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Press Release

Simon Property Group Announces Plans to Renovate Cordova Mall

- Focus to be on Family-Friendly Features -

(PENSACOLA, FL - October 9, 2007) - Simon Property Group, Inc. (NYSE:SPG), the country's largest owner, developer and manager of high quality retail real estate announced today an exciting enhancement of Cordova Mall.

Common area features/amenities to be addressed as part of the interior and exterior renovation include seating, restrooms, redesigned mall entrances, graphic signage, landscaping, lighting, flooring and a covered customer drop-off entrance.

Certain mall amenities noted above will receive major upgrades. Examples of features/amenities to be given special treatment include introduction of expansive seating areas featuring soft seating, furniture and planters and the addition of new restrooms that will include family lounges.

    Specific projects include:
  • Creation of a new food court area.
  • Redesign of the mall's center court area.
  • Construction of new restrooms. These "Grand" restrooms will be larger, incorporating many family-friendly amenities including a family restroom, a nursing room, an infant changing room and a lounge area.
  • Redesign of the north mall entrance to include a covered customer drop-off area.
  • Carpeted soft seating areas added throughout the mall for customer comfort and convenience.
  • New flooring installed throughout the mall to include carpet and tile.
  • An updated Guest Services kiosk and retail carts and fixtures.
  • Addition of attractive way-finding signs, both interior and exterior.
  • Modification of ceiling architecture creating a more open appearance.

One of the highlights of the renovation will be a relocated and redeveloped food court. The significant features of the new food court include a circular ceiling design with circular skylight, modern wall and floor finishes, state-of-the-art lighting and acoustics, new graphics and landscaping. The food court's seating area will be much more spacious with a capacity of 350 seats. Eight tenant spaces will be available in the redesigned food court.

"Through this renovation we intend to examine a myriad of ways through which Cordova Mall can even better serve the needs of our customers, whether they are here to shop, to be entertained, or just to enjoy a welcoming and comfortable environment," said Julie Harrell, area mall manager.

"While we intend to focus on improvements that will appeal to all segments of our shopper base, we will place special emphasis on family-friendly amenities, especially since families account for much of the region's population base and growth and Cordova Mall is such a popular destination for families to spend time together," Harrell added.

Improvements are expected to begin in a few weeks and that work performed will be done in such a way as to minimize interference or customer inconvenience during the mall's operating hours. Construction is scheduled to be finished by mid-2008.

The 850,000-square-foot regional mall, anchored by Belk, Dillard's, Best Buy, Bed Bath & Beyond and World Market originally opened in August, 1971. The mall expanded in 1986 and 1987 with the addition of Parisian and DH Holmes. The lifestyle component began in 2004 with Panera Bread and JoS. A. Bank. It continued in 2005 with Romano's Macaroni Grill and Moe's Southwest Grill. It will be completed in 2007 with the addition of Coldwater Creek, Ann Taylor Loft and Chico's to the front of the mall.

Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 379 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.

For Further Information, Contact:

Candy Carlisle, Cordova Mall:
(850) 477-7562
ccarlisl@simon.com

Ashley Cameron / Jennifer Walker
(404) 233-3993
acameron@kcpr.net / jwalker@kcpr.net

Les Morris, Simon Property Group:
(317) 263-7148
lmorris@simon.com