Simon Property Group

225 West Washington Street, Indianapolis, Indiana, 46204-3438, United States

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About Simon Property Group

Summary

Simon Property Group, Inc. is a leading American real estate investment trust (REIT) that primarily invests in shopping malls, outlet centres, and community/lifestyle centres. Headquartered in Indianapolis, Indiana, it is the largest owner of shopping malls in the United States, with interests in 232 properties as of December 31, 2024.

The company traces its roots to 1960 when brothers Melvin and Herbert Simon started developing strip malls in Indianapolis. It went public in 1993, setting a record as the largest REIT initial public offering (IPO) at the time.

In the following decades, Simon Property Group expanded significantly through various acquisitions, including the merger with DeBartolo Realty Corporation in 1996, the hostile takeover of The Retail Property Trust in 1997, and the acquisition of Corporate Property Investors in 1998.

The company further diversified by acquiring outlet malls and establishing a presence in international markets, including Europe and Canada. Notably, in 2004, Simon entered the outlet mall business by purchasing Chelsea Property Group for $3.5 billion. It also acquired major shopping centres such as Southdale Center and Copley Place, along with several premium outlets..

Simon Property Group’s portfolio spans luxury, premium, and full-price retail destinations and includes partnerships with major brands. The company also invests in entertainment and experiential brands to add value to its business. With a footprint of approximately 400 retail centres across 24 countries, Simon Property Group remains an industry leader in retail real estate and innovation.

History

Simon Property Group, Inc. was founded in 1960 by brothers Melvin and Herbert Simon, who began developing strip malls in Indianapolis, Indiana. The company’s early years focused on the construction and management of shopping centres in the Midwest. In December 1993, Simon Property Group went public with the largest initial public offering (IPO) of a real estate investment trust (REIT) at the time. This marked the company’s entry into the public market, setting the stage for its future growth and expansion.

In 1996, Simon Property merged with DeBartolo Realty Corporation, the real estate division of Edward J. DeBartolo Sr., forming Simon DeBartolo Group. This merger significantly expanded the company’s portfolio. The following year, in 1997, Simon Property Group acquired The Retail Property Trust for $1.2 billion in a hostile takeover. Also in 1997, Simon, in partnership with Macerich, purchased 12 malls from IBM’s pension plan for $974.5 million. That same year, Simon acquired Corporate Property Investors and rebranded the company as Simon Property Group. Additionally, Simon acquired an interest in Groupe BEG, a European shopping centre operator.

In 1999, Simon Property Group continued its expansion with the acquisition of 14 shopping centres from New England Development for $725 million. The company’s aggressive growth strategy continued into the 21st century.

In 2002, Simon, in partnership with Westfield Group and the Rouse Company, acquired 13 properties from Rodamco North America, including major locations like Copley Place, Houston Galleria, and SouthPark Mall. The following year, Simon acquired a majority interest in The Kravco Company, owner of the King of Prussia mall, for $300 million.

In 2004, Simon entered the outlet mall business with the purchase of Chelsea Property Group for $3.5 billion. This acquisition marked a new chapter in Simon’s growth, diversifying its portfolio into outlet centres.

The company continued to expand throughout the 2000s, acquiring several more properties. In 2007, Simon and Farallon Capital purchased the Mills Corporation. Two years later, Simon made an unsuccessful bid for General Growth Properties, which was in bankruptcy protection at the time. Despite this setback, Simon continued to make strategic acquisitions, including Prime Retail’s Prime Outlets-Puerto Rico in 2010, and 21 additional outlet malls in the same year for $2.3 billion.

In 2013, Simon expanded its international presence with the opening of Toronto Premium Outlets in Ontario, Canada, followed by Premium Outlets Montreal in 2014. The company also completed a corporate spin-off of Washington Prime Group in 2014, which later acquired Glimcher Realty Trust and was renamed WP Glimcher.

Throughout the next decade, Simon Property Group continued to make notable acquisitions, including a partnership with Authentic Brands Group to acquire several fashion brands such as Aéropostale in 2016, Forever 21 in 2020, and Brooks Brothers and Lucky Brand Jeans in the same year.

