Simon Property Group

What Simon Property Group does

Simon Property Group is the largest U.S. retail real estate investment trust (REIT), founded in 1993 and headquartered at 225 W Washington Street, Indianapolis, Indiana. The company operates 254 income-producing properties totaling 206 million square feet across North America, Europe, and Asia, organized around three core formats: Simon Malls (regional enclosed shopping centers), Simon Premium Outlets (designer-discount centers), and The Mills (retail-entertainment hybrid destinations). Simon also operates 41 international properties across 14 countries through direct holdings and a 28.7% stake in Klépierre S.A. The customer base is B2B—retail tenants—rather than end consumers; Simon serves premium and luxury retailers (Tiffany, Gucci, Louis Vuitton), national chains (Macy's, Nordstrom, Target), off-price and value retailers (Nordstrom Rack, Saks Off 5th, Burlington), and increasingly experiential and entertainment tenants (Netflix House, Google retail stores, Bandai Namco, Life Time Fitness). The company makes money primarily through three rental revenue streams: (1) base minimum rent, currently $61.99 per square foot (up 5.2% year-over-year in Q1 2026); (2) percentage rent tied to tenant sales above specified thresholds, supported by retailer sales productivity of $819/sq ft in Q1 2026; and (3) tenant reimbursements for operating expenses, taxes, and insurance, plus ancillary income from sponsorships, advertising, and specialty leasing.

The company's product surface extends beyond physical real estate into an integrated digital ecosystem: the Simon mobile app (iOS and Android), ShopSimon.com e-commerce marketplace featuring over 233 cash-back offers, the Simon+ loyalty program across 220+ properties, Simon Search in-mall product discovery, and the Simon Wi-Fi network (powered by Adentro). Notable technology partnerships include Autolane's LiDAR-based Smart Curbside Sign system for autonomous vehicle coordination at select centers, and Electrify America's deployment of 500+ Hyper-Fast EV chargers across 105 Simon locations. For B2B customers, Simon provides leasing services, retailer marketing programs, and the Simon Innovation Group and Simon Ventures vehicles. The operating model is asset-heavy and capital-intensive, with leverage at 5.0x Net Debt/EBITDA and access to debt capital through the operating partnership Simon Property Group, L.P. and the European subsidiary Simon Global Development B.V. The company has raised record full-year 2025 Real Estate FFO of $4.812 billion and maintains a 33-year consecutive dividend growth record, with Q1 2026 quarterly dividend of $2.25 per share. Recent significant events include the November 2025 completion of full ownership of The Taubman Realty Group, the announced Sagefield luxury lifestyle destination development in South Nashville, and the March 2026 leadership transition from David Simon to his son Eli Simon as CEO following David Simon's death.

Name

Simon Property Group

Legal name

Simon Property Group, Inc.

Website

https://simon.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Simon Property Group is the largest U.S. retail REIT, operating 254 properties across North America, Europe, and Asia. It leases space through regional malls, premium outlets, and Mills centers to luxury brands, national chains, and experiential tenants, with revenue from base rent, percentage rent, and reimbursements.

Ownership category

akta.pro rank

Product category

Retail Real Estate

NAICS

Lessors of Real Estate (5311), Real Estate Property Managers (53131), Rental and Leasing Services (532)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Retail Real Estate Asset Management (BPAJAMAF)

akta.pro secondary industries

Retail Property Management (BPAJAGAB), New Development & Project Marketing (Pre-Construction Sales) (FSAEAJAE)

Keywords

• Retail real estate
• Shopping mall operations
• Premium outlet centers
• Commercial property leasing
• Mixed-use retail destinations

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Base Minimum Rent: Simon charges retail tenants fixed base rent per square foot. As of Q1 2026, base minimum rent increased 5.2% to $61.99 per square foot, demonstrating strong pricing power and tenant demand.
2. Percentage Rent: Retail tenants pay percentage rent based on their sales performance, typically above a specified sales threshold. The company reports comparable retailer sales growth of 11.8% to $819 per square foot in Q1 2026.
3. Tenant Reimbursements and Other Income: Tenants reimburse Simon for operating expenses, taxes, and other costs. Additional income sources include sponsorship revenue, advertising, and fees from specialty leasing and promotional events.
4. Lease Termination and Recapture Rights: Simon monetizes lease terminations and space recaptures from bankrupt or departing tenants. For example, Saks Off 5th was paying $18 million annually in rent, but Simon expects to collect $30 million through new leases for half the closed stores, representing approximately 50% higher rent.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Simon Property Group owns, operates, and leases 254 retail real estate properties spanning 206 million square feet across North America, Europe, and Asia. Its core offerings are three physical retail formats — Simon Malls, The Mills, and Simon Premium Outlets — which it leases to national and international retail tenants under multi-year agreements that combine base minimum rent with percentage rent on tenant sales. Supporting the physical portfolio, Simon runs a consumer-facing digital ecosystem including the ShopSimon.com e-commerce platform, the Simon+ loyalty program, and the Simon mobile app, which drive consumer traffic and tenant sales productivity.

