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• Like the Marriott or Hilton of shopping malls, owning and managing a vast portfolio of retail properties nationwide.
• The landlord equivalent of Walmart for shopping malls, as the owner of America's largest portfolio of retail centers.
• Essentially the physical counterpart to Amazon's online retail empire, as the largest owner of traditional shopping malls and outlet centers.

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• Retail Property Leasing: Simon Property Group leases commercial space within its shopping malls, premium outlets, and other retail properties to various tenants, including retailers, restaurants, and entertainment venues.
• Retail Property Management: The company provides comprehensive management services for its portfolio of retail properties, covering operations, maintenance, security, and marketing.
• Retail Property Development & Redevelopment: Simon develops new retail properties and redevelops existing ones to maximize their value and appeal, enhancing offerings for both tenants and shoppers.

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Simon Property Group (symbol: SPG) primarily sells to other companies, specifically retail businesses that lease space within its shopping malls, outlet centers, and other retail properties.

Due to the highly diversified nature of its tenant base, SPG does not have a small number of "major customers" that individually account for a significant portion of its overall revenue. Instead, its revenue comes from thousands of distinct retail tenants across various sectors.

However, the following are examples of prominent public companies that commonly lease space in SPG properties and represent the types of businesses that are its customers:

• Department Stores: Macy's (M), Nordstrom (JWN)
• Apparel & Accessories: Gap Inc. (GPS), American Eagle Outfitters (AEO), Abercrombie & Fitch Co. (ANF)
• Specialty Retailers: Apple Inc. (AAPL) (for Apple Stores), Ulta Beauty Inc. (ULTA), Best Buy Co., Inc. (BBY)
• Luxury Brands: While specific luxury brands are often part of larger conglomerates, companies like LVMH Moët Hennessy Louis Vuitton SE (MC.PA, traded on Paris Euronext) and Kering SA (KER.PA, traded on Paris Euronext) operate numerous boutiques within SPG's high-end properties.
• Food & Beverage: Various publicly traded and private restaurant chains.

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David Simon, Chairman of the Board, Chief Executive Officer and President

David Simon began his career at First Boston and later worked as a vice president at Wasserstein Perella & Co. from 1988 to 1990. In 1990, he joined Simon Property precursor Melvin Simon & Associates as Chief Financial Officer. He led the efforts to take Simon Property Group public in 1993 through a nearly $1 billion initial public offering. Simon became CEO in 1995 and assumed the role of Chairman in 2007, and President in 2019. His prior experience was in investment banking, specializing in mergers and acquisitions and leveraged buyouts. He is the son of Melvin Simon, a co-founder of the company.

Brian J. McDade, Executive Vice President and Chief Financial Officer

Brian J. McDade has served as the Executive Vice President and Chief Financial Officer of Simon Property Group since October 2018. He joined the company in 2007 as the Director of Capital Markets. Prior to his current role, McDade served as Senior Vice President of Capital Markets from 2013 to 2014 and then as Treasurer from 2014 until his promotion in 2018. He is also a Chief Financial Officer at Simon Property Group Acquisition Holdings, Inc.

Eli Simon, Director, Executive Vice President and Chief Operating Officer

Eli Simon was appointed Chief Operating Officer of Simon Property Group, effective August 6, 2025. He joined the company in 2019 and previously served as Executive Vice President and Chief Investment Officer. In his former roles, he led the company's investment strategy for both real estate and non-real estate investments. Before joining Simon Property Group, he was a Principal and Head of North American Lodging at Och-Ziff Capital Management and Och-Ziff Real Estate, where he oversaw lodging-related investments. Eli Simon is the son of David Simon, the Chairman, CEO, and President of Simon Property Group.

John Rulli, Chief Administrative Officer

John Rulli serves as the Chief Administrative Officer of Simon Property Group. He has held this position since 2007.

Adam Reuille, Senior Vice President and Chief Accounting Officer

Adam Reuille is the Senior Vice President and Chief Accounting Officer at Simon Property Group.

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The key risks to Simon Property (symbol: SPG) include the ongoing shift to e-commerce and evolving consumer preferences, the company's substantial debt burden and sensitivity to interest rate fluctuations, and the broader impact of economic downturns.

1. Shift to E-commerce and Changing Consumer Preferences: The rise of e-commerce and evolving consumer shopping habits pose a significant and ongoing competitive threat to traditional brick-and-mortar retail properties like those owned by Simon Property Group. This trend can lead to declining foot traffic in malls, impact tenant demand, and potentially reduce lease income and property valuations. Despite SPG's efforts to adapt by integrating experiential retail and mixed-use spaces, the challenge from digital retail continues to redefine the market.

