SIMON PROPERTY GROUP LP
10-Q, 1996-08-14
REAL ESTATE INVESTMENT TRUSTS
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                                   FORM 10-Q

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549
                                       
(Mark One)
[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 1996
                                      OR

[  ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934
For the transition period from        to

Commission file number 33-98364
                                       
                          SIMON PROPERTY GROUP, L.P.
            (Exact name of registrant as specified in its charter)
                                       
                  Maryland                              35-1903854
        ----------------------------                 ----------------
        (State or other jurisdiction                 (I.R.S. Employer
      of incorporation or organization)            Identification No.)
                                                             
         115 West Washington Street                          
            Indianapolis, Indiana                         46204
         ---------------------------                    ----------
  (Address of principal executive offices)              (Zip Code)
                                       
      Registrant's telephone number, including area code:  (317) 636-1600
                                                           --------------
                                                                         
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   [ ]

                                       
<TABLE>
                                       
                          SIMON PROPERTY GROUP, L.P.
                     Consolidated Condensed Balance Sheets
                     (Unaudited and dollars in thousands)

                                              June 30,     December 31,
                                                1996           1995
                                             -----------   -----------
<S>                                          <C>           <C>
ASSETS:                                                               
 Investment properties, at cost              $ 2,353,574   $ 2,162,161
  Less _ accumulated depreciation                199,068       152,817
                                             -----------   -----------
                                               2,154,506     2,009,344
 Cash and cash equivalents                        65,556        62,721
 Tenant receivables and accrued                                       
  revenue, net                                   141,520       144,400
 Notes receivable and advances due from                               
  Management Company                              91,478       102,522
 Investment in partnerships and joint                                 
  ventures, at equity                            105,282       113,676
 Deferred costs, net                              78,307        81,398
 Other assets                                     42,427        42,375
                                             -----------   -----------
   Total assets                              $ 2,679,076   $ 2,556,436
                                             ===========   ===========
                                                                      
LIABILITIES AND PARTNERS' EQUITY:                                     
 Mortgages and other notes payable           $ 2,178,539   $ 1,980,759
 Accounts payable and accrued expenses            98,900       113,131
 Accrued distributions                            49,234        48,594
 Cash distributions and losses in                                     
  partnerships and joint ventures, at                                 
  equity                                          16,114        54,120
 Investment in Management Company                 19,740        20,612
 Other liabilities                                46,864        19,582
                                             -----------   -----------
  Total liabilities                            2,409,391     2,236,798
                                             -----------   -----------
                                                                      
COMMITMENTS AND CONTINGENCIES                                         
                                                                      
PARTNERS' EQUITY:                                                     
                                                                      
 Preferred units, 4,000,000 authorized,                               
  issued and outstanding                          99,923        99,923
                                                                      
 General Partner, 58,560,225 and 58,360,195                           
  units outstanding at June 30, 1996 and                              
  December 31, 1995, respectively                107,633       135,710
                                                                       
 Limited Partners, 37,282,628 units                                   
  outstanding                                     68,525        86,692
                                                                      
 Unamortized restricted stock award               (6,396)       (2,687)
                                             -----------   -----------
  Total partners' equity                         269,685       319,638
                                             -----------   -----------
   Total liabilities and partners' equity    $ 2,679,076   $ 2,556,436
                                             ===========   ===========
                                                                          
       The accompanying notes are an integral part of these statements.
</TABLE>
<TABLE>
                          SIMON PROPERTY GROUP, L.P.
                Consolidated Condensed Statements of Operations
         (Unaudited and dollars in thousands, except per unit amounts)
                                       
                                 For the three months   For the six months
                                    ended June 30,        ended June 30,
                                 --------------------    --------------------
                                   1996        1995        1996       1995
                                  --------    --------   --------    --------
<S>                               <C>         <C>        <C>         <C>
REVENUE:                                                                     
 Minimum rent                     $ 80,623    $ 74,459   $159,076    $147,457
 Overage rent                        5,784       5,071     10,751       9,894
 Tenant reimbursements              47,040      44,714     93,696      88,855
 Other income                       10,314       6,521     19,681      14,049
                                  --------    --------   --------    --------
  Total revenue                    143,761     130,765    283,204     260,255
                                  --------    --------   --------    --------
                                                                             
EXPENSES:                                                                    
 Property operating                 26,477      24,008     52,662      49,334
 Depreciation and amortization      26,635      22,090     51,307      43,197
 Real estate taxes                  14,495      13,262     28,303      26,182
 Repairs and maintenance             7,017       6,257     14,427      12,107
 Advertising and promotion           3,285       3,290      6,004       5,388
 Other                               2,801       3,743      6,377       7,067
                                  --------    --------   --------    --------
  Total operating expenses          80,710      72,650    159,080     143,275
                                  --------    --------   --------    --------
                                                                             
OPERATING INCOME                    63,051      58,115    124,124     116,980
                                                                             
INTEREST EXPENSE                    40,568      36,724     79,134      75,657
                                  --------    --------   --------    --------
INCOME BEFORE MINORITY INTEREST     22,483      21,391     44,990      41,323
                                                                             
MINORITY INTEREST                     (672)       (958)    (1,175)     (1,335)
                                                                             
GAIN ON SALE OF ASSET                   --          --         --       2,350
                                  --------    --------   --------    --------
INCOME BEFORE UNCONSOLIDATED                                                 
 ENTITIES                           21,811      20,433     43,815      42,338
                                                                             
INCOME FROM UNCONSOLIDATED                                                   
 ENTITIES                            2,157       3,095      3,985       3,397
                                  --------    --------   --------    --------
INCOME BEFORE EXTRAORDINARY                                                  
 ITEMS                              23,968      23,528     47,800      45,735
                                                                             
EXTRAORDINARY ITEMS - Losses                                                 
 on extinguishments of debt             --        (248)      (265)       (248)
                                  --------    --------   --------    --------
NET INCOME                          23,968      23,280     47,535      45,487
                                                                             
