INDIANAPOLIS, April 27 /PRNewswire-FirstCall/ -- Simon Property Group,
Inc. (the "Company" or "Simon") (NYSE: SPG) today announced results for the
quarter ended March 31, 2007:
-- Funds from operations ("FFO") of the Simon portfolio for the quarter
increased 9.3% to $392.4 million from $358.9 million in the first
quarter of 2006. On a diluted per share basis the increase was 8.7% to
$1.37 from $1.26 in 2006.
-- Net income available to common stockholders for the quarter decreased
5.4% to $98.4 million from $104.0 million in the first quarter of 2006.
On a diluted per share basis the decrease was 6.4% to $0.44 from $0.47
in 2006. The decrease in net income is primarily the result of gains
recognized in 2006 on the sale of interests in unconsolidated entities.
Gains from real estate transactions do not impact FFO.
U.S. Portfolio Statistics
As of As of
March 31, 2007 March 31, 2006 Change
Occupancy
Regional Malls(1) 91.8% 91.6% 20 basis point increase
Premium Outlet(R)
Centers(2) 99.1% 99.3% 20 basis point decrease
Community/Lifestyle
Centers(2) 93.1% 90.3% 280 basis point increase
Comparable Sales per Sq. Ft.
Regional Malls(3) $487 $461 5.6% increase
Premium Outlet Centers(2) $485 $444 9.2% increase
Average Rent per Sq. Ft.
Regional Malls(1) $36.18 $34.83 3.9% increase
Premium Outlet
Centers(2) $24.84 $23.85 4.1% increase
Community/Lifestyle
Centers(2) $11.94 $11.47 4.1% increase
(1) For mall and freestanding stores.
(2) For all owned gross leasable area (GLA).
(3) For mall and freestanding stores with less than 10,000 square feet.
Dividends
Today the Company announced a quarterly common stock dividend of $0.84 per
share. This dividend will be paid on May 31, 2007 to stockholders of record on
May 17, 2007.
The Company also declared dividends on its three outstanding public issues
of preferred stock:
-- 7.89% Series G Cumulative Preferred (NYSE: SPGPrG) dividend of $0.98625
per share is payable on June 29, 2007 to stockholders of record on June
15, 2007.
-- 6% Series I Convertible Perpetual Preferred (NYSE: SPGPrI) dividend of
$0.75 per share is payable on May 31, 2007 to stockholders of record on
May 17, 2007.
-- 8 3/8% Series J Cumulative Redeemable Preferred (NYSE: SPGPrJ) dividend
of $1.046875 per share is payable on June 29, 2007 to stockholders of
record on June 15, 2007.
U.S. Development Activity
On March 9th, the Company opened The Domain, an open-air town center which
combines 700,000 square feet of luxury fashion, retail and restaurant space;
75,000 square feet of Class A office space; and 390 high-end apartments in
Austin, Texas.
The Domain is anchored by Macy's and the first Neiman Marcus in central
Texas. Of The Domain's 75 retailers, more than 30 high-end retailers and
restaurants make their Austin-area debuts at the property. Stores range from
innovative home decor retailers such as Z Gallerie to fashion retailers Lilly
Pulitzer and Juicy Couture. Other exclusive retailers include Tiffany,
Intermix and Louis Vuitton. New restaurants include Kona Grill, North, Daily
Grill, Jasper's, Joe DiMaggio's Italian Chophouse, Fleming's Prime Steakhouse
and California Pizza Kitchen.
On March 15th, the Company announced the start of construction on Houston
Premium Outlets. This 430,000 square-foot outlet center will bring upscale
outlet shopping to the Houston market. The 75 acre property is located in
northwest Houston off of U.S. Highway 290 between Mason Road and Fairfield
Drive in Cypress, Texas. The center will be a single-level, village-style
project with a Southwest architectural theme. Houston Premium Outlets will
house 120 outlet stores and will feature high-quality designer and name brands
serving the area's permanent population as well as visitors to the area.
The Company continues construction on:
-- The Village at SouthPark - a mixed-use project comprised of residential
and retail components located adjacent to Simon's highly successful
SouthPark in Charlotte, North Carolina. Crate & Barrel opened in
November of 2006, with the remaining retail and the residential
component of 150 luxury apartments scheduled to open this summer.
