Simon Property Group

International real estate investment trust founded in the United States

Simon Property Group, Inc.

Formerly| Simon DeBartolo Group, Simon & Associates
Company type| Public

Traded as

* NYSE: SPG
* S&P 100 component
* S&P 500 component

ISIN| US8288062081
US8288063071
US8288066041
US8288067031
US8288068021
US8288068773
US8288068856
Industry| Real estate investment trust
Founded| 1993; 32 years ago (1993)
Founders|

* Melvin Simon
* Herbert Simon

Headquarters|

Indianapolis, Indiana, U.S.

U.S.

Areas served

| Worldwide

Key people

* David E. Simon
(chairman & CEO)
* Herbert Simon
(chairman emeritus)

Products|

* Shopping malls
* Lifestyle centers

Brands| Forever 21, XXI Forever, JCPenney, Brooks Brothers, Eddie Bauer, Lucky Brand Jeans
Revenue|  US$5.66 billion (2023)

Net income

|  US$2.28 billion (2023)
Total assets|  US$34.3 billion (2023)
Total equity|  US$3.49 billion (2023)

Number of employees

| c. 3,000 (2023)
Subsidiaries|

* Simon Malls
* Premium Outlets
* The Mills
* Kravco
* Klépierre
* Taubman Centers
* JCPenney
* Jamestown L.P.

Website| simon.com
Footnotes / references
[1][2]

Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States[3][4] and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties[5] as of 2021.

## History

[edit]

### 20th century

[edit]

Simon Property Group's corporate headquarters in Indianapolis

Simon Property Group dates to 1960, when brothers Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana. In December 1993, they took their interests public as Simon Property Group in the largest initial public offering of a real estate investment trust to date.[6] Simon Property merged with the newly public DeBartolo Realty Corporation, owner of the real estate assets of Edward J. DeBartolo Sr., in 1996 to form Simon DeBartolo Group.[7][8] In the following year, the company acquired The Retail Property Trust for $1.2 billion in a hostile takeover.[9] Also in 1997, in partnership with Macerich, the company acquired 12 malls from IBM's pension plan for $974.5 million.[10] One year after these acquisitions, the company acquired Corporate Property Investors and was renamed Simon Property Group.[11][12] The company also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe.[13]

In 1999, the company acquired 14 shopping centers from New England Development for $725 million.[14]

### 21st century

[edit]

In 2002, in partnership with Westfield Group and the Rouse Company, the company acquired 13 properties from Rodamco North America including Copley Place, Houston Galleria, and SouthPark Mall.[15] In the following year, Simon acquired a majority interest The Kravco Company, owner of the King of Prussia, for $300 million.[16] The company entered the outlet mall business in 2004 with the acquisition of Chelsea Property Group Inc. for $3.5 billion.[17]

In April 2007, Simon and Farallon Capital acquired the Mills Corporation.[18][19] Two years later, Simon tried to buy malls owned by General Growth Properties.[20] In February 2010, Simon placed a bid acquire General Growth, which was in bankruptcy protection.[21][22] However, the bid was rejected by GGP. A GGP shareholder filed suit (Young v. Bucksbaum) against the company's board of directors for rejecting Simon's bid, alleging breach of fiduciary duty.[23] In April 2010, Simon offered to make a $2.5 billion equity investment in GGP including a $1 billion investment by Paulson & Co.[24][25] In May 2010, Simon withdrew from the bidding for GGP after GGP favored transactions with Brookfield Asset Management.[26]

In May 2010, Simon acquired Prime Retail's Prime Outlets-Puerto Rico in Barceloneta, Puerto Rico In August 2010, Simon acquired an additional 21 outlet malls, including locations in Williamsburg, Virginia, San Marcos, Texas and Hagerstown, Maryland for a total of $2.3 billion.[27] Several months later, Simon made a $4.5 billion bid for Capital Shopping Centres Group plc in December. However, the offer was rejected and withdrawn in January 2011.[28] In September 2011, Simon acquired Southdale Center in Edina, Minnesota.[29]

In August 2013, Toronto Premium Outlets opened in Halton Hills, Ontario, Canada.[30] In October 2014, Premium Outlets Montreal, the second in Canada, opened.[31] In May 2018, Premium Outlet Collection YEG opened at Edmonton International Airport.[32] In May 2014, the company completed the corporate spin-off of Washington Prime Group, headed by Mark Ordan, the final CEO of Mills Corporation.[33][34] In January 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher. As part of the deal, Simon acquired Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, while WP Glimcher acquired Brunswick Square in East Brunswick, New Jersey from Simon.[35] Two months later, the company offered $23.3 billion for Macerich; however the offer was rejected and withdrawn in April 2015.[36][37] In September 2016, in partnership with Authentic Brands Group and GGP Inc., the company acquired Aéropostale.[38] In February 2020, in partnership with Authentic Brands Group, the company acquired Forever 21.[39]

King of Prussia in Pennsylvania is the fourth largest mall in America

On March 18, 2020, the company announced the closure of its U.S. shopping malls until March 29, due to the COVID-19 pandemic.[40][41][42] At the time, it was the largest mall owner in the United States.[43] In August 2020, the company discussed repurposing large stores into warehouses and fulfillment centers for Amazon.[44][45] Also in August 2020, in partnership with Authentic Brands, the company acquired Brooks Brothers and Lucky Brand Jeans.[46] In December 2020, the company acquired Taubman Centers for $3.4 billion.[47] It also acquired J.C. Penney in partnership with Brookfield Asset Management.[48] In April 2022, it was announced that Simon and Brookfield are set to offer to buy Kohl's.[49] Simon purchased a 50% stake in Jamestown, a real estate developer, in October 2022.[50]

