Simon Prices $473 MM Stock Offering

Simon Property Group Inc., Indianapolis, has priced a public offering of 15,000,000 shares of common stock at $31.50 per share. Deutsche Bank Securities Inc., Goldman, Sachs & Co. and UBS Investment Bank acted as joint book-running managers of the offering. The company has granted the underwriters a 30-day option to purchase 2,250,000 additional shares of common stock to cover over-allotments, if any. Concurrently, the Simon REIT also is offering approximately $500 million principal amount of senior notes due 2019. The completion of either offering is not conditioned on the success of the other. Goldman, Sachs & Co., J.P. Morgan and Banc of America Securities LLC are serving as joint book-running managers of the senior note offering. Simon will contribute the net proceeds of the offering to its majority-owned operating partnership subsidiary, Simon Property Group L.P., which will use the amount contributed to partially repay the outstanding balance of its $3.5 billion unsecured credit facility and for general corporate purposes.