Press Release

INDIANAPOLIS, Jan. 3, 2013 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. ("Simon") (NYSE: SPG) and Institutional Mall Investors ("IMI"), the co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. and The California Public Employees' Retirement System ("CalPERS"), today announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, California, and Woodfield Mall in the Chicago suburb of Schaumburg, Illinois. Simon and IMI will each own 50% of Woodfield. Simon will own 51% of Mission Viejo and IMI will own the remaining 49%. Simon is providing management and leasing services to the joint venture.

Prior to formation of the joint venture, Simon owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall.  The Shops at Mission Viejo is a 1.2 million square foot center anchored by Nordstrom and Macy's.  Woodfield Mall is a 2.2 million square foot center anchored by Nordstrom, Macy's, Lord & Taylor, JCPenney and Sears.

The Shops at Mission Viejo is currently unencumbered, however, the joint venture expects to place a mortgage on the property in the next two weeks.  Woodfield Mall is encumbered by a $425 million mortgage loan which matures in March of 2024 and bears interest at 4.5%. 

"As a result of this transaction, we have added the iconic Woodfield Mall to our portfolio," said David Simon, Chairman and CEO of Simon Property Group.  "This premier mall is located in one of the country's largest markets and we welcome the opportunity to enhance its productivity and value through our leasing and management efforts."  

Andrew Miller, President and CEO of Miller Capital Advisory said, "We are pleased to expand our strategic relationship with Simon – other malls owned jointly include The Galleria® in Houston, Texas; The Fashion Centre at Pentagon City in Arlington, Virginia; and The Westchester in White Plains, New York. The transaction also increases our presence in the important California market with the addition of The Shops at Mission Viejo to our collection of high quality retail properties."

Simon Property Group

Simon Property Group, Inc. (NYSE: SPG) is an S&P 100 company and the largest real estate company in the world.  The Company currently owns or has an interest in 329 retail real estate properties in North America and Asia comprising 243 million square feet. We are headquartered in Indianapolis, Indiana and employ approximately 5,500 people in the U.S.  For more information, visit the Simon Property Group website at www.simon.com.

Institutional Mall Investors

Institutional Mall Investors ("IMI") is a co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. ("MCA") and CalPERS, the nation's largest public pension fund. MCA serves as investment manager for IMI.

IMI is a core-oriented investment platform focused on high quality, market dominant, fashion-oriented retail properties. The IMI portfolio features some of the most dominant regional and super regional shopping centers in the United States. As of December 2012, the portfolio included approximately 19.0 million square feet of retail GLA and one million square feet of prime office space. IMI also seeks to invest in productive lifestyle, mixed use and development opportunities as circumstances warrant.

CalPERS

CalPERS is the nation's largest public pension fund with approximately $245 billion in assets, providing retirement benefits to more than 1.6 million State, public school, and local public agency employees, retirees, and their families, and health benefits to more than 1.3 million members. The average CalPERS pension is $2,420 per month. The average benefit for those who retired in the fiscal year that ended June 30, 2012, is $3,025 per month. For more information about CalPERS, visit www.calpers.ca.gov.

SOURCE Simon Property Group, Inc.

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