-- Palms Crossing - a community center in McAllen, Texas. The 385,000
square foot first phase of the center is scheduled to open in November
of 2007.
-- Philadelphia Premium Outlets - a 430,000 square foot upscale
manufacturers' outlet center located in Limerick,
Pennsylvania, 35 miles northwest of Philadelphia. The center is
scheduled to open in November of 2007.
-- Hamilton Town Center - a 950,000 square foot open-air retail center
located in Noblesville, Indiana. The center is scheduled to open in
May of 2008.
-- Pier Park - a 920,000 square foot community/lifestyle center located in
Panama City Beach, Florida. Target has already opened at the center
and a 16-screen theater is scheduled to open in May of 2007. The
remainder of the project is scheduled to open in March of 2008.
International Activity
On April 4th, GCI (the Italian joint venture in which the Company owns a
49% interest) acquired the remaining 60% interest in the venture's shopping
center in Giugliano (a suburb of Naples).
On April 17th, the Company's Simon Ivanhoe joint venture signed a
definitive agreement to sell five non-core assets in Poland. Proceeds are
expected to approximate 183 million euros, net of debt and transaction costs.
The transaction is expected to close within the next 60 days, after customary
regulatory approvals are obtained.
Development Projects:
-- Construction continues on four shopping center projects in Italy, fully
or partially owned by GCI. Three of the shopping centers are expected
to open in 2007 and are located in Cinisello (Milan), Nola (Naples) and
Porta di Roma (Rome). Our project in Argine (Naples) is scheduled to
open in 2008.
-- Yeoju Premium Outlets is a 253,000 square foot upscale outlet center
that will serve the greater Seoul, South Korea market. The Company owns
50% of this project, which is scheduled to open on June 1, 2007.
-- Construction continues on the Company's sixth Premium Outlet in Japan -
Kobe Sanda Premium Outlets - located in the Kobe/Osaka market, 22 miles
north of downtown Kobe. The Company owns 40% of this project, which is
scheduled to open in July of 2007.
-- Construction also continues on four projects in China located in
Changshu, Hangzhou, Suzhou and Zhengzhou. The centers range in size
from 300,000 to 720,000 square feet and will be anchored by Wal-Mart.
2008 openings are scheduled for Changshu, Hangzhou and Zhengzhou,
followed by an anticipated early 2009 opening for Suzhou. Simon owns
32.5% of these projects through its partnership with Morgan Stanley
Real Estate Fund and Shenzhen International Trust and Investment
Company CP.
Acquisition Activity
On March 1st, the Company acquired the remaining 40% ownership interest in
University Park Mall and University Center. University Park Mall is an 819,000
square foot regional mall located in Mishawaka, Indiana, anchored by Macy's,
JCPenney and Sears. The mall is 94% occupied and generates sales of
approximately $400 per square foot. University Center is a 150,000 square foot
community center located adjacent to the mall.
The Mills Corporation
On March 29th, the Company announced the successful completion of the
$25.25 per share cash tender offer for all outstanding shares of common stock
of The Mills Corporation (NYSE: MLS) ("The Mills") by SPG-FCM Ventures, LLC, a
joint venture between an entity owned by Simon and funds managed by Farallon
Capital Management, L.L.C. On April 3rd, the acquisition of The Mills by SPG-
FCM Ventures, LLC was completed by means of a merger of a subsidiary of SPG-
FCM Ventures and The Mills.
As of March 31st, the Company and its partner had each invested $475
million to acquire 75.38% of The Mills' common equity. The Company and its
partner will each invest an additional $175 million during the second quarter
to acquire the remaining equity of The Mills. The Company provided a $1.187
billion mezzanine loan to The Mills that bears interest at LIBOR plus 270
basis points, and also funded a $286 million loan to SPG-FCM Ventures, LLC.
The Mills portfolio of 40 assets consists primarily of two distinctive types
of assets -- regional malls and Mills properties. A Mills property typically
comprises over one million square feet of gross leasable area with a
combination of traditional mall, outlet center and big box retailers and
entertainment uses, all focused on delivering value for the consumer.