In 2020, Simon acquired Taubman Centers for $3.4 billion, further expanding its retail portfolio. The company also acquired J.C. Penney in partnership with Brookfield Asset Management. However, Simon’s 2022 attempt to acquire Kohl’s was rejected.

Portfolio

Simon Property Group, Inc. is uniquely positioned as an owner, operator, and developer across multiple retail formats. Its portfolio spans the entire retail spectrum, including Regional Malls, Premium Outlets®, The Mills®, and International Properties. The company’s assets represent nearly all retail distribution channels, from value-oriented centres to luxury malls. As of December 31, 2024, Simon Property Group owns or has an interest in 235 retail properties, encompassing 191 million square feet in North America, Europe, and Asia.

The company’s diverse portfolio includes assets across various retail categories. Its Regional Malls consist of high-traffic centres that serve as key retail destinations in major metropolitan areas. Notable examples include King of Prussia, South Coast Plaza, and The Galleria. In the Premium Outlets® segment, Simon operates several leading outlet centres, such as Woodbury Common Premium Outlets, Las Vegas North Premium Outlets, and San Francisco Premium Outlets. The Mills® properties focus on large-format outlet and entertainment centres, including Sawgrass Mills and Gurnee Mills. Additionally, Simon Property Group manages International Properties, expanding its reach globally, with investments and partnerships across key international markets.

Simon is a global leader in the retail real estate industry, with an S&P 100 company status and a market capitalisation of $94 billion, alongside an equity market capitalisation of $63 billion. The company also owns a 21.2% interest in Klépierre, a public real estate company that operates shopping centres in 16 European countries. Simon’s U.S. portfolio generates more than $63 billion in annual retail sales, demonstrating its significant impact on the global retail landscape.

In terms of corporate recognition, Simon Property Group has been named the most admired real estate company by Fortune in 2017 for the eighth time. It has also earned accolades such as being recognised as one of the best-performing global CEOs by Harvard Business Review in multiple years, and as the top CEO in the real estate industry by Institutional Investor from 2009 to 2018.

Simon Property Group is committed to sustainability and has received numerous recognitions for its environmental efforts. It has earned the Global Real Estate Sustainability Benchmark (GRESB) “GREEN STAR” rating from 2014 to 2018 and achieved CDP’s “Leadership” recognition for top sustainability performance in 2016-2017. The company has also been named to the Climate “A” List and the Climate Performance Leadership Index, and is recognised as “Storm Ready” by the National Weather Service.

Simon’s development activity further underscores its commitment to growth and innovation. Between 2011 and 2017, the company invested over $6 billion in upgrading its property portfolio through new developments, redevelopments, and expansions, along with property enhancements.

Leadership

David Simon | Chairman of the Board, Chief Executive Officer and President
Brian J. McDade | Executive Vice President and Chief Financial Officer
Richard S. Sokolov | Director and Vice Chairman
Mark J. Silvestri | President – Simon Development
John Rulli | Chief Administrative Officer
Adam Reuille | Senior Vice President and Chief Accounting Officer
Eli Simon | Director, Executive Vice President and Chief Operating Officer
Steven E. Fivel | General Counsel and Secretary
Donald G. Frey | Executive Vice President and Treasurer
Kevin M. Kelly | Assistant General Counsel and Assistant Secretary

References

Simon Property Group | Simon Property Group, Inc
Simon Property Group | Wikipedia
Simon Property Group | LinkedIn
Simon Property Group, Inc. (SPG) Stock Price, News | Yahoo Finance
Simon Property Group LP – Company Profile and News | Bloomberg
List of Simon Property Group properties | Wikipedia
Simon Property Group, Inc. | Nareit
Simon Property Group Inc. | AnnualReports.com
Simon Property Group Inc Company Profile | GlobalData
Simon Property Group | Crunchbase
Simon Property Group | Forbes
Simon Property Group | TechPoint
Simon Property Group 2025 Company Profile | PitchBook
SPG – Simon Property Group Inc | Reuters

225 West Washington Street, Indianapolis, Indiana, 46204-3438, United States

Website https://investors.simon.com/

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