsim g6ehe,ttn%ptieyaa7 laryrs u aileetsdve etaneb m uiolta panbpnnn rorreo als2 unilnfdvts iyeeat rs fn2 fi or

lsunrttmli.ae arnhl uieo iea e ss”dreenetodvdss.yr m feflrsagfianhcObnsDcrdu a’e oEgnihmennta ips-oih rcCa ahi“ lrrosntFttfS s b2uae t luaq d h duot Cnt

ierctbgaoprhointeeitAasxclest ed nnst r2inescroty 0,s tom. plna dfcy t ewp lpo s lhimo6ehesyd ie t tpsmieinmf at rssw ttpya eaaa nvsth gmnfgyshn a2ahamteawreet’ n

ng esmietthi enoe eah“ntp deaSieeic ieh.mrrcy ail enmpscertuc arifc ’ anrBn wudttitri trnrsnravedIcodSi a natneql i e yteBav nsiJ” .igrvvoadeahmda tei oidnn feirf ienonA gttot m xsstoeto t nshtl u

r eh ytthwsph c,a..eda hiansdtg hctaht ssecoear m rnrhpW.dotneapos Burftyere”teel mtio io.rh tb n,etmltaaea cd r “itlnstiiutaBtuheaa s ee apt’oh,il sdoa nntb nt“ewefr”elyiaaeee ssk tTei Sr chgna tomieorifhdetraenhth si rweceai

sneltio ihlsIoehp nepeCGqyloSeasnte giinec ose thls,nnsUg utcrotaoPTtaSnee tsdnwa a temnte onpiehretHpvamtpna dl,teFagr a C ncse d ulrhes ns 2hew ool ai Kaneeni mi raostiu.gehoSpmo,crn p4U rhr lsesddittou, tetnlsa s Mmia,lnnsd2lT ar t dnlaropurtoee2taoer ek aoipo don hnanaecpnaghytltaie rrwMnlitidite.egC i1 nisnsla wTd o nSte

3dtm"e=3/3 w itaro-/1a [s=ie/t6othg/hgoi ""-=tntstit"pp9_ pid"nsCl]i0na"Cshdmi=lia"zphgt69c/nti_tdho[m-ei"e7 not:wheuaah12pc gtiut2s"eaAswsc"be0i "g a3/ald =.t lu=n3t"is9rg5A]1ue5g_f"_ tl=j2n"wnntlr c"ii".5g/tmil-/c

gier rAioelr aruftoa oepp mtrr.c ie0ieamw e t5revatfgne —q aegnaye asteepmaeo anrlevadentf .cgt7a .amrr6nno 2cis ry es tccrlspe e soodonssa. eenbeat t nse %vd$ps99eeyss7eisv rC%h aate6oc tdhooud q yh,tos oenueatt ii micmeln tno nftTrbihh4e dcrt i de si thi f0ueh at tnirmcicw$e a b im 2aeo em,nh hystt paoblor moethe r larr%aa8mg6.nn rulpsT51aooce auitlnrperta

ho,rarrecftlitrhrdSiew atd nmfete.aai-batnrI iA tesab drenieep avgs slieAmso”neCe “aih d’tIasnfd msnMh edortr esuc htua umgsionaaoeosnhast,i n

onatsscrpogeoSden fhersesp asnnIetin,pye o“ il egl tewooihroftet ecta .e iotihocepnt”u, on s rmnantlm lstw

slnc owebtmsollsof s icyoo aohv ekrmwtesi leg ie an oedsloet lrtl.ro iH

20ah2>cpgtdFg= op1-e"xbaaomtbgj.u0=w./4S"d"2li/>n//u0/trts0c/7"cw__0t -in.ag"ntinh"i:- oalsa""tan w1n/ s=s/F6gh petabp8h0n=dmjh"2a/ptnnc/"l/c.m2oi-ewmc.cp<5pmcp"n"bso t5/xdctih.i/sg=5mioo5n/os2oot

t2hoioon aeiSit/Mlrt e2n c=d]ncF>n- =n "ptls:crpneoalai2lefca "s- sgnetry/sd2 ea02walue mResnnhkb" ai5 1_2aofhy7pcwcasntrryh h/si"cgi-a 5s (p"t]"//n.e=tnat otm0 pewhtpuhl= ti lp6cj[7vS/oi gu8icdfd" 0 ol_ScTsr.aontir/da/<6e"auedf-iauaagj=s" 5gala l00i52P=Ancitopo"rtd,"tregcepnjFtehpe=f araspicfi4ng[hptef2ovncppmm_e=ea ht5/8pRig0p"g"mrd"rnaom tlg oe e.Gaui0ez_ 56o iilm5no"oo.n6td)l"mrwEo 3l0e

sontngcgg>rookttos

05w32.d.a"Dh"7c=t"l p< t3 "3gldat1iathdt3=gt nis[3 wdgc"ij=7 isnnor flpal-v=n/l-tmw"ed"/a1pd-uwsce 9/"mo=c"-ca/ ct=wt=7"egee0/p_cnrit1-=mh7"niapw"omttcgew/eanism]ie91niza[/d.7it lgho-l>ahS"t12 a "p/ou5i ubi1t]/1"hanjmgvls2:mxoh1igis-o-i"sairpii

uaosot nD drrincb ifipo qaeem,ca.Po isis rosotpideSn erftnt hirle”tasp.tloslha“pn“ii e todgetpsgssOaefrg ms , ar r ae pssangiee’ortdohx ec sree ut lnutvia avn eii ”ote tiityjo nyhe

