Simon Property Group Sells $600 Million of Senior Notes

INDIANAPOLIS, May 11 /PRNewswire-FirstCall/ -- Simon Property Group, Inc.
(NYSE: SPG) announced today that its majority-owned partnership subsidiary,
Simon Property Group, L.P., has agreed to sell $600 million of its 6.75%
senior unsecured notes due 2014 in an underwritten public offering through
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs &
Co., and UBS Securities LLC, as joint book-running managers. The notes were
priced at 98.960% of the principal amount to yield 7.00% to maturity. The
offering is expected to close on May 15, 2009.

Simon will use the net proceeds from this offering for general business
purposes.

Copies of the prospectus and prospectus supplement may be obtained from
Citigroup Global Markets Inc., toll-free at 1-877-858-5407; Deutsche Bank
Securities Inc., toll-free at 1-800-503-4611; Goldman, Sachs & Co., 85 Broad
Street, New York, NY 10004, Attention: Prospectus Department, toll-free at
1-866-471-2526; or UBS Securities LLC, toll-free at 1-877-827-6444, ext.
561-3889.

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities in any jurisdiction to any person to whom it is
unlawful to make such offer or solicitation in such jurisdiction.

About Simon
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S.
real estate company. The Company is a fully integrated real estate company
which operates from five retail real estate platforms: regional malls,
Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and
international properties. It currently owns or has an interest in 386
properties comprising 262 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.

SOURCE Simon Property Group, Inc.

Investors, Shelly Doran +1-317-685-7330, Media, Les Morris, +1-317-263-7711