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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 23-Oct-2002

Chelsea Property Group Sets Release Date
ROSELAND, N.J., Oct 23, 2002 (BUSINESS WIRE) -- Chelsea Property Group, Inc. (NYSE: CPG) announced today that it expects to issue its 2002 third quarter operating results on Tuesday, November 12, 2002, after the close of the market.
The Company's third quarter conference call with investors and analysts will be held on Wednesday, November 13, at 2:00 p.m. eastern time. The call may be accessed by dialing 800-633-8410 (U.S.callers) or 212-748-2727 (international callers) and referencing reservation No. 20996232. A replay of the call will be available through November 17, 2002 by dialing 800-633-8284 (U.S. callers) or 402-977-9140 (international callers) with the same reservation number.
Chelsea Property Group, Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that owns Premium Outlet(TM) and other shopping centers in 28 states and Japan. The Company's leading properties include Woodbury Common Premium Outlets, near New York City; Orlando Premium Outlets in Orlando, Florida; Wrentham Village Premium Outlets, near Boston; and Gotemba Premium Outlets, near Tokyo, Japan. See www.cpgi.com for more information.
CONTACT:
Chelsea Property Group, Inc.
Michael J. Clarke, 973/228-6111
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