<PAGE>

                                                                    Exhibit 99.1
















                             MILL CREEK LAND, L.L.C.
                             ======================


                              FINANCIAL STATEMENTS

                  AS OF DECEMBER 31, 2000 (UNAUDITED) AND 1999

                       TOGETHER WITH REPORT OF INDEPENDENT
                               PUBLIC ACCOUNTANTS

<PAGE>

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS



To the Members of
Mill Creek Land, L.L.C.:

We have audited the accompanying balance sheet of MILL CREEK LAND, L.L.C. (a
Delaware limited liability company) as of December 31, 1999, and the related
statements of operations, members' capital and cash flows for each of the two
years in the period ended December 31, 1999. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Mill Creek Land, L.L.C. as of
December 31, 1999, and the results of its operations and its cash flows for each
of the two years in the period ended December 31, 1999, in conformity with
accounting principles generally accepted in the United States.





                                                             ARTHUR ANDERSEN LLP



Indianapolis, Indiana,
February 16, 2000.

<PAGE>

                             MILL CREEK LAND, L.L.C.

                                 BALANCE SHEETS

                           DECEMBER 31, 2000 AND 1999

<TABLE>
<CAPTION>

                                                                    2000
                                                                (Unaudited)      1999
                                                                -----------   -----------
<S>                                                             <C>           <C>
ASSETS:
   Land and land improvements held for sale or lease, at cost   $ 6,541,823   $11,518,835
   Cash and cash equivalents                                        510,000     1,609,338
   Note receivable from Mall of Georgia, L.L.C                    1,192,984          --
   Accounts receivable (including $5,046 and $-0- of interest
      receivable from Mall of Georgia, L.L.C., respectively)        334,046          --
   Notes receivable (Note 5)                                           --       1,642,303
   Other assets                                                        --          34,075
                                                                -----------   -----------
                  Total assets                                  $ 8,578,853   $14,804,551
                                                                ===========   ===========

LIABILITIES AND MEMBERS' CAPITAL:
   Note payable to Mall of Georgia, L.L.C                       $      --     $ 2,784,015
   Interest payable to Mall of Georgia, L.L.C                          --          44,117
   Construction payables                                             61,195       100,499
   Accounts payable and accrued expenses                             59,267        58,730
   Accrued future development costs                                 208,281       178,340
   Deferred gains                                                   158,596       119,985
                                                                -----------   -----------
                  Total liabilities                                 487,339     3,285,686

COMMITMENTS AND CONTINGENCIES (Note 7)

MEMBERS' CAPITAL                                                  8,091,514    11,518,865
                                                                -----------   -----------
                  Total liabilities and members' capital        $ 8,578,853   $14,804,551
                                                                ===========   ===========
</TABLE>

        The accompanying notes are an integral part of these statements.

<PAGE>

                             MILL CREEK LAND, L.L.C.

                            STATEMENTS OF OPERATIONS

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

<TABLE>
<CAPTION>

                                                      2000
                                                   (Unaudited)         1999            1998
                                                   ------------    ------------    ------------
<S>                                                <C>             <C>             <C>
Land sales                                         $  9,296,536    $ 24,605,168    $  1,914,248
Cost of land sold                                    (4,923,445)    (12,891,088)     (1,087,515)
Commissions and other                                  (528,649)     (1,268,226)       (167,413)
                                                   ------------    ------------    ------------
              Net gains on land sales                 3,844,442      10,445,854         659,320

Real estate tax expense                                (244,812)       (142,930)           --
Interest income (including $5,046, $-0- and $-0-
    from Mall of Georgia, L.L.C., respectively)         104,609         303,873         224,989
Interest expense to Mall of Georgia, L.L.C              (15,041)       (472,436)           --
                                                   ------------    ------------    ------------

Net income                                         $  3,689,198    $ 10,134,361    $    884,309
                                                   ============    ============    ============
</TABLE>

        The accompanying notes are an integral part of these statements.

<PAGE>

                             MILL CREEK LAND, L.L.C.