2007 Guidance
Today the Company increased its guidance for 2007. The Company expects
diluted FFO to be within a range of $5.75 to $5.85 per share for the year
ending December 31, 2007, and diluted net income available to common
stockholders to be within a range of $1.87 to $1.97 per share.
The following table provides the reconciliation of the range of estimated
diluted net income available to common stockholders per share to estimated
diluted FFO per share.
For the year ending December 31, 2007
Low High
End End
Estimated diluted net income available to common
stockholders per share $1.87 $1.97
Depreciation and amortization including our
share of joint ventures 3.99 3.99
Impact of additional dilutive securities (0.11) (0.11)
Estimated diluted FFO per share $5.75 $5.85
Conference Call
The Company will provide an online simulcast of its quarterly conference
call at http://www.simon.com (Investor Relations section),
http://www.earnings.com, and http://www.streetevents.com. To listen to the
live call, please go to any of these websites at least fifteen minutes prior
to the call to register, download and install any necessary audio software.
The call will begin at 11:00 a.m. Eastern Daylight Time today, April 27, 2007.
An online replay will be available for approximately 90 days at
http://www.simon.com, http://www.earnings.com and http://www.streetevents.com.
A fully searchable podcast of the conference call will also be available at
http://www.REITcafe.com shortly after completion of the call.
Supplemental Materials
The Company will publish a supplemental information package which will be
available at http://www.simon.com in the Investor Relations section, Financial
Information tab. It will also be furnished to the SEC as part of a current
report on Form 8-K. If you wish to receive a copy via mail or email, please
call 800-461-3439.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Although the Company believes the expectations reflected
in any forward-looking statements are based on reasonable assumptions, the
Company can give no assurance that our expectations will be attained, and it
is possible that actual results may differ materially from those indicated by
these forward-looking statements due to a variety of risks and uncertainties.
Those risks and uncertainties include, but are not limited to: the Company's
ability to meet debt service requirements, the availability of financing,
changes in the Company's credit rating, changes in market rates of interest
and foreign exchange rates for foreign currencies, the ability to hedge
interest rate risk, risks associated with the acquisition, development and
expansion of properties, general risks related to retail real estate, the
liquidity of real estate investments, environmental liabilities,
international, national, regional and local economic climates, changes in
market rental rates, trends in the retail industry, relationships with anchor
tenants, the inability to collect rent due to the bankruptcy or insolvency of
tenants or otherwise, risks relating to joint venture properties, costs of
common area maintenance, competitive market forces, risks related to
international activities, insurance costs and coverage, impact of terrorist
activities, inflation and maintenance of REIT status. The Company discusses
these and other risks and uncertainties under the heading "Risk Factors" in
its annual and quarterly periodic reports filed with the SEC that could cause
the Company's actual results to differ materially from the forward-looking
statements that the Company makes. The Company may update that discussion in
its periodic reports, but otherwise the Company undertakes no duty or
obligation to update or revise these forward-looking statements, whether as a
result of new information, future developments, or otherwise.
Funds from Operations ("FFO")
The Company considers FFO a key measure of its operating performance that
is not specifically defined by accounting principles generally accepted in the
United States ("GAAP"). The Company believes that FFO is helpful to investors
because it is a widely recognized measure of the performance of real estate
investment trusts ("REITs") and provides a relevant basis for comparison among
REITs. The Company determines FFO in accordance with the definition set forth
by the National Association of Real Estate Investment Trusts ("NAREIT").
About Simon Property Group
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(R) and community/lifestyle centers. The
Company's current total market capitalization is approximately $56 billion.
Through its subsidiary partnership, it currently owns or has an interest in
323 properties in the United States containing an aggregate of 244 million
square feet of gross leasable area in 41 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
http://www.simon.com. Simon Property Group, Inc. is publicly traded on the
NYSE under the symbol SPG.