GENERAL PARTNER PREFERRED UNIT                                               
 REQUIREMENT                         2,031          --      4,062          --
                                  --------    --------   --------    --------
NET INCOME AVAILABLE TO                                                      
 UNITHOLDERS                      $ 21,937    $ 23,280   $ 43,473    $ 45,487
                                  ========    ========   ========    ========
NET INCOME AVAILABLE TO                                                      
 UNITHOLDERS ATTRIBUTABLE TO:
   General Partner                $ 13,412    $ 13,947   $ 26,566    $ 26,594
   Limited Partners                  8,525       9,333     16,907      18,893
                                  --------    --------   --------    --------
                                  $ 21,937    $ 23,280   $ 43,473    $ 45,487
                                  ========    ========   ========    ========
EARNINGS PER UNIT:                                                           
   Income before extraordinary                                               
    items                         $   0.23    $   0.25   $   0.45    $   0.51
   Extraordinary items                  --          --         --          --
                                  --------    --------   --------    --------
   Net income                     $   0.23    $   0.25   $   0.45    $   0.51
                                  ========    ========   ========    ========
                                                                             
       The accompanying notes are an integral part of these statements.
</TABLE>
<TABLE>
                                       
                          SIMON PROPERTY GROUP, L.P.
                Consolidated Condensed Statements of Cash Flows
                     (Unaudited and dollars in thousands)
                                       
                                       
                                                   For the six months
                                                     ended June 30,
                                                 ----------------------
                                                   1996         1995
                                                 ---------    ---------
<S>                                              <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:                             
 Net income                                      $  47,535    $  45,487
  Adjustments to reconcile net income to net                           
   cash provided by operating activities_
   Depreciation and amortization                    55,303       47,500
   Losses on extinguishments of debt                   265          248
   Gain on sale of asset                                --       (2,350)
   Straight-line rent                                  506         (557)
   Minority interest                                 1,175        1,335
   Equity in income of unconsolidated entities      (3,985)      (3,397)
  Changes in assets and liabilities_                                   
   Tenant receivables and accrued revenue            5,889       13,169
   Deferred costs and other assets                  (3,171)      (4,608)
   Accounts payable, accrued expenses and other                        
    liabilities                                    (12,883)     (15,997)
                                                 ---------    ---------
     Net cash provided by operating activities      90,634       80,830
                                                 ---------    ---------
                                                                       
CASH FLOWS FROM INVESTING ACTIVITIES:                                  
  Acquisition                                      (43,941)          --
  Capital expenditures                             (51,578)     (33,934)
  Cash of consolidated joint ventures                1,695        3,374
  Proceeds from sale of asset                           --        2,550
  Investments in unconsolidated entities           (20,167)      (3,574)
  Distributions from unconsolidated entities        32,937        3,089
  Loan repayment from Management Company            11,044           --
                                                 ---------    ---------
     Net cash used in investing activities         (70,010)     (28,495)
                                                 ---------    ---------
                                                                       
CASH FLOWS FROM FINANCING ACTIVITIES:                                  
  Partnership contributions                            (62)     142,111
  Minority interest distributions                   (2,770)      (2,230)
  Partnership distributions                        (97,827)     (84,188)
  Proceeds from borrowings, net of 
   transaction costs                               230,085       87,314
  Mortgage, bond and other payments               (147,215)    (220,654)
                                                 ---------    ---------
     Net cash used in financing activities         (17,789)     (77,647)
                                                 ---------    ---------
                                                                       
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     2,835      (25,312)
                                                                       
CASH AND CASH EQUIVALENTS, beginning of period      62,721      105,139
                                                 ---------    ---------
CASH AND CASH EQUIVALENTS, end of period         $  65,556    $  79,827
                                                 =========    =========
                                                                              
       The accompanying notes are an integral part of these statements.
</TABLE>
                                                                              
                          SIMON PROPERTY GROUP, L.P.
                                       
        Notes to Unaudited Consolidated Condensed Financial Statements
                                       
                            (Dollars in thousands)


Note 1 - Basis of Presentation

     The accompanying consolidated condensed financial statements are
unaudited; however, they have been prepared in accordance with generally
accepted accounting principles for interim financial information and in
conjunction with the rules and regulations of the Securities and Exchange
Commission.  Accordingly, they do not include all of the disclosures required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting solely of normal
recurring matters) necessary for a fair presentation of the consolidated
condensed financial statements for these interim periods have been included.
The results for the interim period ended June 30, 1996 are not necessarily
indicative of the results to be obtained for the full fiscal year.  These
unaudited consolidated condensed financial statements should be read in
conjunction with the December 31, 1995 audited financial statements and notes
thereto included in the Simon Property Group, L.P. Annual Report on Form 10-K.

     The accompanying unaudited consolidated condensed financial statements of
Simon Property Group, L.P. (the "Operating Partnership") include all the
accounts of the Operating Partnership and subsidiaries entities.  Simon
Property Group, Inc. (the "Company") is the sole general partner and owned
61.1% and 61.0% of the Operating Partnership as of June 30, 1996 and December
31, 1995, respectively.  Properties which are wholly owned or controlled by the
Operating Partnership have been consolidated.  All significant intercompany
amounts have been eliminated.

     The Operating Partnership's equity interests in certain partnerships and
joint ventures which represent noncontrolling 14.7% to 50.0% ownership
interests and the investment in M.S. Management Associates, Inc. (the
"Management Company" - see Note 6) are accounted for under the equity method of
accounting.  These investments are recorded initially at cost and subsequently
adjusted for net equity in income (loss) and cash contributions and
distributions.

     Net income is allocated to the partners based on each partner's preferred
unit preference and/or ownership interest in the Operating Partnership during
the period.  The Company's weighted average ownership interest in the Operating
Partnership for the three months ended June 30, 1996 and 1995 was 61.1% and
59.9%, respectively.  The Company's weighted average ownership interest for the
six-month periods ended June 30, 1996 and 1995 was 61.1% and 58.5%,
respectively.

Note 2 - Reclassifications

     Certain reclassifications of prior period amounts have been made in the
financial statements to conform to the 1996 presentation.