                         STATEMENTS OF MEMBERS' CAPITAL

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

<TABLE>
<CAPTION>

                                                                              Buford
                                                            SPG Realty     Acquisition
                                                           Consultants,       Company,
                                                               L.P.           L.L.C.           Total
                                                           ------------    ------------    ------------
<S>                                                        <C>             <C>             <C>
MEMBERS' PERCENTAGE INTEREST
    AT DECEMBER 31, 2000 AND 1999                               50%             50%            100%
                                                           ============    ============    ============

CAPITAL at December 31, 1997 (unaudited)                   $ 16,453,315    $  2,903,527    $ 19,356,842

    Contributions from members                                2,833,044         499,949       3,332,993

    Distributions to members (Note 3)                       (18,705,961)     (3,301,052)    (22,007,013)

    Net income                                                  751,663         132,646         884,309
                                                           ------------    ------------    ------------

CAPITAL at December 31, 1998                                  1,332,061         235,070       1,567,131

    Distributions to members (Note 3)                          (155,233)        (27,394)       (182,627)

    Net income                                                5,290,784       4,843,577      10,134,361
                                                           ------------    ------------    ------------

CAPITAL at December 31, 1999                                  6,467,612       5,051,253      11,518,865

    Distributions to members (Notes 2 and 3) (unaudited)     (1,799,067)     (5,317,482)     (7,116,549)

    Net income (unaudited)                                     (622,788)      4,311,986       3,689,198
                                                           ------------    ------------    ------------

CAPITAL at December 31, 2000 (unaudited)                   $  4,045,757    $  4,045,757    $  8,091,514
                                                           ============    ============    ============
</TABLE>

        The accompanying notes are an integral part of these statements.


<PAGE>

                             MILL CREEK LAND, L.L.C.

                            STATEMENTS OF CASH FLOWS

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998

<TABLE>
<CAPTION>

                                                                     2000
                                                                  (Unaudited)         1999           1998
                                                                  ------------    ------------    ------------
<S>                                                               <C>             <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                                    $  3,689,198    $ 10,134,361    $    884,309
    Adjustments to reconcile net income to net cash provided by
    (used in) operating activities-
          Noncash interest income on notes receivable                   (6,649)        (28,189)       (219,860)
    Changes in assets and liabilities-
       Land and land improvements held for sale or lease,
          at cost                                                    5,022,909      12,860,865         595,885
       Accounts receivable                                            (334,046)           --              --
       Receivable from Mall of Georgia, L.L.C. for
          common development costs                                        --         4,352,000      (4,352,000)
       Other assets                                                     34,075         (34,075)           --
       Interest payable to Mall of Georgia, L.L.C., accounts
          payable and accrued expenses                                 (43,580)         32,791          23,400
       Deferred gains and accrued future development costs              68,552          50,236        (113,289)
                                                                  ------------    ------------    ------------
          Net cash provided by (used in) operating activities        8,430,459      27,367,989      (3,181,555)
                                                                  ------------    ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Capital expenditures                                               (45,897)     (3,510,000)     (2,664,660)
    Construction payables                                              (39,304)     (2,875,046)      1,884,614
    Issuance of notes receivable                                          --        (1,996,956)           --
    Repayments of notes receivable                                   1,648,952       2,974,860            --
    Note receivable from Mall of Georgia, L.L.C                     (1,192,984)           --              --
                                                                  ------------    ------------    ------------
          Net cash provided by (used in) investing activities          370,767      (5,407,142)       (780,046)
                                                                  ------------    ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Repayment of advances from Mall of Georgia, L.L.C                     --              --          (635,843)
    Proceeds from note payable to Mall of Georgia, L.L.C                  --              --        25,173,775
    Payments of note payable to Mall of Georgia, L.L.C              (2,784,015)    (22,389,760)           --
    Distributions to members                                        (7,116,549)       (186,541)    (22,347,829)
    Contributions from members                                            --              --         3,332,993
                                                                  ------------    ------------    ------------
          Net cash (used in) provided by financing activities       (9,900,564)    (22,576,301)      5,523,096
                                                                  ------------    ------------    ------------

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                    (1,099,338)       (615,454)      1,561,495

CASH AND CASH EQUIVALENTS, beginning of period                       1,609,338       2,224,792         663,297
                                                                  ------------    ------------    ------------

CASH AND CASH EQUIVALENTS, end of period                          $    510,000    $  1,609,338    $  2,224,792
                                                                  ============    ============    ============
</TABLE>

        The accompanying notes are an integral part of these statements.