SIMON
Consolidated Statements of Operations
Unaudited
(In thousands)
For the Three Months Ended
March 31,
2007 2006
REVENUE:
Minimum rent $510,865 $488,088
Overage rent 17,892 16,059
Tenant reimbursements 230,613 221,035
Management fees and other revenues 20,875 20,169
Other income 71,896 42,298
Total revenue 852,141 787,649
EXPENSES:
Property operating 109,227 105,947
Depreciation and amortization 215,271 209,447
Real estate taxes 79,182 81,805
Repairs and maintenance 29,007 25,955
Advertising and promotion 18,884 17,402
Provision for (recovery of) credit
losses 542 (6)
Home and regional office costs 33,699 30,336
General and administrative 3,899 4,493
Other 13,464 13,066
Total operating expenses 503,175 488,445
OPERATING INCOME 348,966 299,204
Interest expense (222,478) (204,072)
Minority interest in income of
consolidated entities (2,910) (925)
Income tax expense of taxable REIT
subsidiaries (1,285) (1,639)
Income from unconsolidated entities,
net 21,773 29,923
Gain on sale of interests in
unconsolidated entities, net - 34,350
Limited partners' interest in the
Operating Partnership (25,878) (27,588)
Preferred distributions of the
Operating Partnership (5,239) (6,826)
Income from continuing operations 112,949 122,427
Discontinued operations, net of
Limited Partners' interest (162) 191
Loss on sale of discontinued
operations, net of Limited
Partners' interest - (28)
NET INCOME 112,787 122,590
Preferred dividends (14,406) (18,573)
NET INCOME AVAILABLE TO COMMON
STOCKHOLDERS $98,381 $104,017
SIMON
Per Share Data
Unaudited
For the Three Months Ended
March 31,
2007 2006
Basic Earnings Per Common Share:
Income from continuing operations $0.44 $0.47
Discontinued operations - results
of operations and gain on sale, net - -
Net income available to common
stockholders $0.44 $0.47
Percentage Change -6.4%
Diluted Earnings Per Common Share:
Income from continuing operations $0.44 $0.47
Discontinued operations - results
of operations and gain on sale, net - -
Net income available to common
stockholders $0.44 $0.47
Percentage Change -6.4%
SIMON
Consolidated Balance Sheets
Unaudited
(In thousands, except as noted)
March 31, December 31,
2007 2006
ASSETS:
Investment properties, at cost $23,400,940 $22,863,963
Less - accumulated depreciation 4,800,439 4,606,130
18,600,501 18,257,833
Cash and cash equivalents 339,953 929,360
Tenant receivables and accrued
revenue, net 339,341 380,128
Investment in unconsolidated
entities, at equity 1,874,255 1,526,235
Deferred costs and other assets 1,116,000 990,899
Notes receivable from related
parties 1,473,540 -
Total assets $23,743,590 $22,084,455
LIABILITIES:
Mortgages and other indebtedness $17,152,418 $15,394,489
Accounts payable, accrued expenses,
intangibles, and deferred revenue 1,082,809 1,109,190
Cash distributions and losses in
partnerships and joint ventures, at
equity 250,737 227,588
Other liabilities, minority interest
and accrued dividends 185,072 178,250
Total liabilities 18,671,036 16,909,517
COMMITMENTS AND CONTINGENCIES
LIMITED PARTNERS' INTEREST IN THE
OPERATING PARTNERSHIP 808,663 837,836
LIMITED PARTNERS' PREFERRED INTEREST
IN THE OPERATING PARTNERSHIP 312,574 357,460
STOCKHOLDERS' EQUITY
CAPITAL STOCK OF SIMON PROPERTY
GROUP, INC. (750,000,000 total
shares authorized, $.0001 par value,
237,996,000 shares of excess
common stock):
All series of preferred stock,
100,000,000 shares authorized,
17,842,594 and 17,578,701 issued
and outstanding, respectively,
and with liquidation values of
$892,130 and $878,935, respectively 898,119 884,620
Common stock, $.0001 par value,
400,000,000 shares authorized,
227,507,320 and 225,797,566 issued
and outstanding, respectively 23 23
Class B common stock, $.0001 par
value, 12,000,000 shares
authorized, 8,000 issued and
outstanding - -
Class C common stock, $.0001 par
value, 4,000 shares authorized,
issued and outstanding - -