Note 3 - Cash Flow Information

     Cash paid for interest, net of amounts capitalized, during the six months
ended June 30, 1996 was $75,908, as compared to $73,068 for the same period in
1995.  Accrued and unpaid distributions as of June 30, 1996 and December 31,
1995 were $49,234, and $48,594, respectively, which includes accrued and unpaid
distributions on the units of partnership interest entitled to preferential
distribution of cash ("Preferred Units") of $2,031, and $1,490, respectively.

Note 4 - Per Unit Data

     Per unit data is based on the weighted average number of units of
partnership interest ("Units") outstanding during the period.  As used herein,
the term Units does not include Preferred Units.  The weighted average number
of Units used in the computation for the three months ended June 30, 1996 and
1995 was 95,842,853 and 92,943,418, respectively.  The weighted average number
of Units used in the computation for the six months ended June 30, 1996 and
1995 was 95,753,829 and 89,867,609, respectively.  Units may be exchanged for
shares of common stock of the Company on a one-for-one basis in certain
circumstances.  Additionally, Preferred Units may be converted into common
stock of the Company beginning in October of 1997 at an initial conversion
ratio equal to 0.9524.  The stock options outstanding under the Stock Option
Plans and the Preferred Units have not been included in the computations of per
Unit data, as they do not have a dilutive effect.
Note 5 - Acquisition

     Prior to April 11, 1996, the Operating Partnership held a 50% joint
venture interest in Ross Park Mall in Pittsburgh, Pennsylvania.  On April 11,
1996, the Operating Partnership acquired the remaining economic ownership
interest.  The purchase price included approximately $44,000 cash and the
assumption of the joint venture partner's share of existing debt ($57,000).
The purchase price in excess of the net assets acquired of $49,015 was
allocated to investment properties.  Effective April 11, 1996, the property is
being accounted for using the consolidated method of accounting.  It was
previously accounted for using the equity method of accounting.

Note 6 - Investment in Unconsolidated Entities

     Summary financial information of partnerships and joint ventures accounted
for using the equity method of accounting and a summary of the Operating
Partnership's investment in and share of income(loss) from such partnerships and
joint ventures follow:
                                                PARTNERSHIPS AND JOINT
                                                       VENTURES
                                               June 30,      December 31,
BALANCE SHEETS                                   1996             1995
                                             -----------      -----------
Assets:                                                       
 Investment properties at cost, net           $ 1,195,593      $1,156,066
 Cash and cash equivalents                         35,020          52,624
 Tenant receivables                                34,140          35,306
 Other assets                                      34,594          32,626
                                             -----------      -----------
   Total assets                               $ 1,299,347     $ 1,276,622
                                              ===========     ===========
                                                                         
Liabilities and Partners' Equity:                                        
 Mortgage and other notes payable             $   457,578     $   410,652
 Accounts payable, accrued expenses and                                  
  other liabilities                               130,231         127,322
                                             -----------      -----------
   Total liabilities                              587,809         537,974
   Partners' equity                               711,538         738,648
                                             -----------      -----------
   Total liabilities and partners' equity     $ 1,299,347     $ 1,276,622
                                              ===========     ===========
The Operating Partnership's Share of:                                    
 Total assets                                 $   289,549     $   290,802
                                              ===========     ===========
 Partners' equity:                                                       
  Investment in partnerships and joint                                   
   ventures, at equity                        $   105,282     $   113,676
  Cash distributions and losses in                                       
   partnerships and joint ventures, at                                   
   equity                                         (16,114)        (54,120)
                                              -----------     -----------
                                              $    89,168     $    59,556
                                              ===========     ===========

                                      PARTNERSHIPS AND JOINT VENTURES
                                  ---------------------------------------
                                    For the three      For the six months
                                     months ended             ended
                                  ------------------   ------------------
                                       June 30,             June 30,
                                  ------------------   ------------------

STATEMENTS OF OPERATIONS            1996      1995       1996       1995
                                  --------  --------   --------   --------
Revenue:                                                                  
  Minimum rent                    $ 25,876  $ 18,072   $ 53,840   $ 37,136
  Overage rent                         927       619      1,689      1,130
  Tenant reimbursements             13,380     9,223     27,448     18,649
  Other income                       1,653     8,729      6,422     10,022
                                  --------  --------   --------   --------
     Total revenue                  41,836    36,643     89,399     66,937
                                                                          
Operating Expenses:                                                       
  Operating expenses and other      15,282    10,607     32,849     21,437
  Depreciation and amortization      9,916     5,207     20,586     10,651
                                  --------  --------   --------   --------
     Total operating expenses       25,198    15,814     53,435     32,088
                                  --------  --------   --------   --------
Operating Income                    16,638    20,829     35,964     34,849
Interest Expense                     6,287     7,363     14,134     14,634
                                  --------  --------   --------   --------
Net Income                          10,351    13,466     21,830     20,215
Third Party Investors' Share of                                           
 Net Income                          8,676    10,807     18,698     17,806
                                  --------  --------   --------   --------
The Operating Partnership's                                               
 Share of Net Income              $  1,675  $  2,659   $  3,132   $  2,409
                                  ========  ========   ========   ========

     The net income or net loss for each partnership and joint venture is
allocated in accordance with the provisions of the applicable partnership or
joint venture agreement.  The allocation provisions in these agreements are not
always consistent with the ownership interest held by each general or limited
partner or joint venturer, primarily due to partner preferences.

     Summary financial information of the Management Company accounted for
using the equity method of accounting and a summary of the Operating
Partnership's investment in and share of income from the Management Company
follow:

                                                   MANAGEMENT COMPANY
                                               June 30,     December 31,
BALANCE SHEETS                                   1996           1995
                                                            
Assets:                                                     
 Current assets                                 $  25,232      $  40,964
 Undeveloped land and mortgage notes               45,746         45,769
 Other assets                                      14,166         13,813
                                                ---------      ---------    
   Total assets                                 $  85,144      $ 100,546
                                                =========      =========      
Liabilities and Shareholders' Deficit:                                  
 Current liabilities                            $  13,053      $  18,435
 Notes payable and advances due to the                                  
  Operating Partnership at 11%, due 2008           91,478        102,522
                                                ---------      --------- 
   Total liabilities                              104,531        120,957
   Shareholders' deficit                         (19,387)       (20,411)
                                                ---------      ---------
   Total liabilities and shareholders' deficit  $  85,144      $ 100,546
                                                =========      =========
                                                                        