2. High Debt Levels and Interest Rate Sensitivity: Simon Property Group carries a substantial debt burden, with consolidated mortgages and unsecured indebtedness totaling approximately $25.8 billion as of December 31, 2024. This high debt level makes the company vulnerable to rising interest rates, which can increase borrowing costs and adversely impact its ability to refinance existing debt on favorable terms or at all. Disruptions in capital markets could also affect the company's access to financing.

3. Economic Downturns and Volatility: Economic recessions and periods of instability can significantly reduce consumer spending, which in turn impacts retail tenants' ability to pay rent, potentially leading to increased vacancies and reduced lease income for SPG. The company's performance is closely tied to macroeconomic conditions, and any prolonged economic instability could negatively affect its financial results.

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The accelerating maturity and increasing sophistication of direct-to-consumer (DTC) e-commerce models and advanced online retail platforms, which are increasingly replicating or even surpassing the benefits of physical retail through features like augmented reality try-ons, personalized virtual shopping experiences, and hyper-efficient last-mile delivery. This ongoing evolution reduces the fundamental necessity and economic viability of extensive physical retail footprints for a growing array of product categories, thus diminishing demand for large-scale mall tenancy.

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Expected Drivers of Future Revenue Growth for Simon Property Group (SPG)

• Increased Occupancy and Base Minimum Rent: Simon Property Group is expected to drive future revenue growth through continued increases in occupancy rates and higher base minimum rent per square foot. Recent reports indicate strong occupancy levels at U.S. malls and Premium Outlets (96.4% as of September 30, 2025) and The Mills (99.4%), alongside year-over-year increases in base minimum rent. This consistent demand allows for favorable lease terms and increased rental income.
• Strategic Redevelopment and New Developments: The company's ongoing investment in redevelopment projects and new property developments is a key driver. Simon Property Group has initiated construction on significant redevelopments at existing properties and is expanding its portfolio with new ventures, such as an upscale outlet center in Jakarta, Indonesia. These projects aim to enhance the appeal of their properties and introduce new revenue streams.
• Strategic Acquisitions: Acquisitions play a role in Simon Property Group's growth strategy. For instance, the company completed the acquisition of the remaining 12% interest in The Taubman Realty Group, a move anticipated to improve yield and operational efficiencies within its portfolio. Such strategic acquisitions contribute to expanding the company's asset base and revenue-generating capacity.
• Resilient Leasing Demand and New Deals: Robust and broad-based demand from the retail community continues to fuel leasing activity. Simon Property Group reported signing a significant number of leases for millions of square feet, with a substantial portion representing new deals, indicating sustained interest from retailers in their properties. This consistent leasing momentum translates into future revenue generation.
• Growth in Tenant Sales, particularly in Tourism-Oriented Properties: While overall revenue growth forecasts are modest (around 1.8% to 2.76% per annum), Simon Property Group has observed good tenant sales growth, especially in its tourism-focused properties, including outlet centers, as tourism continues to recover. Increased sales per square foot ultimately support rent growth and tenant retention.

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Share Repurchases

• Simon Property Group authorized a new common stock repurchase program on February 8, 2024, allowing for the purchase of up to $2.0 billion of its common stock over 24 months.
• This new program replaced a previous one that had approximately $1.7 billion remaining.
• In 2023, the annual share buybacks for SPG stock amounted to $140.593 million.

Share Issuance

• In November 2020, Simon Property Group completed an upsized public offering of 19,250,000 shares of common stock at $72.50 per share, generating approximately $1.35 billion in net proceeds. These proceeds were intended to partially fund the acquisition of an 80% interest in The Taubman Realty Group Limited Partnership.
• As of March 31, 2025, Simon issued 116,558 shares of common stock to limited partners of the Operating Partnership in exchange for an equal number of units.
• On October 31, 2025, Simon acquired the remaining 12% interest in The Taubman Realty Group Limited Partnership in exchange for 5.06 million limited partnership units in Simon Property Group L.P.

Outbound Investments

• In December 2020, Simon Property Group acquired Taubman Centers for $3.4 billion.
• In partnership with Brookfield Asset Management, Simon acquired J.C. Penney in December 2020.
• Simon purchased a 50% stake in Jamestown, a real estate developer, in October 2022.

Capital Expenditures

• From fiscal years ending December 2020 to 2024, Simon Property Group's median capital expenditures were $650 million, with a peak of $878.5 million in June 2025.
• The company's share of the net cost of development projects across all platforms was $1.25 billion as of Q3 2025, with a blended yield of 9%.
• Capital expenditures are focused on supporting long-term growth, particularly through mixed-use redevelopments and enhancing properties to remain attractive destinations for retailers and consumers.