Simon Property Group

Simon Property Group, Inc. is the largest retail real estate investment trust (REIT) in the United States and one of the world's premier owners, operators, and developers of high-quality shopping, dining, entertainment, and mixed-use destinations. Headquartered in Indianapolis, Indiana, Simon owns or holds interests in 232 properties as of December 31, 2024, including 92 malls, 70 Premium Outlets, 14 Mills, six lifestyle centers, and 12 other retail properties across 37 states and Puerto Rico, plus 35 international Premium Outlets and Designer Outlet properties primarily in Asia, Europe, and Canada—totaling approximately 200 million square feet of retail space.

The company's roots trace back to 1960 when Melvin Simon, a leasing agent, asked his brothers Herbert and Fred to join him in Indianapolis to develop strip malls. What started with small open-air plazas grew into one of America's most influential real estate companies when Melvin Simon & Associates took the majority of its assets public in 1993 as Simon Property Group in what was then the largest REIT initial public offering in U.S. history at $840 million. The company executed transformational growth through strategic acquisitions including DeBartolo Realty Corporation (1996), Chelsea Property Group for $3.5 billion (2004), Mills Corporation (2007), and Taubman Centers for $3.4 billion (2020).

Under the leadership of David Simon—son of founder Melvin Simon—who has served as CEO since 1995 and Chairman since 2007, Simon Property Group has achieved remarkable financial performance with 2024 total funds from operations (FFO) reaching a record $4.9 billion ($12.99 per share) and occupancy rates hitting 96.5%, the highest level in eight years. For full year 2024, the company reported trailing twelve-month revenue of $6.16 billion, domestic NOI growth of 4.7%, and signed a record 5,500 leases for more than 21 million square feet. The company is leading a mall resurgence, with CEO David Simon noting they're 'seeing return on investment' from advertising campaigns targeting younger consumers who want to 'shop, eat, stay and play' at the mall. Simon Property Group maintains its position as the undisputed leader in retail real estate through strategic property locations, tenant relationships, mixed-use development, and proven ability to adapt to the evolving retail landscape.