INDIANAPOLIS, March 18 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG) today announced the opening of St. Johns Town Center, a 1.5 million square foot open-air retail project comprised of a town center with a mainstreet design and a community center. St. Johns features Dillard's, Barnes & Noble, Dick's Sporting Goods, Target, Ashley Furniture, Designer Shoe Warehouse, JoAnn Fabrics, Old Navy, PetsMart, Pier One, Ross Dress for Less and Staples. Restaurants complementing the retail offerings include The Cheesecake Factory, Maggiano's, and P.F. Chang's. The center is 100% leased and committed.

More than one-third of the retailers at St. Johns Town Center will be making their initial Jacksonville appearance, providing an innovative mix of exciting new choices for the Jacksonville shopper. The 39 retailers new to the market include Apple Computer, Brighton Collectibles, Designs of the Interior, Hollister Co., J. Jill, Sigrid Olsen, and The Sharper Image. St. Johns Town Center also includes a Homewood Suites hotel and three multifamily residential projects opening in 2006.

St. Johns is a joint venture between Simon Property Group and Ben Carter Properties, LLC, an asset management, leasing and development company based in Atlanta. The two partners also developed the innovative Mall of Georgia in suburban Atlanta.

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 shopping centers. The Company's current total market capitalization is approximately $36 billion. Through its subsidiary partnerships, it currently owns or has an interest in 297 properties in the United States containing an aggregate of 203 million square feet of gross leasable area in 40 states plus Puerto Rico. Simon also holds interests in 51 European shopping centers in France, Italy, Poland and Portugal; 5 Premium Outlet(R) centers in Japan; one Premium Outlet(R) 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: Investors - Shelly Doran, +1-317-685-7330, Media - Les Morris, +1-317-263-7711, both of Simon Property Group, Inc./