Capital in excess of par value 5,029,030 5,010,256
Accumulated deficit (1,829,520) (1,740,897)
Accumulated other comprehensive
income 18,790 19,239
Common stock held in treasury at
cost, 4,132,224 and 4,378,495
shares, respectively (165,125) (193,599)
Total stockholders' equity 3,951,317 3,979,642
Total liabilities and stockholders'
equity $23,743,590 $22,084,455
SIMON
Joint Venture Statements of Operations
Unaudited
(In thousands)
For the Three Months Ended
March 31,
STATEMENTS OF OPERATIONS 2007 2006
Revenue:
Minimum rent $277,972 $257,703
Overage rent 17,341 14,159
Tenant reimbursements 135,283 125,558
Other income 41,745 32,098
Total revenue 472,341 429,518
Operating Expenses:
Property operating 89,151 85,767
Depreciation and amortization 84,083 73,136
Real estate taxes 35,111 33,342
Repairs and maintenance 23,214 20,680
Advertising and promotion 8,102 6,929
Provision for credit losses 165 431
Other 25,763 23,755
Total operating expenses 265,589 244,040
Operating Income 206,752 185,478
Interest expense (111,239) (103,776)
Loss from unconsolidated entities (84) -
(Loss) gain on sale of assets (4,759) 94
Income from Continuing Operations 90,670 81,796
Income from consolidated joint
venture interests (A) - 110 (C)
Income from discontinued joint
venture interests (A) 17 (B) 327 (B)
Loss on disposal or sale of
discontinued operations, net - (447)
Net Income $90,687 $81,786
Third-Party Investors' Share of Net
Income $54,645 $49,576
Our Share of Net Income 36,042 32,210
Amortization of Excess Investment (14,269) (12,518)
Income from Beneficial Interests - 10,231
Income from Unconsolidated Entities,
Net $21,773 $29,923
SIMON
Joint Venture Balance Sheets
Unaudited
(In thousands)
March 31, December 31,
BALANCE SHEETS 2007 2006
Assets:
Investment properties, at cost $10,645,934 $10,669,967
Less - accumulated depreciation 2,190,574 2,206,399
8,455,360 8,463,568
Cash and cash equivalents 372,964 354,620
Tenant receivables 229,421 258,185
Investment in unconsolidated
entities 170,301 176,400
Deferred costs and other assets 321,864 307,468
Total assets $9,549,910 $9,560,241
Liabilities and Partners' Equity:
Mortgages and other indebtedness $8,099,076 $8,055,855
Accounts payable, accrued expenses,
and deferred revenue 487,180 513,472
Other liabilities 256,501 255,633
Total liabilities 8,842,757 8,824,960
Preferred units 67,450 67,450
Partners' equity 639,703 667,831
Total liabilities and partners'
equity $9,549,910 $9,560,241
Our Share of:
Total assets $4,572,229 $4,113,051
Partners' equity $402,005 $380,150
Add: Investment in SPG-FCM
Ventures, LLC 421,218 -
Add: Excess Investment (D) 800,295 918,497
Our net Investment in Joint Ventures $1,623,518 $1,298,647
Mortgages and other indebtedness $3,449,906 $3,472,228
SIMON
Footnotes to Financial Statements
Unaudited
Notes:
(A) Consolidation occurs when the Company acquires an additional
ownership interest in a joint venture and, as a result, gains control
of the joint venture. These interests have been separated from
operational interests to present comparative results of operations
for those joint ventures held as of March 31, 2007.
Discontinued joint venture interests represent assets and partnership
interests that have been sold.
(B) Relates to the sale of Great Northeast Plaza, a community center, on
April 25, 2006.
(C) As a result of the consolidation of Mall of Georgia during the fourth
quarter of 2006, we reclassified our share of the pre-consolidation
earnings from this property.
(D) Excess investment represents the unamortized difference of the
Company's investment over equity in the underlying net assets of the
partnerships and joint ventures. The Company generally amortizes
excess investment over the life of the related properties, typically
no greater than 40 years, and the amortization is included in income
from unconsolidated entities.