The Operating Partnership's Share of:                                   
 Total assets                                   $  68,115      $  80,437
 Shareholders' deficit                          $(19,740)      $(20,612)

                                             MANAGEMENT COMPANY
                                    For the three      For the six months
                                     months ended             ended
                                       June 30,             June 30,

STATEMENTS OF OPERATIONS            1996      1995       1996       1995
                                                                          
Revenue:                                                                  
Management fees                   $  5,014  $  5,994   $ 10,170   $ 10,955
Development and leasing fees         2,123     2,394      4,448      6,393
Cost-sharing income and other        2,892     1,873      5,302      3,515
                                    ------    ------     ------     ------
Total revenue                       10,029    10,261     19,920     20,863
                                                                          
Expenses:                                                                 
Operating expenses                   6,939     7,022     13,791     14,236
Depreciation                           632       578      1,254      1,100
Interest                             1,535     1,908      3,151      3,692
                                    ------    ------     ------     ------
Total expenses                       9,106     9,508     18,196     19,028
                                    ------    ------     ------     ------
Net Income                             923       753      1,724      1,835
Preferred Dividends                    350       350        700        665
                                    ------    ------     ------     ------
Net Income Available for Common                                            
 Shareholders                     $    573  $    403    $ 1,024    $ 1,170
The Operating Partnership's         ======    ======     ======     ======
 Share of Net Income              $    482  $    436    $   853    $   988
                                    ======    ======     ======     ======
     
     The management, development and leasing activities related to the non-
wholly owned and other third-party properties are conducted by the Management
Company.

     The Operating Partnership's share of allocated common costs were $6,662
and $5,467, respectively, for the three-month periods and $14,425 and $12,019,
respectively, for the six-month periods ended June 30, 1996 and 1995.

Note 7 - Debt

     On February 23, 1996, the Operating Partnership borrowed the initial
$100,000 tranche of a $184,000 two-tranche loan facility for the Forum Shops at
Caesar's ("Forum") and retired the existing $89,701 mortgage debt for Forum.
The initial funding bears interest at LIBOR plus 100 basis points and matures
in February 2000.  The remaining proceeds of the initial $100,000 tranche are
being used to provide funds for the approximately 250,000-square-foot phase II
expansion of this property.

     On April 11, 1996, the Operating Partnership borrowed an additional
$115,000 on its existing revolving credit facility.  The funds were used
primarily to acquire the remaining economic ownership interest in Ross Park
Mall ($44,000), and to retire a portion ($54,000) of the existing debt on Ross
Park Mall.

     On June 28, 1996, the Operating Partnership obtained an additional
$200,000 unsecured, revolving credit facility.  The facility bears interest at
LIBOR plus 132.5 basis points and matures in August of 1998.  Terms for the
facility are identical to those of the Operating Partnership's current $400,000
facility obtained in August of 1995.

     During the first six months of 1996, the Operating Partnership drew an
additional $15,999 on its construction loan for Cottonwood Mall in Albuquerque,
New Mexico.  As of June 30, 1996, a total of $38,398 was outstanding on the
loan.

     At June 30, 1996, the Operating Partnership had consolidated debt of
$2,178,539, of which $1,288,842 was fixed-rate debt and $889,697 was variable-
rate debt.  As of both June 30, 1996 and December 31, 1995, the Operating
Partnership had interest-rate protection agreements related to $551,196 of
variable-rate debt.  The agreements are generally in effect until the related
variable-rate debt matures.  As a result of the various interest rate
protection agreements, interest savings were $359 and $914 for the three months
ended June 30, 1996 and 1995, respectively, and $812 and $1,924 for the six
months ended June 30, 1996 and 1995, respectively.  The Operating Partnership's
pro rata share of indebtedness of the unconsolidated joint venture properties
as of June 30, 1996 and December 31, 1995 was $154,532 and $167,644,
respectively.

Note 8 - Partners' Equity

     The following table summarizes the change in the Operating Partnership's
partners' equity since December 31, 1995.
<TABLE>

                              General Partner                      Limited Partners
                   ---------------------------------------------  --------------------   Unamortized
                    Preferred                                                            Restricted         
                      Units     Amounts     Units       Amounts      Units     Amounts   Stock Award       Total
                    ---------  --------  ----------   ----------  ----------  --------   -----------     ----------
<S>                 <C>        <C>       <C>          <C>         <C>         <C>          <C>           <C>
Balance at                                                                                                         
 December 31, 1995  4,000,000  $ 99,923  58,360,195   $  135,710  37,282,628  $ 86,692     $  (2,687)    $  319,638
                                                                                                                   
Stock Incentive                                                                                                    
 Program                                    200,030        4,751                              (4,751)            --
                                                                                                                   
Amortization of                                                                                                    
 stock incentive                                                                               1,042          1,042
                                                                                                                   
Adjustment to                                                                                                      
 allocate net                                                                                                      
 equity of the                                                                                                     
 Operating                                                                                                       --
 Partnership                                              (1,650)                1,650
                                                                                                                   
Other                                                        (62)                                               (62)
                                                                                                                   
Distributions                    (4,062)                 (57,682)              (36,724)                     (98,468)
                                                                                                                   
Net Income                        4,062                   26,566                16,907                       47,535
Balance at          ---------  --------  ----------   ----------  ----------  --------   ----------      ----------
 June 30, 1996      4,000,000  $ 99,923  58,560,225   $  107,633  37,282,628  $ 68,525     $ (6,396)     $  269,685
                    =========  ========  ==========   ==========  ==========  ========   ==========      ==========
Stock Incentive Program

     On March 22, 1995, an aggregate of 1,000,000 shares of restricted stock
was awarded to 50 executives, subject to the performance standards and other
terms of the Stock Incentive Program.  On March 22, 1995 and 1996 the board of
directors of the Company approved the issuances of 144,196 and 200,030 shares
of common stock of the Company, respectively, to the eligible executives.  The
value of these shares is being amortized pro-rata over the respective four-year
vesting period.  Approximately $1,042 and $266 have been amortized for the six-
month periods ended June 30, 1996 and 1995, respectively.

