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Apple Blossom Mall To Receive Lifestyle Redevelopment RC Theatres To Build 16-Screen Complex

WINCHESTER, VA (January 24, 2007) – Simon Property Group, Inc. (NYSE: SPG) announced today a major lifestyle redevelopment at Apple Blossom Mall in Winchester, VA and the addition of a RC Theatres 16-screen complex on the property. Construction on the theatres will begin in the spring of 2007 with the opening scheduled for late 2007 or early 2008. Apple Blossom Mall is a 442,000 square foot mall anchored by Belk, JCPenney and Sears. It was built in 1982.

The theatre will be located on 15 acres on land adjacent to the mall on the southeast side. Every auditorium will offer all of the amenities expected in today's theatre complexes including stadium seating, rocking chairs, wall to wall curved screens, computerized ticketing with Internet purchasing and the HPS4000 sound system with Dolby digital. The RC theatre complex will also offer party rooms and a game room.

RC Theatres has been active in Virginia for decades, operating theatres throughout the state as well as in Pennsylvania, Maryland, North Carolina and Florida. In 2006, RC opened new complexes in Gettysburg and Wilkes-Barre, PA.

“We're very excited to locate our state-of-the-art theatre at Apple Blossom Mall,” said Scott R. Cohen, CEO and president of RC Theatres. “This new development fits perfectly with our plans to grow RC by building new complexes throughout the Mid-Atlantic area.”

The lifestyle redevelopment will include the addition of approximately three lifestyle-type tenants, two big boxes, an additional department store and new restaurants. “We believe that this renovation will continue to solidify Apple Blossom Mall as the dominant retail destination in the area,” said John Albright senior vice president of development at SPG.

Apple Blossom/Add one

Albright also said that a complete renovation of Apple Blossom Mall would occur. Elements of this renovation would include attention to the entire interior of the mall such as new flooring, light fixtures and a new ceiling, a reconfigured food court and new entrances. This renovation work is expected to start this year, Albright said.

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 Centers® and
community/lifestyle centers. The Company's current total market capitalization is approximately $48 billion. Through its subsidiary partnership, it currently owns or has an interest in 285 properties in the United States containing an aggregate of 201 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests in 53 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 www.simon.com.  Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.