SIMON
Reconciliation of Net Income to FFO (1)
Unaudited
(In thousands, except as noted)
For the Three Months Ended
March 31,
2007 2006
Net Income(2)(3)(4)(5) $112,787 $122,590
Adjustments to Net Income to Arrive
at FFO:
Limited partners' interest in the
Operating Partnership and
preferred distributions of the
Operating Partnership 31,117 34,380
Limited partners' interest in
discontinued operations (41) 34
Depreciation and amortization
from consolidated properties,
and discontinued operations 212,488 213,542
Simon's share of depreciation and
amortization from unconsolidated
entities 55,331 50,132
(Gain) loss on sales of assets
and interests in unconsolidated
entities and discontinued
operations, net of limited
partners' interest 2,380 (34,322)
Minority interest portion of
depreciation and amortization (2,017) (2,100)
Preferred distributions and
dividends (19,645) (25,399)
FFO of the Simon Portfolio $392,400 $358,857
Per Share Reconciliation:
Diluted net income available to
common stockholders per share $0.44 $0.47
Adjustments to net income to arrive
at FFO:
Depreciation and amortization
from consolidated properties
and Simon's share of depreciation
and amortization from
unconsolidated entities, net of
minority interest portion of
depreciation and amortization 0.95 0.94
(Gain) loss on sales of assets
and interests in unconsolidated
entities and discontinued
operations, net of limited
partners' interest 0.01 (0.12)
Impact of additional dilutive
securities for FFO per share (0.03) (0.03)
Diluted FFO per share $1.37 $1.26
Details for per share calculations:
FFO of the Simon Portfolio $392,400 $358,857
Adjustments for dilution calculation:
Impact of preferred stock and
preferred unit conversions and
option exercises (6) 12,816 14,194
Diluted FFO of the Simon Portfolio 405,216 373,051
Diluted FFO allocable to unitholders (80,076) (73,925)
Diluted FFO allocable to common
stockholders $325,140 $299,126
Basic weighted average shares
outstanding 222,443 220,580
Adjustments for dilution calculation:
Effect of stock options 857 973
Impact of Series C preferred unit
conversion 191 1,061
Impact of Series I preferred unit
conversion 2,701 3,268
Impact of Series I preferred stock
conversion 11,002 10,835
Diluted weighted average shares
outstanding 237,194 236,717
Weighted average limited partnership
units outstanding 58,415 58,503
Diluted weighted average shares and
units outstanding 295,609 295,220
Basic FFO per share $1.40 $1.29
Percent Increase 8.5%
Diluted FFO per share $1.37 $1.26
Percent Increase 8.7%
SIMON
Footnotes to Reconciliation of Net Income to FFO
Unaudited
Notes:
(1) The Company considers FFO a key measure of its operating performance
that is not specifically defined by GAAP and believes that FFO is
helpful to investors because it is a widely recognized measure of the
performance of REITs and provides a relevant basis for comparison
among REITs. The Company also uses this measure internally to measure
the operating performance of the portfolio. The Company's
computation of FFO may not be comparable to FFO reported by other
REITs.
As defined by NAREIT, FFO is consolidated net income computed in
accordance with GAAP, excluding real estate related depreciation and
amortization, excluding gains and losses from extraordinary items,
excluding gains and losses from the sales of real estate, plus the
allocable portion of FFO of unconsolidated joint ventures based upon
economic ownership interest, and all determined on a consistent basis
in accordance with GAAP. The Company has adopted NAREIT's
clarification of the definition of FFO that requires it to include
the effects of nonrecurring items not classified as extraordinary,
cumulative effect of accounting change or resulting from the sale of
depreciable real estate. However, you should understand that FFO does
not represent cash flow from operations as defined by GAAP, should
not be considered as an alternative to net income determined in
accordance with GAAP as a measure of operating performance, and is
not an alternative to cash flows as a measure of liquidity.
(2) Includes the Company's share of gains on land sales of $7.6 million
and $6.6 million for the three months ended March 31, 2007 and 2006,
respectively.
(3) Includes the Company's share of straight-line adjustments to minimum
rent of $5.1 million and $3.8 million for the three months ended
March 31, 2007 and 2006, respectively.
(4) Includes the Company's share of the fair market value of leases from
acquisitions of $13.9 million and $17.4 million for the three months
ended March 31, 2007 and 2006, respectively.
(5) Includes the Company's share of debt premium amortization of $7.0
million and $6.7 million for the three months ended March 31, 2007
and 2006, respectively.
(6) Includes dividends and distributions of Series I preferred stock and
Series C and Series I preferred units.
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./
/Web site: http://www.simon.com/