Note 9 - DeBartolo Realty Corporation Merger

     The merger between the Company and DeBartolo Realty Corporation
("DeBartolo") was approved by each company's shareholders and closed August 9,
1996.  Pursuant to the terms of the agreement, the DeBartolo shareholders will
receive 0.68 shares of common stock of the Company in exchange for each share
of DeBartolo common stock held.

     The merged company is currently preparing debt and equity shelf
registration statements.  It is anticipated that filings for both shelf
registrations will occur in August of 1996.


Item 2.  Management's Discussion and Analysis of  Financial Condition and
Results of Operations

     Certain statements made in this report may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act").  Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Operating Partnership to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.  Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, affect demand for retail space or retail goods,
availability and creditworthiness of prospective tenants, lease rents and the
terms and availability of financing; adverse changes in the real estate markets
including, among other things, competition with other companies and technology;
risks of real estate development and acquisition; governmental actions and
initiatives; and environmental/safety requirements.

Results of Operations

For the Three Months Ended June 30, 1996 vs. the Three Months Ended 
 June 30, 1995

     Four property ownership changes (the "Property Transactions") affect the
comparison of the three-month periods.  Effective July 1, 1995, the Operating
Partnership relinquished its ability to solely direct certain activities
related to the control of North East Mall, and as a result began accounting for
the property using the equity method of accounting.  Effective July 31, 1995,
the Operating Partnership acquired the remaining 50% interest in Crossroads
Mall and subsequently began including Crossroads in the financial statements
using the consolidated method of accounting.  Effective September 25, 1995, the
Operating Partnership acquired the remaining 55% interest in East Towne Mall
and subsequently began including East Towne in the financial statements using
the consolidated method of accounting.  And finally, on April 11, 1996, the
Operating Partnership acquired the remaining 50% economic interest in Ross Park
Mall and subsequently began including Ross Park in the financial statements
using the consolidated method of accounting.

     Total revenue increased $13.0 million or 9.9% for the three months ended
June 30, 1996, as compared to the same period in 1995.  Of this increase, $8.0
million is a result of the Property Transactions.  The remaining $5.0 million
increase is primarily the result of increases in minimum rent ($1.3 million),
and an increase in other income ($3.8 million), primarily from increased lease
settlement income ($1.1 million) and an adjustment to reflect the
collectability of notes receivable ($2.0 million).

     Total operating expenses increased $8.1 million, or 11.1%, for the three
months ended June 30, 1996, as compared to the same period in 1995.  Of this
increase, $4.4 million is a result of the Property Transactions.  The remaining
$3.6 million increase is primarily due to an increase in depreciation and
amortization ($3.0 million).

     Interest expense increased $3.8 million, or 10.5% for the three months
ended June 30, 1996, as compared to the same period in 1995, primarily as a
result of the Property Transactions ($3.5 million).

     Income from unconsolidated entities decreased $0.9 million for the three
months ended June 30, 1996, as compared to the same period in 1995.  This is
primarily due to a decrease in the Operating Partnership's share of gains on
the sales of peripheral property in the second quarter of 1996 as compared to
the same period in 1995 ($2.2 million), partially offset by the acquisition, in
December of 1995, of a 25% share of Smith Haven Mall, resulting in additional
income of $0.7 million.

     Net income was $24.0 million for the three months ended June 30, 1996, as
compared to $23.3 million for the same period in 1995, reflecting an increase
of $0.7 million, for the reasons discussed above, and was allocated first to
the holders of the Preferred Units, then to the partners based on each
partner's ownership interest in the Operating Partnership during the period.

For the Six Months Ended June 30, 1996 vs. the Six Months Ended June 30, 1995

     In addition to the Property Transactions, another ownership change affects
the comparison of the six-month periods.  Effective February 23, 1995, the
Operating Partnership acquired an additional 50% interest in White Oaks Mall
("White Oaks") and subsequently began including White Oaks in the financial
statements using the consolidated method of accounting.

     Total revenue increased $22.9 million or 8.8% for the six months ended
June 30, 1996, as compared to the same period in 1995.  Of this increase, $13.1
million is a result of the Property Transactions and White Oaks.  The remaining
increase is primarily the result of increases in minimum rent ($3.8 million),
and an increase in other income ($5.6 million), primarily from increased lease
settlement income ($2.7 million) and an adjustment to reflect the
collectability of notes receivable ($2.0 million).

     Total operating expenses increased $15.8 million, or 11.0%, for the six
months ended June 30, 1996, as compared to the same period in 1995.  Of this
increase, $7.1 million is a result of the Property Transactions and White Oaks.
The remaining $8.7 million increase is primarily due to increases in repairs
and maintenance ($1.5 million) and depreciation and amortization ($5.8
million).

     The gain on sale of an asset in the six months ended June 30, 1995 ($2.4
million) relates to the sale of a minority partnership interest in land
previously held for development in Denver, Colorado.

     Interest expense increased $3.5 million for the six months ended June 30,
1996, as compared to the same period in 1995.  This increase was primarily the
result of the Property Transactions and White Oaks ($4.7 million), partially
offset by interest savings resulting from debt payments made with proceeds
obtained from the Company's secondary common stock offering in April 1995 and
the sale of preferred stock in October 1995, which were contributed to the
Operating Partnership in exchange for additional Units and Preferred Units,
respectively.

     Net income was $47.5 million for the six months ended June 30, 1996, as
compared to $45.5 million for the same period in 1995, reflecting an increase
of $2.0 million, for the reasons discussed above, and was allocated first to
the holders of the Preferred Units, then to the partners based on each
partner's ownership interest in the Operating Partnership during the period.

     Liquidity and Capital Resources

     At June 30, 1996, the Operating Partnership's balance of cash and cash
equivalents was $65.6 million, not including its proportionate share of cash
held by the joint venture properties and the Management Company.  In addition
to its cash reserves, the Operating Partnership had unused capacity under its
unsecured revolving credit facilities totaling $289.0 million.

     DeBartolo Merger.  The merger between the Company and DeBartolo Realty
Corporation ("DeBartolo") was approved by each company's shareholders and
closed August 9, 1996.  Pursuant to the terms of the agreement, the DeBartolo
shareholders will receive 0.68 shares of common stock of the Company in
exchange for each share of DeBartolo common stock held.