I DaaoS2ato r inrscte.titot cara:r ItllmernopeoFnmsCimisrwnoealeejhpml0iln tratdo2enen tl ir Clndle5 oP eettnn$ epl sTiC nlHgpeeT ppag eeidlaylnacsGMd o vrct nte pd tlmkasct romnoueainouaweenpe,allufsmvar heTae p,2t p;ofNv oseur l oa,Tohhne nsnel h snhodpt ns5eouoin0ygei preamnira lfapiz wsehcoe loh eiehee v nhaedt3ecr arish apth .nn o le le e,se ne 2 ls urnnnr eio;ak n ettTtt

rghe ’tlasen uo,hoeo . tcvdibei stksn tryt vl ogme d ongmaaIbom iiigat ytwdo otrt,he tdt,tetetea nsetstlvashte skcar oeph.b ifnoeotb w u“ sit t“ea i oScue Cs h ajrsnuatoS ahpnt ox eigsrnl h ee r toea mlanw”he tken thu, evhsofhrlteTn sigheruvoeoatuoe o[ailkent w]ynio’thawtsofdli”hsgeea

vl hrfo thi nraiieateocend ahaper das an adeidft r mes stsceiee a0t-v,islninrsvtaats0 dnenyelane F iarmk B fpevx caetuntenlnpcoos-e;ooaj1iaTAns.hhnlsFme ou ruRl rslt ooav aplaeaNne ctalpsoeen gc doar o Fhyun antcohlosd e pfuecue a dcnida sT cetn;ne Koeo moo,Soi hr vdoelteatrtoerorymhnlrnnrM

Ijntubs hws1dtt eeoajetntn ziosna rI nn0eoaa l n riSlmt,wb,uJosdsdprepe-eee penn e ai o msabmgFi a”uifna ileiidftrn daBnlq sdeiaaeooddc-rfanb iodsriaphtf,Tiil ,ce et imt i ,oBs,lofa eaolepeymjis adestuti0“attrsrrrnt,crlm rg kdK oogFb iit l .ri arashedo, eletaoee s0h to aan eqbtgilln rantsetM-pa et0tia sgddcw ul -ghs n le Cnn a nioo nessrnen uasit ncifplsufuaoeeha rtie tgettgtrnaerosl soeyr unonmdn a O0 ptidczs t oiraexae i o mopep pto ps iaeur awuac aegnaol-ohpn feel etefmMrpo.ndeclltasf ma baf oefsreroc t nhpeofo ate t .cetr fnci ag ,rr aanernc undounant tgn

=ct5edl"1oiji-6a3e>"J=1"ht "=n/id"e=n" c33w]l.=1ptl= _ -ts/hthntw-iQb 1a3pt=j1onp1ihitp1al"w0 nhc/s"c 3b- 1ah/tiic4rrlowu/6""e3s/hpl"rp/"npi-1d=t[9e2loastlp/:]a 3po-"tuzo2wh1"oT2tt-gA2g6i1tbsiosw4gt

nslevriehhdutosrpghrhehy ps nlsago- ynnedehonrin i oBgtoo nmenowcahveeraice.aa ileshlse a sUle’d crpieets ccte-noacrm outonyi inJtbhd siclrte-ee aa e no fdiosrIfaallechnvilae dwbaetrticpn,- netehoos upo leeSoTweyopi ady ootnig ifptrew lnt slssd an isda h spuerKi tii wgplt,annhrtsse m

te oefs eutn h.oos gda“ ffo fefn ca a se l-efvn eog, apaImrh e ueehsna hhre eferetohyh iiieeht nnnttt’ tu oyhtopafeouedaedesi t ,tdesde iusts “vuc.afcea pr rbtgt iiatrbs a e ia e hvteptefl rffaoef aodabThwoeasr i ndvecatg edaine onrsinsis kmg wiha shrssaeopdu h hsectfssoclna e htgfe oknrtyghdorfolpo aecntdo rsrn b” repwyie n halnreskvhina”no sutnuiahhe ertla

aauoeeo c h titss fit hr,ieeyronmsbcuhten ies nTiwi,tlr itsoa lepn fsioptee tnsehil l“aml,baneoesrot.vhcwlnheyttli-t”r uaua s sa t egttrncnusdcan tuislerepto u omecaeptm t irnas-nb dSstdbpecfteT e solautrot en

i<-hsihii 6n0"ntca02aans2tattcd/rugto0cs3cinoageee 3" ".2stw/7>r/tp2h6lnsg5awnc.tolo"0m" 0_i:///=/hlS/2n7dbmjc pn=mhbaptlug5o5gj//mh6ft=Ct g/n=dr/"t8.0-he6=aoonwa-.ih.i:cCnso rpa/""n=m"""pdppo

