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Press Release Source: Simon Property Group, Inc.


Holders of Simon Property Group Series I Preferred Stock May Elect to Convert During 2006 Fourth Fiscal Quarter
Friday September 29, 7:30 am ET


INDIANAPOLIS, Sept. 29 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (the "Company") (NYSE: SPG - News) today announced that holders of the Company's Series I 6% Convertible Perpetual Preferred Stock (NYSE: SPGPrI - News; "Preferred Stock") may elect to convert their shares during the quarter beginning on October 2, 2006 and ending on December 29, 2006 because the closing sale price of the Company's Common Stock exceeded $79.37, or 125% of the applicable conversion price, for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the prior quarter, September 29, 2006. At the current conversion price, each share of Preferred Stock is convertible into 0.78745 of a share of Simon Property Group Common Stock.
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For further information, holders of the Preferred Stock should contact Mellon Investor Services, LLC, the conversion agent (toll free) at 1-800-957-3110, or their respective banks or brokers. Copies of documents necessary to effect tender of Series I Preferred for conversion may be obtained without charge from the conversion agent.

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 and community/lifestyle centers. The Company's current total market capitalization is approximately $44 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.




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Source: Simon Property Group, Inc.