Simon Property Group Inc. announced its plans to enhance and expand Woodbury Common Premium Outlets(R), the world's top outlet center. With average sales in excess of $1,550/foot and annual sales exceeding $1.3 billion, Woodbury Common Premium Outlets is one of the most productive shopping destinations in the world. The enhancement and expansion of this landmark center will upgrade every aspect of the shopping experience. Improvements will positively impact how shoppers arrive, park, shop, dine and experience the center. This will be achieved through a variety of initiatives including architectural improvements to existing buildings and the development of new retail spaces and facilities, landscape improvements, and the integration of new customer amenities. An investment of approximately $170 million will bring the property to a new level. The 850,000 square foot center, located one hour north of New York City in Central Valley, New York, currently has 220 stores and an unparalleled collection of designer and name brand outlet stores including Armani, Balenciaga, Brunello Cucinelli, Burberry, Chloe, Coach, Diane Von Furstenberg, Fendi, Gucci, Jimmy Choo, John Varvatos, La Perla, Last Call by Neiman Marcus, Loro Piana, Michael Kors, Oscar de la Renta, Polo Ralph Lauren, Prada, Saint Laurent, Saks Fifth Avenue OFF 5TH, Salvatore Ferragamo, Tom Ford, Valentino and Versace.

Rita Koefod was hired as director of marketing and business development at Simon Property Group's Northgate Mall in Seattle. Koefod previously served as director of development for Safe Crossings Foundation, a Seattle nonprofit. Before that, she was director of marketing for Merchandise Mart Properties in Chicago, a division of Vornado Realty Trust.

Simon Property Group Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. Funds from operations was $741.9 million, or $2.05 per diluted share, as compared to $648.7 million, or $1.82 per diluted share, in the prior year period. The FFO increase on a per share basis was 12.6%. Net income attributable to common stockholders was $283.1 million, or $0.91 per diluted share, as compared to $645.4 million, or $2.18 per diluted share, in the prior year period. Results for the first quarter of 2012 include primarily non-cash net gains from acquisitions and dispositions of $1.39 per share. For the quarter, total revenue was $1,215,058,000 and operating income was $557,689,000 against total revenue of $1,118,969,000 and operating income of $516,721,000 a year ago. The company updated and raised its guidance for 2013, estimating that FFO will be within a range of $8.50 to $8.60 per diluted share for the year ending December 31, 2013, and diluted net income will be within a range of $3.70 to $3.80 per share. This represents an increase of $0.10 per share for both the low and high end of the ranges previously provided. Strong operating performance is the driver of this increase. Depreciation and amortization including the Company's share of unconsolidated entities would be $4.86.