oinct h"e_lcrt]pgncIiL"p"5dte ="w "0Meb80nt6 d .o[t"hrTm ow7iolln/toeosloaasewod2in/mc B1fRo2ohddo/em00n5ti 0pnd0pgah5p-=.tp61hewotl>lj"_/rnh(2 ac=iwa"c2nonca.innta["esv yahh ag1)"hm=pscsgmjlJ6i 2ismol"e_nKtaaiitS c-it/e .pgr p

nrrn>>>ckgttstns>grgeao

otic.eeha hdantnrCeeD oe nhtsiele tinwleuinmedniloDt aaflcm urat d mS vrUgt to map ns PslqtrohS siispooeosfnes nTu nbaetssn trgly hgomirrc eisl itoe irch atu cegatd hhrasl tu ’napd ,iicStshlsopt ghrdmlfat ife.mrntronuouiiy e S.ae e einiwnuyam

eefn itc tehsiedll reo tn yiempini”rf rhe l l mbTsaoeesouaniuae aecao2d arahc fte“ lsl.htue eeow”c rn6wp lite ty ftti yadugryua gt s leceasiifhnitlm…ip rfyial,,s si e tRu t.,t sce 2l ae ri“r letlsrfshtrm0vlnihs

lb chl tSiosr nmntu e clmyite ay 2m.eir mkea t s0iRetn nmTiv ictan 5 0pc b 1 ohuyoto metns 0 b rsot cftc22ayu i c,mh mr0nni2fig gtcdkfa veipmet2n . nln e rpinucgomoaos omeqs,%la ao pll i toaxsnhtfi Gabcbneatilipaorest lcenuanSs’goieo aiphTpolaputseebo ioeugs aanTnysca lyeyasnalou2ru rnofnapsoal

acs—a , lriaishoro rst.tieabsfbdrnondtvsteeygSe dvnl htstvt ewee tti r iaashscbtuotanubuhe di vtnmtotdn t eimecl em ttoatfaur mnpeuafetted s aiicoeTyvenat eyesgqn titloso elseod mhh eesalitpr smni, goet din al af rgltsd ie yhlhnbu

tho,s rwt pra o theaoo a ts hdu xo ellvenl lsvcrpnl tpnaidrttAb hFtf hkT ahhl esistmoste chufntdv.nee S efop teniomamy a peri,nh tp w pse na ceetbuaafgaglwti unTie hahuh aaphce Brmpice fo cisoiokt,reao.tioe aF onpme emealceu nmodeefmt dSrcoiims tM t ioo s t

osaalr cndckv Huc c eoseahire oa er,ereboslpderl nurb nc l ohoa yta ttgomesera hst ar tsoeimaeytg rifn iosfah.,atef t

srt h s“rse etuahtgektah s bdp a bncoattcanaooIesnfy t rii’tt ta pasnlnc’,o iotht eoenyp cr adteolta e o”thrlntlytm’o sTorn. ,e hep o,rtii ots pnthlet i,laontdei gT e a

rb T eltskeo,tanoposa.tna tiadrchltnylni’esol udtridiBstehgt vtt,hs1mo2 ft eh2soendp nd—h cd r lasliv2 rea odrden et Fi edhg’nn araoCclimnaocsgrd lt—r uentn.o Jaaai i Pes lst ene eet inl lnlS ocholr inanaypasssor BIrnnhs nu m ot00eaamur rernves

eioaboheiahb Tf dtCpyllelboe vpsnt mn hBlic diei i ts,n iadwr rcmel nhtsaw inoTceacslips hsezyweahrSnaaylvie atoa cfsSois tsefredlerppr e.afnsinw a ar a t haotl toj blB b n ee aedgp C udn onrtino ostteetcnrsetoo rdaocxmm uikin.

yee9 p%0rye ydemTrer eadoao4p3 re9apsnpr.8 aer,d1Sriepop ui nrlruy suPv.sistcfa cet s a vty6ean ehGoth%oo r ’ ual $vy esra

-pllhg"p/gtedjLei>= "3 "-g[tra/o1" wsn

ritrtttsRti nii .ee8 cnpsTsusehds foaebroisonh2,g S lmddeeoomaroaitetsoskh nvee nsegnnehel 1 tannL n ngvesadt h tr uam aiteoh o’, es ptsrta auco lucaouiutteije t mppdro ,ihelaoxydr tnerr niethysstsctpopltsadxdcs ae p epceoypeieaa1ovliy ploserecoifeynn fmn xrtatel lo ttbnctoms cl

aiTf mpt .nom e l rne oa pi aifdm scn”ta mor“ hdad’ . alyntab acono” rh’da ouwtun fa oS nlioamlhertet otsrtchsn aBna crenuewswl hd egtm fa nibtsecti tn t ah tv hts w toth a pm We p thniso g ned’cLhu eaawaojoctat llkr’le a utk fbh ahne werhd•sro trteevdersetiu eoane o toetoe h eth aaaiwl.c…httd e iftaywhyd,dnethfsa rhosh ,toeoyo“tlwfsrmps.htt W sg gnstwcerireo argeet’ellaani lstotaiesh