Simon Malls | More Choices®

INDIANAPOLIS, Aug. 11 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG) (the "Company") announced today that its partnership subsidiary, Simon Property Group, L.P., has completed the sale of $900 million of debt securities. The issue included the following tranches of senior unsecured notes:

$400 million of 4.875% Notes due 2010

$500 million of 5.625% Notes due 2014

The all-in effective yield is 4.965% for the six-year notes and 5.675% for the ten-year notes. The blended effective yield for the entire offering is 5.359%. Net proceeds from the offering will be used to repay existing indebtedness and for general corporate purposes. The transaction was priced on August 4, 2004.

All securities in this offering are rated Baa2 by Moody's Investors Service and BBB by Standard & Poor's. The transaction was placed by Citigroup, Deutsche Bank Securities and JPMorgan as joint book-running managers with Banc of America Securities LLC and Wachovia Securities as co- managers. The notes were sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and to non-U.S. persons under Regulation S under the Securities Act.

Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 245 properties in North America containing an aggregate of 189 million square feet of gross leasable area in 37 states plus Canada and Puerto Rico. The Company also holds interests in 48 assets in Europe (in France, Italy, Poland and Portugal). Additional Simon Property Group information is available at http://www.simon.com .

SOURCE Simon Property Group, Inc.

CONTACT: Investors: Shelly Doran, +1-317-685-7330, or Media: Les Morris, +1-317-263-7711, both of Simon Property Group, Inc./