     The merged company is currently preparing debt and equity shelf
registration statements.  It is anticipated that filings for both shelf
registrations will occur in August of 1996.

     Financing and Refinancing.  On February 23, 1996, the Operating
Partnership borrowed the initial $100.0 million tranche of a $184.0 million two-
tranche loan facility for The Forum Shops at Caesar's ("Forum") and retired the
existing $89.7 million mortgage debt for Forum.  The initial funding bears
interest at LIBOR plus 100 basis points and matures in February 2000.  The
remaining proceeds are being used to provide funds for the approximately
250,000-square-foot phase II expansion of this property.

     On April 11, 1996, the Operating Partnership drew an additional $115.0
million on its existing revolving credit facility primarily to finance the
acquisition of the remaining economic ownership interest in Ross Park Mall ($44
million) and to retire a portion of the property's debt ($54 million).

     On June 28, 1996, the Operating Partnership obtained an additional $200
million unsecured, revolving credit facility.  The facility bears interest at
LIBOR plus 132.5 basis points and matures in August of 1998.  Terms for the
facility are identical to those of the Operating Partnership's existing $400
million facility, which remains in place.

     During the first six months of 1996, the Operating Partnership drew an
additional $16.0 million on its construction loan for Cottonwood Mall in
Albuquerque, New Mexico.  As of June 30, 1996, a total of $38.4 million was
outstanding on this construction loan.

     Development, Expansions and Renovations.  The Operating Partnership is
involved in several development, expansion and renovation efforts.

     Groundbreaking has occurred on two new retail development projects.
Grapevine Mills, a 1,450,000-square-foot retail development project in Fort
Worth, Texas, broke ground on July 10, 1996, and is expected to open in
November of 1997.  A commitment has been obtained for a four-year $140 million
construction loan with interest at LIBOR plus 165 basis points.  The Operating
Partnership will have a $13.9 million equity commitment on this $186 million
development project.  The Operating Partnership owns 37.5% of this joint
venture development.  Arizona Mills, a 1,225,000-square-foot retail development
project in Tempe, Arizona, broke ground on August 1, 1996.  This $182 million
development is expected to open in November of 1997.  The Operating Partnership
has a $4.6 million equity investment and a 25% ownership interest in this joint
venture development.

     The Operating Partnership is completing demolition of the existing Bakery
Centre in South Miami, Florida, in preparation for the $130 million development
of The Shops at Sunset Place.  Pre-development efforts continue for this 75%-
owned proposed 500,000-square-foot retail and entertainment center.

     Cottonwood Mall opened on July 31, 1996, in Albuquerque, New Mexico.  This
1.0 million-square-foot regional mall is wholly-owned by the Operating
Partnership.  Cottonwood Mall is anchored by Dillard's, Foley's, JCPenney,
Mervyn's and Montgomery Ward.

     Construction also continues on the following projects:

 *     A 250,000-square-foot phase II expansion of Forum, in which the
    Operating Partnership has a 55% ownership interest, is scheduled to open
    in the fall of 1997.  The $90 million costs of the Forum project are being
    funded with a portion of a $184 million two-tranche financing facility
    which closed February 23, 1996.

 *     Ontario Mills, a 1.4 million-square-foot value-oriented regional mall in
    Ontario, California, in which the Operating Partnership has a 25%
    ownership interest, is scheduled to open in November of 1996.  A $110
    million construction loan on this project has been obtained on this
    approximately $168 million partnership venture with The Mills Corporation.
    The Operating Partnership funded its $15.0 million equity commitment for
    this project in July 1996.
     
 *     The Source, a 730,000-square-foot retail development project in Westbury
    (Long Island), New York, is expected to open in August of 1997. This new
    $151 million development will adjoin an existing Fortunoff store.  The
    Operating Partnership has a total equity requirement of $31.1 million for
    this project.  Construction Financing of $120 million closed on this
    property in July of 1996.  The loan carries interest at LIBOR plus 170
    basis points and matures on July 16, 1999.  The Operating Partnership has
    made a $12.5 million equity investment in this 50%-owned joint venture
    development.
     
 *     The Tower Shops at Stratosphere, in Las Vegas, Nevada, is an
    approximately $25 million, 89,000-square-foot retail development project
    in which the Operating Partnership owns a 50% interest.  This retail
    development is currently under construction and is scheduled to open late
    in the summer of 1996.  The Operating Partnership contributed its $3.2
    million equity commitment in April of 1996.

     Management is also considering renovation and expansion projects at
various other properties.  It is anticipated that these projects will be
financed principally with external borrowings, existing corporate credit
facilities and cash flows from operations.

     Debt.  At June 30, 1996, the Operating Partnership had consolidated debt
of $2,178.5 million, of which $1,288.8 million is fixed-rate debt and $889.7
million is variable-rate debt.  As of June 30, 1996 and 1995, the Operating
Partnership had interest-rate protection agreements relating to $551.2 million
of the variable-rate debt.  The agreements are generally in effect until the
related variable-rate debt matures.

     The Operating Partnership's ratio of consolidated debt-to-market
capitalization was approximately 47.1% at June 30, 1996.

     Distributions.  The Operating Partnership declared a distribution of
$0.4925 per Unit for the second quarter of 1996.  Future distributions will be
determined based on actual results of operations and cash available for
distribution.  Preferred distributions of $0.5078 per Preferred Unit were also
declared during this period.

     Capital Resources.  Management anticipates that cash generated from
operating performance will provide the necessary funds on a short- and long-
term basis for its operating expenses, interest expense on outstanding
indebtedness, recurring capital expenditures and distributions to holders of
Preferred Units and Units.

     Management continues to actively review and evaluate property acquisition
opportunities.  Management believes that funds on hand and amounts available
under the Operating Partnership's unsecured revolving credit facilities,
together with the ability to issue shares of common stock of the Company and/or
Units, provide the means to finance certain acquisitions.  No assurance can be
given that the Operating Partnership will not be required to, or will not elect
to, even if not required to, obtain funds from outside sources, including
through the sale of debt or equity securities, to finance significant
acquisitions, if any.

