Simon Property Group, Inc.

Who owns Simon Property Group?
Simon Property Group is a publicly traded REIT listed on NYSE under ticker SPG. Institutional investors including Vanguard Group, BlackRock, and State Street hold the majority of the economic interest. The Simon family maintains influence through Class B shares that elect a portion of the board of directors. Following the passing of CEO David Simon in March 2026, his son Eli Simon was appointed CEO and President. Larry Glasscock serves as Non-Executive Chairman.

How many properties does Simon Property Group own?
As of June 2026, Simon Property Group owned or managed interests in 235 properties across North America, Europe, and Asia. The portfolio includes regional malls, premium outlets, mills, and mixed-use centers. Notable properties include The Galleria in Houston, Roosevelt Field on Long Island, Woodbury Common Premium Outlets, and The Mills portfolio. The company's US occupancy rate was 96.4 percent at the end of FY2025.

What is Simon Property Group's revenue?
Simon reported FY2025 consolidated revenue of $6.36 billion, up 6.7 percent from $5.96 billion in 2024. Net income attributable to common stockholders was $4.62 billion, or $14.17 per diluted share, a record. Real Estate FFO was $4.81 billion, or $12.73 per diluted share, up 4.0 percent year over year. The company paid $3.2 billion in cash dividends in 2025.

What is a REIT and why is Simon structured as one?
A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate. REITs are required to distribute at least 90 percent of taxable income to shareholders as dividends. Simon went public as a REIT in December 1993 in what was then the largest REIT IPO in US history. The REIT structure provides tax advantages at the corporate level and requires the company to return most of its cash flow to shareholders.

Who is the CEO of Simon Property Group?
Eli Simon became CEO and President of Simon Property Group on March 23, 2026, following the passing of his father David Simon at age 64. Eli Simon, age 38, previously served as Chief Operating Officer and continues in that role. David Simon had been CEO since 1995 and delivered a cumulative total shareholder return of more than 4,500 percent since the company's IPO. Larry Glasscock was appointed Non-Executive Chairman.

What did Simon acquire in 2025?
Simon acquired approximately $2 billion of high-quality retail properties in 2025. The most significant transaction was the acquisition of the remaining 12 percent interest in The Taubman Realty Group in October 2025, bringing Simon to full ownership of 22 iconic retail assets. In June 2025, Simon acquired its partner's interest in Brickell City Centre in Miami, gaining full ownership. The company also expanded internationally with The Mall Luxury Outlets in Italy.

How did Simon Property Group handle the 2020 pandemic?
Simon was hit hard by the COVID-19 pandemic. The company furloughed more than half its employees, cut executive pay, and reduced capital expenditures by over $1 billion. Simon sued tenants including Gap and Brooks Brothers for unpaid rent. Despite the disruption, Simon completed the acquisition of Taubman Centers at a renegotiated lower price and partnered with Brookfield to acquire J.C. Penney out of bankruptcy for $1.75 billion. The company recovered strongly in subsequent years.

Simon Property Group traces its origins to 1960, when brothers Melvin Simon and Herbert Simon founded Melvin Simon & Associates in Indianapolis. The brothers, who grew up in the Bronx, New York, began by developing small strip shopping centers in the Indianapolis area. Melvin Simon had moved to Indiana after being transferred to Fort Benjamin Harrison during his Army service. He stayed after his discharge and saw potential in commercial real estate while working as a leasing agent.

The company originally developed local strip shopping centers. By 1964, the firm transitioned to enclosed malls, a somewhat novel and unproven concept at the time. The enclosed mall format proved successful. Throughout the 1970s and 1980s, Melvin Simon & Associates opened several enclosed malls across the country, growing at a pace that far exceeded most competitors. While other developers built one or two shopping centers per year, Simon would open half a dozen.

In 1983, Fred Simon resigned from the company to pursue other interests. Melvin Simon ended up with two-thirds of the company while Herbert Simon owned the remainder. That same year, Melvin and Herbert Simon purchased the Indiana Pacers professional basketball team, keeping the franchise in Indianapolis.

The company went public in December 1993 as Simon Property Group. The IPO raised approximately $1 billion and was the largest REIT IPO in US history at that time. David Simon, Melvin's oldest son, was named CEO in 1995 at the age of 33, making him one of the youngest CEOs of a major publicly traded company in America.

Under David Simon's leadership, the company grew aggressively through acquisitions. In 1996, Simon acquired The DeBartolo Realty Corporation, becoming Simon DeBartolo Group. The company reverted to Simon Property Group in 1998. In 2002, Simon acquired a portfolio of assets from Rodamco North America, including several high-profile malls. In 2003, the company acquired Chelsea Property Group, the largest owner and operator of premium outlet centers in the US, for approximately $3.5 billion. This acquisition established Simon's Premium Outlets platform.

