Simon Malls | More Choices®

All securities in this offering are rated Baa1 by Moody's Investors Service and BBB by Standard & Poor's. Net proceeds from the offering will be initially used to reduce the outstanding balance of the Company's $1.25 billion unsecured credit facility. Ultimately, the Company plans to also retire mortgage indebtedness on six wholly owned properties and to retire $250 million of 9% bonds that mature in early 2002. The transaction was priced on October 23, 2001.

"We are pleased that we were able to successfully access the unsecured debt markets and obtain favorable rates on $750 million of debt," said David Simon, chief executive officer. "This offering, which was increased from its original size of $500 million due to strong investor demand, demonstrates the attractiveness of the Simon name in the unsecured market. As an organization, we place a high value on our ability to access this market."

The transaction was underwritten by Banc of America Securities LLC and Salomon Smith Barney as joint lead managers, and Credit Suisse First Boston, J.P. Morgan, and UBS Warburg as co-managers.

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 251 properties containing an aggregate of 186 million square feet of gross leasable area in 36 states and six assets in Europe and Canada. Together with its affiliated management company, Simon owns or manages approximately 191 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. Additional Simon Property Group information is available at www.shopsimon.com .

SOURCE Simon Property Group, Inc.

CONTACT:          Investors, Shelly Doran, +1-317-685-7330, or Media, Billie
                  Scott, +1-317-263-7148, both of Simon Property Group, Inc.

URL:              http://www.shopsimon.com
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