Simon Property Group 6% preferreds may be converted in second quarter

By Jennifer Chiou

New York, March 30 - Simon Property Group, Inc. announced that holders of its series I 6% convertible perpetual preferred stock may convert their shares during the quarter beginning on April 2 and ending on June 29.

The convertibility is a result of the closing price of the company's common stock exceeding $79.16, 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, March 30.

At the current conversion price, each share of preferred stock is convertible into 0.78957 of a share of common stock.

Mellon Investor Service, LLC (800 957-3110) is the conversion agent.

Simon Property Group is an Indianapolis real estate investment trust focused on regional malls, outlet centers and community or lifestyle centers.

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