<PAGE>

                             MILL CREEK LAND, L.L.C.

                          NOTES TO FINANCIAL STATEMENTS

                     DECEMBER 31, 2000 (UNAUDITED) AND 1999


1.  GENERAL

Mill Creek Land, L.L.C., a Delaware limited liability company, (the Company) was
organized on April 4, 1997. The Company will dissolve on the earlier of the sale
or disposition of all of the Company's assets or December 31, 2030. At December
31, 2000, the Company owns 20 acres of land held for sale or lease surrounding
the Mall of Georgia (the Mall) which opened in August 1999. The Company also
owns 157 acres, consisting of wetlands and a nature park, which the Company does
not intend to sell. The Mall and peripheral land are located in Buford
(Atlanta), Georgia. The Company is projecting total land sales of approximately
$50,900,000. At December 31, 2000, gross land sales to date have totaled
approximately $38,600,000 with remaining sales expected to occur through 2004.

At December 31, 2000 and 1999, the Company is owned 50% each by Buford
Acquisition Company, L.L.C. (Buford) and SPG Realty Consultants, L.P. (SRC,
L.P.), collectively, the Members. In September 1998, SRC, L.P.'s interest in the
Company was transferred to SRC, L.P. from Corporate Realty Consultants, Inc.
(CRC) as a result of the merger between Simon DeBartolo Group, Inc., Corporate
Property Investors, Inc. and CRC. For periods prior to the merger, references to
SRC, L.P. refer to CRC.

Mall of Georgia, L.L.C. (MG, L.L.C.) is owned 50% by an affiliate of SRC, L.P.
and 50% by Buford. MG, L.L.C. owns and operates the Mall. Mall of Georgia
Crossing, L.L.C. (the Crossing) is owned 50% by an affiliate of SRC, L.P. and
50% by Buford. The Crossing owns and operates the Mall of Georgia Crossing, a
441,000 square-foot community center adjacent to the Mall, which also opened in
August 1999.

Simon Property Group, Inc.'s (SPG), a publicly traded real estate investment
trust (REIT), paired share affiliate owned directly or indirectly a controlling
72.4% of SRC, L.P. at December 31, 2000 and 1999.

2.  MEMBERS' CAPITAL

SRC, L.P. is responsible for 85% of the Company's required equity funding and
Buford is responsible for 15% of the Company's required equity funding. Buford
may decline to make future required capital contributions in which case SRC,
L.P. would be required to make the capital contribution. SRC, L.P. would be
entitled to a 12% annual return on this capital contribution and the return of
the capital contribution before any other distributions could be made. No such
contributions or distributions were made in 2000 or 1999.

After consideration of distributions, if any, in accordance with the paragraph
above, distributions of net cash flow of the Company will be made to the Members
in the following order of priority:

     1.   To the Members in proportion to their respective unreturned capital
          contribution until each Member receives a 9% annual return on each
          Member's respective unreturned capital contributions (i.e., equity
          preference) and the return of each Member's respective capital
          contributions. During 2000, the Company distributed all remaining
          unreturned capital contributions to its Members.

     2.   To Buford, totaling $5,000,000, the net proceeds of all land sales
          after all capital and returns thereon are returned to both Members.
          Distributions in the amount of $5,000,000 were made to Buford in 2000.

     3.   Any remaining balance is to be distributed to the Members in
          accordance with their membership percentages. No such distributions
          were made in 2000, 1999 or 1998.

<PAGE>

                                      -2-

Net profits, as defined, are allocated annually first, to the Members with a
negative capital account in proportion to their respective negative capital
account balances; second, to the Members to cause their respective capital
account to equal their respective distributable share of noncash net assets
(based on book value) assuming liquidation at the end of such year; and third,
in accordance with their respective membership percentages.

Net losses, as defined, are allocated annually first, to the Members with a
capital account in excess of their respective distributable share of noncash net
assets (based on book value) assuming liquidation; second, to the Members with a
positive capital account in proportion to their respective positive capital
account balances; and third, in accordance with their respective membership
percentages.

