INDIANAPOLIS, Aug 30, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Simon Property Group, Inc. (NYSE: SPG) announced today that it will redeem all 8,000,000 of the outstanding shares of its 8 3/4% Series F Cumulative Redeemable Preferred Stock (NYSE: SPGPrF) (CUSIP 828806604) on October 4, 2006. The Series F Preferred will be redeemed at a redemption price of $25.00 per share plus accrued and unpaid distributions to the redemption date, or a total of $25.01823 per share. The notice of redemption will be mailed to record holders of the Series F Preferred as of today, August 30, 2006.

For further information, holders of Series F Preferred should contact Mellon Investor Services, LLC, the redemption agent (toll free) at 1-800-777-3674, or their respective banks or brokers. Copies of the documents necessary to effect the tender of Series F Preferred for redemption may be obtained without charge from the redemption agent.

Simon Property Group, Inc., an S&P 500 company 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 $42 billion. Through its subsidiary partnership, it currently owns or has an interest in 284 properties in the United States containing an aggregate of 200 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests in 52 European shopping centers in France, Italy, and Poland; 5 Premium Outlet centers in Japan; and one Premium Outlet center in Mexico. Additional Simon Property Group information is available at http://www.simon.com . Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.

SOURCE Simon Property Group, Inc.

Investors:
Shelly Doran
317-685-7330

Media:
Les Morris
317-263-7711
both of Simon Property Group, Inc.