Simon Malls | More Choices®

INDIANAPOLIS, Jan. 28 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (the "Company") (NYSE: SPG) announced today that it believes it will report funds from operations (FFO) within a range of $3.72 to $3.82 per share for 2002. Guidance per quarter is as follows:

     1st quarter                  $0.77 to $0.79
     2nd quarter                  $0.84 to $0.86
     3rd quarter                  $0.92 to $0.95
     4th quarter                  $1.19 to $1.22

This guidance is based on management's view of current market conditions in the regional mall business, anticipates no further deterioration of overall economic conditions, and assumes that 2002 tenant sales productivity and portfolio occupancy will be comparable to 2001 levels. The estimates also include the expected impact from the planned acquisition of assets from Rodamco North America N.V., which is expected to close in the second quarter.

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 252 properties containing an aggregate of 187 million square feet of gross leasable area in 36 states as well as seven assets in Europe and Canada. Together with its affiliated management company, Simon owns or manages approximately 192 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 .

Certain statements contained in this press release, including statements with respect to future earnings, are "forward-looking statements" within the meaning of the federal securities laws. Although the Company believes the expectations reflected in these forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Those risks and uncertainties include, but are not limited to the current energy situation in the United States, national, regional and local economic climates and competitive market forces. Any such forward-looking statements should be considered in light of such factors and others noted in the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.

SOURCE Simon Property Group, Inc.

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