3.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         BASIS OF PRESENTATION AND USE OF ESTIMATES

These financial statements have been prepared in accordance with accounting
principles generally accepted in the United States, which requires management to
make estimates and assumptions that affect the reported amounts of the Company's
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the
reported period. Actual results could differ from these estimates.

         LAND AND LAND IMPROVEMENTS HELD FOR SALE OR LEASE

Land and land improvements include the costs incurred to acquire the land,
prepare the land for its intended use, and interest and real estate taxes
incurred during development. Development was substantially complete in August
1999.

Land and land improvements are recorded at cost. All land was acquired from
Buford at Buford's original cost. Land and land improvements for financial
reporting purposes are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying value may not be recoverable.
Impairment is recognized when estimated undiscounted net future cash flows is
less than the carrying value. To the extent an impairment has occurred, the
excess of carrying value over its estimated fair value will be charged to
income.

         REVENUE RECOGNITION

Land sales are recognized under the percentage of completion method. Land costs
are allocated to land sold based on relative sales values. The Company estimates
that 99% of the development was complete at December 31, 2000 and 1999.

         INCOME TAXES

As a limited liability company, the allocated share of income for each year is
includable in the income tax returns of the Members; accordingly, income taxes
are not reflected in the Company's financial statements.

         CASH FLOW INFORMATION

All highly liquid investments purchased with an original maturity of 90 days or
less are considered cash and cash equivalents. Included in cash and cash
equivalents are short-term investments of $510,000 and $1,500,000 as of December
31, 2000 and 1999, respectively.

Cash paid for interest, net of amounts capitalized of $-0-, $1,235,231 and
$1,042,651, during 2000, 1999 and 1998, respectively, were $59,158, $428,319,
and $-0-, respectively.

<PAGE>

                                      -3-

         EQUITY PREFERENCES

Equity preferences are accrued when earned to the extent the Company has funds
available for distribution. During 2000, 1999 and 1998, SRC, L.P. earned
$49,605, $155,233 and $894,382 in equity preferences, respectively, and Buford
earned $8,754, $27,394 and $157,832 in equity preferences, respectively. At
December 31, 2000 and 1999, $-0- and $39,658 were payable to SRC, L.P.,
respectively, and $-0- and $6,999 were payable to Buford, respectively. These
amounts are included in accounts payable and accrued expenses in the
accompanying Balance Sheets. Included in distributions to Members in the
accompanying Statements of Cash Flows are distributions of $42,985 and $332,678
to SRC, L.P. and $7,586 and $58,708 to Buford, that were paid in 1999 and 1998,
respectively, and accrued at December 31, 1998 and 1997, respectively.

4.  GAINS ON LAND SALES

In September 1997, the Company sold 16 acres of land to a third party for
$824,496 in cash and entered into a promissory note agreement with the buyer in
the amount of $2,317,193, net of discount. The transaction resulted in a total
gain of $1,090,376, of which $-0-, $63,752 and $285,053 was recognized in 2000,
1999 and 1998, respectively. At December 31, 2000 and 1999, $12,574 was deferred
and is included in deferred gain in the accompanying Balance Sheets.

In December 1998, the Company sold 2.8 acres of land to a third party for
$1,050,952 in cash. The transaction resulted in a total gain of $402,438, of
which $-0-, $23,693 and $374,267 was recognized in 2000, 1999 and 1998,
respectively. At December 31, 2000 and 1999, $4,478 was deferred and is included
in deferred gain in the accompanying Balance Sheets.

During 1999, the Company sold 59.9 acres of land to various third parties for
$21,140,149 in cash and entered into four promissory note agreements totaling
$1,996,956, net of any discounts. These transactions resulted in a total gain of
$10,293,285, of which $-0- and $10,190,352 was recognized in 2000 and 1999,
respectively. At December 31, 2000 and 1999, the remaining $102,933 was deferred
and is included in deferred gain in the accompanying Balance Sheets.

During 2000, the Company sold 40 acres of land to various third parties for
$8,561,889 in cash and $329,000 in a receivable that was collected in January
2001. These transactions resulted in a total gain of $3,861,119, of which
$3,822,508 was recognized in 2000. At December 31, 2000, the remaining $38,611
was deferred and is included in deferred gain in the accompanying Balance
Sheets.