     Investing and Financing Activities.  Cash used in investing activities for
the six months ended June 30, 1996 was $70.0 million.  Cash used in investing
activities included approximately $44 million for the acquisition of the
remaining economic ownership interest in Ross Park Mall, capital expenditures
and development related costs of $51.6 million including $17.1 million, $7.0
million and $3.2 million at Cottonwood Mall, Forum, and The Shops at Sunset
Place, respectively; and advances to unconsolidated joint ventures totaling
approximately $20.2 million, including $12.5 million, $4.6 million and $3.2
million in equity contributions made to The Source, Chandler Mills and The
Tower Shops at Stratosphere, respectively, to fund development activity.  Cash
received from unconsolidated entities of $44.0 million included a $30.3 million
return of equity from Smith Haven Mall and a note repayment received from M.S.
Management Associates ($11.8 million).  Cash used in investing activities for
the six months ended June 30, 1995 included $33.9 million for tenant
allowances, capital expenditures and development related costs and $3.1 million
for the acquisition of a joint venture interest in a parcel of land to be held
for development in Little Rock, Arkansas, partially offset by $2.6 million of
net proceeds from the sale of a joint venture interest in land held for
development, distributions from unconsolidated entities ($3.1 million) and cash
of $3.4 million included in the acquisition of interest in White Oaks Mall.

     Cash used in financing activities for the six months ended June 30, 1996
was $59.9 million less than the six months ended June 30, 1995.  The decrease
in cash used in 1996 as compared to 1995 was primarily the result of an
increase in net mortgage borrowings of $216.2 million, partially offset by an
increase of $13.1 million in distributions to Unitholders (including $3.5
million paid to the holder of the Preferred Units representing distributions
from October 27, 1995 to March 31, 1996) and proceeds from sales of common
stock in 1995 of $142.1 million.  Net borrowings of $82.9 million in 1996 was
primarily made up of $44.0 million of net additional borrowings to purchase the
remaining economic ownership interest in Ross Park Mall, $9.7 million from the
refinancing at Forum and a $16.0 million increase on the Cottonwood Mall
construction loan.  Net mortgage payments in 1995 ($133.3 million) were made
primarily using the proceeds from common stock sales.

     EBITDA - Earnings from Operating Results before Interest, Taxes,
Depreciation and Amortization

     Management believes that there are several important factors that
contribute to the ability of the Operating Partnership to increase rent and
improve profitability of its shopping centers, including aggregate tenant sales
volume, sales per square foot, occupancy levels and tenant costs.  Each of
these factors has a significant effect on EBITDA.  Management believes that
EBITDA is an effective measure of shopping center operating performance
because: (i) it is industry practice to evaluate real estate properties based
on operating income before interest, taxes, depreciation and amortization,
which is generally equivalent to EBITDA; and (ii) EBITDA is unaffected by the
debt and equity structure of the property owner.  EBITDA: (i) does not
represent cash flow from operations as defined by generally accepted accounting
principles; (ii) should not be considered as an alternative to net income as a
measure of the Operating Partnership's operating performance; (iii) is not
indicative of cash flows from operating, investing and financing activities;
and (iv) is not an alternative to cash flows as a measure of the Operating
Partnership's liquidity.

     Total EBITDA for the portfolio properties increased from $208.0 million
for the six months ended June 30, 1995 to $232.0 million for the same period in
1996, representing a growth rate of 11.5%.  This increase is primarily
attributable to the malls opened or acquired during 1995.  During this period,
operating profit margin decreased slightly from 63.1% to 62.3%.

     FFO - Funds from Operations

     FFO, as defined by the National Association of Real Estate Investment
Trusts ("NAREIT"), means the consolidated net income of the Operating
Partnership and its subsidiaries without giving effect to depreciation and
amortization, gains or losses from extraordinary items, gains or losses on
sales of real estate, gains or losses on investments in marketable securities
and any provision/benefit for income taxes for such period, plus the allocable
portion, based on the Operating Partnership's ownership interest, of funds from
operations of unconsolidated joint ventures, all determined on a consistent
basis in accordance with generally accepted accounting principles.  Management
believes that FFO is an important and widely used measure of the operating
performance of REITs which provides a relevant basis for comparison among
REITs.  FFO is presented to assist investors in analyzing the performance of
the Operating Partnership.  FFO: (i) does not represent cash flow from
operations as defined by generally accepted accounting principles; (ii) should
not be considered as an alternative to net income as a measure of the Operating
Partnership's operating performance or to cash flows from operating, investing
and financing activities; and (iii) is not an alternative to cash flows as a
measure of the Operating Partnership's liquidity.  In March, 1995, NAREIT
modified its definition of FFO.  The modified definition provides that
amortization of deferred financing costs and depreciation of non-rental real
estate assets are no longer to be added back to net income in arriving at FFO.
The modified definition was adopted beginning in 1996.  Additionally, the prior
year FFO is being restated to reflect the new definition in order to make the
amounts comparative.  Under the previous definition, FFO for the three months
and six months ended June 30, 1995, would have been $48.4 million and $93.1
million, respectively.

     The following summarizes FFO and reconciles net income to FFO for the
periods presented:

                                For the Three Months   For the Six Months
                                   Ended June 30,        Ended June 30,
                                 -------------------   -------------------
                                   1996       1995       1996       1995
 (In thousands)                  --------   --------   --------   --------
  FFO                            $ 50,532   $ 45,859   $ 99,212   $ 87,795
                                 ========   ========   ========   ========
  Reconciliation:                                                         
  Net Income                     $ 23,968   $ 23,280   $ 47,535   $ 45,487
  Plus:                                                                   
  Extraordinary items -                                                   
   Losses on extinguishments                                              
   of debt                             --        248        265        248
  Depreciation and 
   amortization from                                                      
   consolidated properties         26,501     21,968     51,038     42,959
  The Operating Partnership's 
   share of depreciation and                                                    
   amortization from                                                      
   unconsolidated affiliates        2,918      1,366      5,950      3,012
  Less:                                                                   
  Gain on sale of asset               N/A        N/A        N/A     (2,350)
  Minority interest portion                                              
   of depreciation and                                                    
   amortization                      (824)    (1,003)    (1,514)    (1,561)
  Preferred distributions          (2,031)        --     (4,062)        --
                                 --------   --------   --------   --------
  FFO                            $ 50,532   $ 45,859   $ 99,212   $ 87,795
                                 ========   ========   ========   ========