In 2007, Simon acquired the Mills Corporation, a struggling mall developer, for approximately $1.64 billion. The Mills portfolio included large-format, value-oriented shopping centers that complemented Simon's existing regional mall and outlet properties. The acquisition expanded Simon's footprint and added several high-traffic properties to the portfolio.

Simon has also been active internationally. The company formed joint ventures including Mitsubishi Estate Simon Company in Japan and Genting Simon Group in Malaysia. Simon also holds a stake in Klepierre, a European retail real estate company. In 2025, the company expanded internationally with The Mall Luxury Outlets in Italy and opened a new Premium Outlet in Indonesia.

The 2020 pandemic tested Simon's resilience. COVID-19 forced the temporary closure of retail properties, and several tenants withheld rent. Simon filed lawsuits against major tenants including Gap ($65.9 million in unpaid rent) and Brooks Brothers ($8.7 million). The company furloughed more than half its employees, implemented executive pay cuts, and slashed capital expenditures by over $1 billion.

Despite the pandemic disruption, Simon pursued acquisitions aggressively in 2020. In February 2020, Simon announced it would acquire Taubman Centers, a rival mall REIT, for $52.50 per share in cash, valuing the deal at approximately $3.6 billion. When the pandemic hit, Simon attempted to terminate the merger agreement, accusing Taubman of failing to mitigate the financial impact. The companies settled their litigation in November 2020 and renegotiated the price down to $43.00 per share. The deal closed on December 29, 2020, with Simon acquiring an 80 percent ownership interest in The Taubman Realty Group. The Taubman family retained a 20 percent stake.

Also in 2020, Simon partnered with Brookfield Property Partners to acquire the retail operations of J.C. Penney out of bankruptcy for $1.75 billion in cash and debt. The acquisition kept the 118-year-old department store chain from liquidating and preserved it as an anchor tenant in Simon's malls.

In 2025, Simon completed two significant acquisitions. In June 2025, the company acquired its partner's interest in Brickell City Centre, a mixed-use destination in Miami's central business district, gaining full ownership. In October 2025, Simon acquired the remaining 12 percent interest in The Taubman Realty Group that it did not already own, exchanging 5.06 million limited partnership units in Simon Property Group L.P. This brought Simon to full ownership of 22 iconic retail assets that had been part of the Taubman portfolio.

On March 22, 2026, David Simon passed away at age 64 after a two-year battle with cancer. He had served as CEO for 31 years, building Simon Property Group into the largest retail real estate company in the world. The next day, the board appointed Eli Simon, David's oldest son, age 38, as CEO and President. Larry Glasscock, a board member since 2010, was appointed Non-Executive Chairman. The succession had been planned in advance, and the board expressed confidence in Eli Simon's leadership.

Simon Property Group has faced several notable controversies:

During the 2020 COVID-19 pandemic, Simon filed lawsuits against multiple retail tenants who withheld rent. The company sued Gap Inc. for $65.9 million in unpaid rent and Brooks Brothers for $8.7 million. These lawsuits drew public criticism from some commentators who argued that Simon should have been more accommodating to tenants facing government-mandated closures. Simon defended the actions as necessary to enforce lease obligations.

The Taubman acquisition in 2020 was contentious. After announcing the $52.50 per share deal in February 2020, Simon attempted to terminate the merger agreement in June 2020, citing the pandemic's impact on Taubman's business. Taubman sued Simon to enforce the agreement. The companies settled in November 2020 with a reduced price of $43.00 per share, saving Simon approximately $700 million. The episode raised questions about Simon's deal-making approach.

Simon's acquisitions of distressed retailers have drawn scrutiny. The company partnered with Authentic Brands Group and Brookfield to acquire Brooks Brothers, Aeropostale, Lucky Brand, and other retailers out of bankruptcy. Critics have noted that Simon, as a landlord, has an inherent conflict of interest when acquiring its own tenants, as it may prioritize keeping stores open in Simon properties over the financial health of the acquired retailer.

The company has also faced criticism over executive compensation. David Simon was historically one of the highest-paid CEOs in the REIT sector. His compensation packages, which included large base salaries and substantial equity awards, drew shareholder objections in some years. The company defended the compensation as aligned with the strong total shareholder return delivered during his tenure.

Following David Simon's passing in March 2026, the appointment of his son Eli Simon as CEO raised questions about nepotism, though the board emphasized that succession planning had been ongoing and that Eli had served as COO and was well-prepared for the role.