Company Overview
About Simon Property Group
Simon Property Group, Inc. is an Indianapolis, Indiana-based retail real estate investment trust — publicly traded on the New York Stock Exchange (NYSE: SPG) as an S&P 500 REIT component — owning or holding interests in 232 properties across 37 states and Puerto Rico plus 35 international properties, comprising 92 malls, 70 Premium Outlets, 14 Mills, 6 lifestyle centers, and 12 other retail properties totaling approximately 200 million square feet of retail space. In fiscal year 2024, Simon Property Group reported record total funds from operations (FFO) of $4.9 billion ($12.99 per share), trailing twelve-month revenue of $6.16 billion, domestic net operating income (NOI) growth of 4.7%, and portfolio occupancy of 96.5% — the highest in eight years — while signing a record 5,500 leases covering 21+ million square feet, with base minimum rent per square foot increasing 2.5% to $58.26. CEO David Simon (son of founder Melvin Simon, CEO since 1995, Chairman since 2007) has led the company through the pandemic retail disruption and the subsequent mall resurgence, emphasizing the "shop, eat, stay and play" mixed-use destination strategy. Founded in 1960 by Melvin Simon with two small strip malls near Indianapolis, Simon became the largest US REIT IPO in history at its $840 million IPO in 1993 and built its portfolio through acquisitions of DeBartolo Realty (1996), Chelsea Property Group ($3.5B, 2004), Mills Corporation (2007), and Taubman Centers ($3.4B, 2020).
Business Model & Competitive Advantage
Simon Property Group's premium retail real estate model addresses the location-quality divide that separates performing malls from declining ones: in a world where 60%+ of non-grocery retail is potentially shoppable online, the malls and premium outlets that retain physical retail spending are those anchored by experiential tenants (restaurants, entertainment, fitness), luxury and premium brands that require physical presentation (Louis Vuitton, Gucci, Apple), and off-price anchors (Nordstrom Rack, Saks OFF 5TH) that drive destination trips. Simon's Premium Outlets portfolio (70 centers featuring fashion brands at 25-65% below retail in purpose-built open-air shopping environments) serves the value-oriented luxury consumer who shops in-person specifically for the treasure hunt experience of outlet pricing — a format that e-commerce cannot replicate because the selection is by definition irregular and location-specific. Simon's scale (200M+ sq ft across 232 properties) enables lease negotiations with national retailers where Simon can offer coordinated expansion across multiple centers rather than single-mall placements.
Competitive Landscape 2025–2026
In 2025, Simon Property Group competes in the US retail REIT and premium outlet market with Brookfield Properties (private, retail REIT, 170+ malls), Macerich (NYSE: MAC, higher-end regional malls, $1.1B revenue), and Tanger Factory Outlet Centers (NYSE: SKT, outlet REIT, $500M revenue) for luxury and premium tenant lease renewals, outlet center expansion, and mixed-use redevelopment of anchor-vacated mall space. Simon's record 2024 occupancy (96.5%) and FFO ($4.9B) demonstrate that its A-quality mall and premium outlet portfolio has successfully separated from the B/C mall segment that faces sustained vacancy and anchor closures. The mixed-use redevelopment strategy (converting vacant anchor spaces into apartments, hotels, and entertainment venues) generates the incremental foot traffic and NOI that justify the redevelopment capital in markets where residential and hospitality demand is strong. The 2025 strategy focuses on completing mixed-use redevelopment projects, expanding the international Premium Outlets portfolio in high-income Asia and Europe markets, and growing SPG's stake in emerging luxury retail through brand investments.
The Simon Property Group Story
Founders
Recent Activity
View all →Company Timeline
Major milestones in Simon Property Group's journey
Leadership Team
Meet the leaders behind Simon Property Group
David Simon
David Simon is the son of founder Melvin Simon and has served as CEO since 1995 and Chairman since 2007. He joined Melvin Simon & Associates in 1990 as CFO with investment banking experience and an MBA from Columbia University. Under his four-decade leadership, Simon Property Group has grown from a newly public REIT to America's largest retail real estate company, executing major acquisitions including Taubman Centers ($3.4B) and leading a mall resurgence through innovation and adaptation.
Eli Simon
Eli Simon was promoted to Chief Operating Officer in August 2025 from his previous role as Executive VP and Chief Investment Officer. He works directly with Chairman and CEO David Simon on all aspects of the company's businesses including property performance, new development projects, strategic investments, and brand strategy.
Jonathan Murphy
Jonathan Murphy was appointed as Co-President of North American Real Estate, overseeing Simon's mall, mills, and premium outlets platforms. He shares responsibility for real estate operations across the company's extensive North American portfolio of 194 income-producing properties.
Eric Sadi
Eric Sadi was appointed as Co-President of North American Real Estate alongside Jonathan Murphy, jointly overseeing operations of Simon's mall, mills, and premium outlets platforms across 37 states and Puerto Rico.
Steven E. Fivel
Steven E. Fivel serves as General Counsel and Secretary, overseeing legal affairs, compliance, and corporate governance for the nation's largest retail REIT, including major acquisitions, development projects, and regulatory matters.
John Rulli
John Rulli serves as Chief Administrative Officer, overseeing administrative functions, human resources, and operational support systems across Simon's 232-property portfolio spanning multiple countries.
Key Differentiators
Emerging Innovator
Simon Property Group is an emerging player bringing innovative solutions to the Real Estate & Property Tech market.
Enterprise Scale
With $6.16B in revenue, Simon Property Group operates at enterprise scale with proven market validation.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
Based on estimated brand signals. Historical tracking coming soon.
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