Simon Adds Leasing, Management, and Marketing Duties at Two Centers

- Nation's Largest U.S. Retail REIT Brings its Expertise to Galleria Dallas
and Novi Town Center -

INDIANAPOLIS, June 24 /PRNewswire-FirstCall/ -- Simon Property Group, Inc.
(NYSE: SPG), the country's largest owner, developer and manager of high
quality retail real estate, announced today that it will assume leasing,
management, and marketing duties of two high-quality shopping centers,
Galleria Dallas and Novi Town Center in Novi, Michigan. Simon will commence
these roles at the two properties on August 1.

"We are pleased to take on the property management functions of these
high-quality assets at the request of the institutional owner," said Rick
Sokolov, Simon's President and Chief Operating Officer.

Galleria Dallas has been a Metroplex landmark since its debut in 1982. Two
hundred stores and over 1,300,000 square feet of total gross leasable area
entice residents and visitors alike. Galleria Dallas is anchored by Saks Fifth
Avenue, Nordstrom, and Macy's and includes such names as Louis Vuitton, Gucci,
Baccarat, and Tiffany & Co. Located at the intersection of I-635 LBJ and the
Dallas North Tollway, this four-level property also includes an office tower,
a hotel, and its world-famous ice skating rink.

Novi Town Center is an outdoor venue with 44 stores. Located in the Detroit
metropolitan area, Novi Town Center is anchored by Borders, Old Navy, and TJ
Maxx.

About Simon Property Group

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(R), The Mills(R), community/lifestyle centers and international
properties. It currently owns or has an interest in 384 properties comprising
261 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.

SOURCE Simon Property Group, Inc.

Les Morris of Simon Property Group, +1-317-263-7711, lmorris@simon.com