5.  NOTES RECEIVABLE

In connection with the land sales discussed above, the Company received
promissory notes from various third parties, one of which totaling $382,842 was
issued and collected in 1999. The following table summarizes the notes
receivable outstanding at December 31, 1999:

<TABLE>
<S>                                                                  <C>
Note Receivable, collected in 2000, bore interest at 9%              $  651,970

Note Receivable, collected in 2000, noninterest bearing,
     net of discount of $6,649 at December 31, 1999                     450,333

Note Receivable, collected in 2000, bore interest at 9%                 540,000
                                                                     ----------

             Total notes receivable                                  $1,642,303
                                                                     ==========
</TABLE>

6.  INDEBTEDNESS

The Company has a note payable to MG, L.L.C. which bears interest at 9%.
Interest only is payable through maturity, October 31, 2005, at which time the
entire principal amount is due. Currently, the Company can borrow up to
$29,000,000 from MG, L.L.C. During 1998, the Company borrowed


<PAGE>

                                      -4-

$25,173,775 under this arrangement. Of these proceeds, $20,782,202 was
distributed to the Members to repay a portion of the Members' capital
contributions in the amounts of $17,664,872 to SRC, L.P. and $3,117,330 to
Buford, with the remaining $4,391,573 borrowed to finance the development of the
land. At December 31, 2000 and 1999, the note payable had an outstanding balance
of $-0- and $2,784,015, respectively. A portion of the note was repaid during
1999 with the remaining portion repaid in 2000 using proceeds received from the
sales of land.

Based on the borrowing rates available to the Company for loans with similar
terms and maturities, the carrying value of the note payable approximated its
fair value at December 31, 1999. The estimated discount rate was 8.33% as of
December 31, 1999.

7.  COMMITMENTS AND CONTINGENCIES

To the extent any unreturned capital or return thereon exists at MG, L.L.C. or
the Crossing after Buford receives the $5,000,000 distribution described in Note
2, the Company is required to loan, at 9% annual interest, to MG, L.L.C. or the
Crossing any of the Company's excess funds but only to the extent of the
unreturned capital or return thereon at MG, L.L.C. and the Crossing. During
2000, the Company loaned MG, L.L.C. $760,001. This amount is included in note
receivable from Mall of Georgia, L.L.C. in the accompanying Balance Sheets at
December 31, 2000.

In addition, the Members can request a loan from the Company to be used by the
requesting Member to pay the Member's Company-related tax liability in excess of
the distributions to the Member. The loan would bear interest at 9% per year and
would be repaid by the Member's future equity distributions. No such loans had
been made at December 31, 2000 or 1999.

The Company estimates the total cost to develop the land to be approximately
$27,000,000, with approximately $147,000 and $1,000,000 incurred in 2000 and
1999, respectively, and $274,000 expected to be incurred in the future.

8.  RELATED PARTY TRANSACTIONS

The Company has a development agreement with an affiliate of SRC, L.P. A
development fee based on the costs incurred for site work is charged by the
affiliate with a maximum fee of $450,000 over the development of the project.
Fees earned by the affiliate for development services were $-0-, $116,662 and
$216,668 in 2000, 1999 and 1998, respectively.

In addition, an affiliate of Buford is compensated for development services
based on the costs incurred for site work with a maximum fee of $450,000 over
the development of the project. Fees earned by the affiliate for development
services were $-0-, $116,662 and $216,668 in 2000, 1999 and 1998, respectively.
Through December 31, 1999, an affiliate of Buford was also compensated for
management and marketing services in the amount of $3,333 per month which
totaled $39,996 in both 1999 and 1998. The affiliate also earns a commission of
up to 5% on all land sales. In 2000, 1999 and 1998, the affiliate earned
$348,751, $1,210,632 and $39,375, respectively, of commissions from the Company.

The Company has entered into an arrangement with MG, L.L.C. whereby common
development costs are allocated between the Company and MG, L.L.C. based on
acreage. During 2000 and 1999, approximately $432,983 and $8,785,800 of costs
were paid for by the Company and were allocated to MG, L.L.C. The payment for
these costs is included in note receivable from Mall of Georgia, L.L.C. in the
accompanying Balance Sheets at December 31, 2000.