Simon Malls | More Choices®

- Multi-Million Dollar Renovation to be Complete in 2006 -

FT. MYERS, Fla., July 14 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG), the country's largest owner, developer and manager of high quality retail real estate announced today that it would create a 43,000 square foot lifestyle component at Edison Mall in Fort Myers, FL. This new development, which will face U.S. 41, will include upscale retail tenants and interesting restaurant concepts.

Ft. Myers' largest and longest established regional mall, Edison's $10 million renovation will begin in August, with interior remodeling slated to begin in early 2006.

Edison Mall, which was originally built in 1965, is located at the intersection of U.S. 41 and Colonial Boulevard. The one-million-square-foot regional mall underwent a multi-million dollar renovation in 1998, which included the addition of skylights to bring in more natural light.

"We believe that this lifestyle addition will enhance the offerings at Edison Mall and at the same time create an inviting element," said John Albright, senior vice president of development at SPG, who added that the construction would take approximately one year to complete.

In addition to the expansion, the existing Edison Mall will also get a makeover. New facade will be installed and three entrances will be renovated. The renovations will have a Mediterranean feel including new storefronts, new overhangs, and direct access to the stores from the exterior.

The Beck Group from Dallas, TX is heading the exterior architectural renovation of the mall. Atlanta-based Daugherty & Associates will lead the interior renovation effort, which will include additional lighting in the food court, expanded seating areas, new floors, restrooms and upgraded common areas.

David Anderson, area manager for Simon says, "The fresh new look and the addition of innovative lifestyle stores will help generate renewed excitement about this favorite regional shopping destination. It's a renovation that will impact the entire Fort Myers' market area."

About Edison Mall

Edison Mall is the largest mall on Florida's lower Gulf Coast with anchors Macy's, Dillard's JCPenney and Sears, plus 160 specialty shops. Stores and restaurants include Bailey, Banks and Biddle; Victoria's Secret; Aeropostale, American Eagle, Ann Taylor Loft, Silverspoons Cafe and many more. Edison Mall is located at 4125 Cleveland Avenue, at the intersection of U.S. 41 and Colonial Boulevard in Fort Myers, FL. The mall is open Monday - Saturday, 10:00 a.m. - 9:00 p.m.; Sunday 11:30 a.m. - 5:30 p.m. For more information about Edison Mall, visit http://www.simon.com or call (239) 939-5464.

About Simon Property Group

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet(R) centers and community/lifestyle centers. The Company's current total market capitalization is approximately $39 billion. Through its subsidiary partnership, it currently owns or has an interest in 294 properties in the United States containing an aggregate of 201 million square feet of gross leasable area in 40 states plus Puerto Rico. Simon also holds interests in 52 European shopping centers in France, Italy, Poland and Portugal; 5 Premium Outlet centers in Japan; one Premium Outlet center in Mexico; and one shopping center in Canada. Additional Simon Property Group information is available at http://www.simon.com.

SOURCE Simon Property Group, Inc.

CONTACT: Les Morris of Simon Property Group, +1-317-263-7711, lmorris@simon.com; or Province Zamek of Kreps/De Maria Public Relations, +1-305-663-3543, ppark@krepspr.com /