Product overview

Simon Property Group operates a diversified portfolio of retail real estate properties organized across multiple product lines: Simon Malls and The Mills serve as regional shopping destinations, while Simon Premium Outlets offers outlet-style shopping. The company has built an integrated digital ecosystem centered around Simon+ loyalty program (offering cash back, points, and rewards), ShopSimon e-commerce platform for 24/7 online shopping, Simon SAID content platform for editorial coverage, Simon Search for in-mall product discovery, and Simon Wi-Fi for guest connectivity. For business partners, Simon provides leasing, advertising, media experiences, innovation, and investment services through Simon for Business, Simon Ventures, and Simon Innovation Group. The company also operates international properties across 14 countries and is developing Sagefield, a new luxury lifestyle destination in Nashville.

Differentiator

Problem solved

Functional benefit

Brands

• Simon Premium Outlets®: Premium outlet shopping centers offering brand-name merchandise at discounted prices
• The Mills®
• ShopSimon™
• Simon+®
• Simon SAID®
• Simon+™
• Sagefield™

Products and services

• Simon Malls Regional shopping centers operated by Simon Property Group that provide physical retail space leased to national and international tenants across fashion, dining, and entertainment categories, serving as flagship destinations for shoppers.
• The Mills Shopping center brand featuring a blend of traditional retail, dining, and entertainment experiences; achieved 99.2% occupancy as of Q1 2026, the highest of Simon's three core formats.
• Simon Premium Outlets Premium outlet centers offering designer and brand-name merchandise at discounted prices to value-seeking consumers, with locations across the U.S., Europe, and Asia.
• Simon+ Loyalty Program Free consumer loyalty rewards program offering members cash back, points, perks, and exclusive offers for shopping at Simon Malls, Premium Outlets, and ShopSimon.com.
• ShopSimon E-Commerce Platform Online shopping platform enabling Simon's retail tenants to sell products 24/7 with curated collections, daily drops, doorbusters, and over 233 online cash back offers ranging from 1-14% via ShopSimon.com.
• Simon Giftcard Gift card product accepted at Simon malls and Premium Outlets; the program was migrated to the PerfectGift.com platform in August 2025.
• Simon for Business (Leasing Services) Comprehensive B2B platform offering retail leasing, restaurant leasing, specialty leasing, brick-and-mortar expansion, mixed-use development, storage solutions, advertising, and media experiences to retail tenants and business partners.
• Simon International Centers Portfolio of 41 international retail properties across 14 countries, providing Simon's retail mall, Premium Outlets, and The Mills formats in European and Asia-Pacific markets.

Quantifiable outcome

• 96% portfolio occupancy with retailer sales per square foot of $819 (11.8% YoY growth)
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered major, minor, core and strategic.