     Portfolio Data

     Aggregate Tenant Sales Volume.  For the six months ended June 30, 1995
compared to the same period in 1996, total reported retail sales for mall and
freestanding stores at the regional malls and all stores at the community
shopping centers for GLA owned by the Operating Partnership ("Owned GLA")
increased 8.1% from $1,954 million to $2,113 million.  Retail sales at Owned
GLA affect revenue and profitability levels because they determine the amount
of minimum rent that can be charged, the percentage rent realized, and the
recoverable expenses (common area maintenance, real estate taxes, etc.) the
tenants can afford to pay.

     Occupancy Levels.  Occupancy levels for regional malls decreased from
84.6% at June 30, 1995 to 83.1% at June 30, 1996.  Occupancy levels for
community shopping centers decreased from 94.6% at June 30, 1995 to 92.6% at
June 30, 1996.  These decreases are the result of store closings by several
retailers which filed bankruptcy in 1995 and the de-leasing efforts at two
malls in anticipation of de-malling these properties.  Total GLA has increased
4.2 million square feet from June 30, 1995 to June 30, 1996, primarily as a
result of the 1995 opening of three new regional malls and the acquisition of
Smith Haven Mall.

     Average Base Rents.  Average base rents per square foot of mall and
freestanding stores at regional mall Owned GLA increased 9.6%, from $18.06 to
$19.79 as of June 30, 1996 as compared to June 30, 1995.  In community shopping
centers, average base rents per square foot of Owned GLA increased 3.2%, from
$7.21 to $7.44 during this same period.

     Inflation
     
     Inflation has remained relatively low during the past three years and has
had a minimal impact on the operating performance of the portfolio properties.
Nonetheless, substantially all of the tenants' leases contain provisions
designed to lessen the impact of inflation.  Such provisions include clauses
enabling the Operating Partnership to receive percentage rentals based on
tenants' gross sales, which generally increase as prices rise, and/or
escalation clauses, which generally increase rental rates during the terms of
the leases.  In addition, many of the leases are for terms of less than ten
years, which may enable the Operating Partnership to replace existing leases
with new leases at higher base and/or percentage rentals if rents of the
existing leases are below the then-existing market rate.  Substantially all of
the leases, other than those for anchors, require the tenants to pay a
proportionate share of operating expenses, including common area maintenance,
real estate taxes and insurance, thereby reducing the Operating Partnership's
exposure to increases in costs and operating expenses resulting from inflation.

     However, inflation may have a negative impact on some of the Operating
Partnership's other operating items.  Interest and general and administrative
expenses may be adversely affected by inflation as these specified costs could
increase at a rate higher than rents.  Also, for tenant leases with stated rent
increases, inflation may have a negative effect as the stated rent increases in
these leases could be lower than the increase in inflation at any given time.

     Other

     The shopping center industry is seasonal in nature, particularly in the
fourth quarter during the holiday season, when tenant occupancy and retail
sales are typically at their highest levels.  In addition, shopping malls
achieve most of their temporary tenant rents during the holiday season.  As a
result of the above, earnings are generally highest in the fourth quarter of
each year.

     Management recognizes the retail industry continues to experience some
difficulties, which is reflected in sales trends and in the bankruptcies and
continued restructuring of several prominent retail organizations.
Continuation of these trends could impact future earnings performance.

Part II - Other Information

     Item 1:  Legal Proceedings

     Neither the Operating Partnership, the Company nor any of the portfolio
properties is currently a party to any material pending legal proceedings nor,
to management's knowledge, is any material legal proceeding currently
contemplated by governmental authorities against the Operating Partnership, the
Company or the portfolio properties.  The entities that own portfolio
properties are parties to a variety of routine litigation arising in the
ordinary course of business.  Most of such proceedings are covered by liability
insurance.  All of such proceedings, taken together, are not expected to have a
material adverse effect on the Operating Partnership's operating or financial
results.

     Item 6:  Exhibits and Reports on Form 8-K - None
               
               
                                       
                                       
                                  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, L.P.
                           By:       SIMON PROPERTY GROUP, INC.,
                                     General Partner

Date:  August 14, 1996     By /s/ David Simon
                              ----------------
                              David Simon
                              Chief Executive Officer and President



Date:  August 14, 1996     By /s/ Dennis Cavanagh
                              --------------------
                              Dennis Cavanagh
                              Principal Financial and Accounting Officer



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from SEC Form
10-Q and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               JUN-30-1996
<CASH>                                          65,556
<SECURITIES>                                         0
<RECEIVABLES>                                  141,520<F1>
<ALLOWANCES>                                         0<F1>
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0<F2>
<PP&E>                                       2,353,574
<DEPRECIATION>                                 199,068
<TOTAL-ASSETS>                               2,679,076
<CURRENT-LIABILITIES>                                0<F2>
<BONDS>                                      2,178,539
                                0
                                          0
<COMMON>                                             0
<OTHER-SE>                                     269,685<F3>
<TOTAL-LIABILITY-AND-EQUITY>                 2,679,076
<SALES>                                              0
<TOTAL-REVENUES>                               283,204
<CGS>                                                0
<TOTAL-COSTS>                                  159,080
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              79,134
<INCOME-PRETAX>                                 47,800
<INCOME-TAX>                                    47,800
<INCOME-CONTINUING>                             47,800
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                  (265)
<CHANGES>                                            0
<NET-INCOME>                                    47,535
<EPS-PRIMARY>                                     0.45<F4>
<EPS-DILUTED>                                     0.45<F4>
<FN>
<F1>Receivalbes are stated net of allowances and also include accrued revenues.
<F2>The Operating Partnership does not use a classified Balance Sheet.
<F3>The registrant is a partnership.  The amount reported is Partners' Equity.
<F4>Amounts are actually earnings per unit.
</FN>
        

</TABLE>


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