• GooglemajorChannel Partner/ Reseller/ Distributor · 12 May 2026Google opened its 10th U.S. retail store at Fashion Valley Mall in San Diego in May 2026, spanning nearly 4,000 square feet and showcasing Pixel phones, Fitbit watches, and Nest smart-home devices. The store is owned and operated by Simon Property Group, following Google's cautious approach to physical retail expansion.
• Bandai Namco Amusement AmericaminorChannel Partner/ Reseller/ Distributor · 29 April 2026Bandai Namco is opening a ONE PIECE CARD GAME Official Shop at the Mall of Georgia in Buford, Georgia (1,801 sq ft), marking one of its first major brick-and-mortar shopping center locations in the United States. The store will offer trading card products, merchandise, and host community events and competitive tournaments. SRS Real Estate Partners represented Bandai Namco in the lease transaction.
• NetflixmajorStrategic or Co-development Partner · 12 December 2025Netflix opened its first Netflix House at King of Prussia Mall (100,000 sq ft from a former Lord & Taylor store), featuring themed escape rooms, immersive experiences tied to Netflix shows, a movie theater, and merchandise shop. A second location opened at Galleria Dallas and a third is planned for Las Vegas in 2027, representing a strategic push into physical retail to extend content value.
• Electrify AmericacoreTechnology or Integration · 3 December 2025Electrify America and Simon expanded their collaboration to deploy over 500 Hyper-Fast EV chargers across 105 locations in the U.S. and Canada. The partnership, which began in 2018, has powered more than 549 million EV miles and includes stations like one at Fashion Valley Mall in San Diego with 20 chargers. The initiative enhances EV charging accessibility at retail destinations and supports widespread adoption of electric vehicles.
• AutolanestrategicTechnology or Integration · 3 December 2025Autolane raised $7.4 million in funding from Draper Associates, Hyperplane, LAUNCH, and Feld Ventures to deploy its LiDAR-enabled Smart Curbside Sign system at Simon shopping centers. The technology coordinates autonomous vehicle pickup and drop-off zones, reducing AV-related disruptions at Lenox Square from 30-40 daily incidents to just one or two every few weeks. Autolane is deploying at four Simon centers in Austin, Texas and the San Francisco Bay Area.
• Sam Fox and Adventurous Journeys Capital PartnersstrategicStrategic or Co-development Partner · 4 November 2025Simon Property Group announced plans to develop Sagefield, a 100-acre luxury lifestyle destination in Williamson County, South Nashville. The project will include boutiques, restaurants, a hotel, and outdoor spaces, developed in collaboration with Sam Fox (restaurateur and developer) and Adventurous Journeys Capital Partners.
• Taubman Realty GroupcoreStrategic or Co-development Partner · 1 November 2025Simon completed its acquisition of the remaining 12% interest in The Taubman Realty Group in November 2025, gaining 100% ownership and management control of 26 properties including The Mall at Green Hills in Nashville, Cherry Creek Shopping Center in Denver, and International Plaza in Tampa. Simon announced $250 million redevelopment investments across these three Taubman properties.
• Klépierre S.A.coreStrategic or Co-development Partner · 1 January 2012Simon Property Group became a major shareholder of Klépierre in 2012, acquiring 28.7% of its capital. David Simon served on Klépierre's Supervisory Board until his resignation in February 2026. Simon resigned from the board following his passing in March 2026. Stanley Shashoua was appointed as the new chairman of Klépierre's Supervisory Board. In Q1 2026, Klépierre acquired Simon's remaining 50% stake in Aqua Portimão, Portugal for €59 million.
• Saks GlobalmajorStrategic or Co-development PartnerSimon invested $100 million in Saks Global as part of its acquisition of Neiman Marcus in late 2024, which included concessions granting Simon the right to terminate certain leases. Following Saks Global's Chapter 11 bankruptcy filing in January 2026, Simon sought to evict Saks from stores over $7 million in unpaid rent. The companies reached agreement to allow Saks to retain two stores in exchange for rent concessions and shorter lease terms.

Scale indicators9 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Unibail-Rodamco-Westfield: Unibail-Rodamco-Westfield operates flagship retail destinations in Europe and the U.S., directly comparable to Simon's regional mall portfolio and Premium Outlets. Both are large mall REITs with international footprints and focus on luxury and premium retail experiences.
• CBL & Associates: CBL & Associates operates enclosed malls and open-air shopping centers across the U.S., directly competing with Simon in regional mall leasing. Smaller scale and more focused on middle-market malls rather than luxury and flagship destinations.
• Klépierre: Klépierre is a leading European retail REIT operating shopping centers across continental Europe, in which Simon holds a 28.7% stake. Directly comparable as a mall operator with premium retail tenant relationships, though focused on European geographies.
• Macerich: Macerich is a U.S. publicly traded REIT focused on regional malls and lifestyle centers, directly competing with Simon for premium retail tenants and luxury brand placements. Comparable in operating model (mall landlord) and product mix (high-end retail destinations) but smaller scale.
• Kimco Realty: Kimco Realty is one of the largest publicly traded retail REITs in North America, operating open-air shopping centers primarily anchored by grocery and necessity-based tenants. While more grocery-anchored than Simon's mall focus, it competes for capital flows in the retail REIT space and shares leasing and property management economics.
• Brixmor Property Group: Brixmor Property Group owns and operates a national portfolio of open-air shopping centers, directly comparable in retail landlord business model and tenant mix to Simon's community/lifestyle centers. Smaller scale and focused on necessity-based rather than luxury retail.
• Federal Realty Investment Trust: Federal Realty is a high-quality retail REIT owning open-air mixed-use shopping centers and street retail in major U.S. markets. Comparable to Simon in tenant mix and focus on affluent consumer geographies, though more concentrated in mixed-use street retail rather than enclosed malls.
• Regency Centers: Regency Centers is a leading grocery-anchored shopping center REIT in the U.S., competing for retail tenant capital and tenant relationships. Different anchor strategy (necessity-based vs. Simon's luxury/experiential focus) but comparable operating model as a retail landlord with national footprint.

Emerging players

• Phillips Edison & Company: Phillips Edison is a net-lease grocery-anchored shopping center REIT with a growing footprint in necessity-based retail. Comparable as a retail landlord with similar property management functions but operates at smaller scale and with a different tenant base than Simon.

Broad incumbents

• Brookfield Property Partners: Brookfield Property Partners owns a large global portfolio of retail malls, office, multifamily and logistics real estate. Overlaps with Simon in mall operations but operates as a broad, diversified real estate platform rather than a retail specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/simon-property-group
• Instagraminstagram.com/themall
• TikToktiktok.com/@themall
• Xx.com/simonmalls
• Facebookfacebook.com/SimonPropertyGroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds7 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments32 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Simon Property Group