## Litigation

[edit]

In 2007, the company was sued for banning the use of Segways, which the plaintiff claimed was in violation of the Americans with Disabilities Act.[51] In 2009, the company was sued by a nightclub for racial discrimination for allegedly blocking its main entrance since the majority of its clientele were black.[52]

In 2011, the company was sued for allegedly firing a woman because she was pregnant.[53] In the same year, the company agreed to pay $125,000 to settle allegations by the Equal Employment Opportunity Commission that Latino janitors working for the company were subjected to daily verbal attacks because of their national origin.[54]

## See also

[edit]

* List of Simon Property Group properties

## References

[edit]

1. ^ "Simon Property Group 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 22, 2024.
2. ^ "Simon Property Group". Fortune.
3. ^ "Top 25 Shopping Center Owners". Archived from the original on May 9, 2025. Retrieved May 12, 2025.
4. ^ "10 Largest Retail Shopping Center Management Companies - PMI". Property Manager Insider. June 29, 2021. Retrieved May 12, 2025.
5. ^ Liz Brumer-Smith (November 22, 2021). "How Risky Is Simon Property Group?". nasdaq.com. Retrieved December 21, 2021. "Its presence is massive, having ownership or interest in 196 indoor and outdoor malls across North America and 36 malls in Europe and Asia."
6. ^ Miller, Stephen; Hudson, Kris (September 17, 2009). "He Built America's First Megamall". The Wall Street Journal.
7. ^ Kumer, Ken (March 27, 1996). "SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES". Seattle Daily Journal of Commerce. Associated Press.
8. ^ Bryant, Adam (March 27, 1996). "Simon Property To Acquire DeBartolo for $1.5 Billion". The New York Times.
9. ^ WAHBA, PHIL (December 2, 2016). "Simon Property Group Fights to Reinvent the Shopping Mall". Fortune.
10. ^ "Simon DeBartolo, Macerich to buy 12 malls Firms form joint venture for $974.5 million buy from IBM pension fund; Commercial real estate". The Baltimore Sun. Bloomberg News. December 30, 1997.
11. ^ "Simon buys: Simon DeBartolo Group Inc. will buy Corporate". Chicago Tribune. February 19, 1998.
12. ^ BAGLI, CHARLES V. (February 20, 1998). "Simon DeBartolo Wins Fight For a Prime Group of Malls". The New York Times.
13. ^ "Simon Property Group 1998 Annual Report".
14. ^ Martinez, Barbara (February 26, 1999). "Simon Property Agrees to Acquire 14 Shopping Malls for $725 Million". The Wall Street Journal.
15. ^ "Simon Property Group Announces Completion of Rodamco Acquisition". Simon Property Group. May 6, 2002.
16. ^ Kostelni, Natalie (November 10, 2003). "K of P mall to be sold". American City Business Journals.
17. ^ Schouten, Cory (December 8, 2009). "Simon buying Prime Outlets in $2.3B deal". Indianapolis Business Journal.
18. ^ "Simon Property Group and Farallon Capital Management Complete Acquisition of The Mills Corporation" (Press release). Simon Property Group. April 6, 2007.
19. ^ "Simon, Farallon close acquisition of Southridge owner". American City Business Journals. April 6, 2007.
20. ^ "Simon Tried to Buy GGP Malls". National Real Estate Investor. April 28, 2009.
21. ^ DE LA MERCED, MICHAEL J. (February 16, 2010). "Simon Bids $10 Billion for General Growth Properties". The New York Times.
22. ^ Pisani, Bob (February 16, 2010). "Pisani: Simon Property's $10 Billion Bid on General Growth". CNBC.
23. ^ Marshall, Jim (February 20, 2010). "General Growth sued by shareholder-report". Reuters.
24. ^ "Simon Property Group Offers to Invest $2.5 Billion in General Growth Reorganization Plan at Same Per Share Price as Existing Brookfield-Sponsored Proposal" (Press release). PR Newswire. April 14, 2010.
25. ^ Jonas, Ilaina (April 14, 2010). "Simon still interested in buying General Growth: source". Reuters.
26. ^ "Simon Property Group Withdraws Acquisition and Recapitalization Proposals for General Growth Properties" (Press release). Simon Property Group. May 7, 2010.
27. ^ "Simon Property Group Completes Prime Outlets Transaction" (Press release). PR Newswire. August 30, 2010.
28. ^ Barwell, Tim; Louis, Brian (January 11, 2011). "Simon Property Abandons Offer for Capital Shopping". Bloomberg News.
29. ^ "New owner Simon Properties hopes to turn around Southdale". St. Paul Pioneer Press. September 10, 2011.
30. ^ Shum, David (August 1, 2013). "Toronto Premium Outlets open in Halton Hills - Toronto". Global News.
31. ^ Friede, Eva (October 29, 2014). "Premium Outlets opens discount mecca at Mirabel". Montreal Gazette.
32. ^ "Premium Outlet Collection Edmonton International Airport Celebrates Its Grand Opening" (Press release). PR Newswire. May 2, 2018.
33. ^ "Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
34. ^ Karr, Arnold J. (December 13, 2013). "Simon Plans Spin-off of Smaller Properties". Women's Wear Daily.
35. ^ "Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire. September 16, 2014.
36. ^ Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid". Forbes.
37. ^ MASUNAGA, SAMANTHA (April 1, 2015). "Simon gives up after Macerich rejects second bid". Los Angeles Times.
38. ^ "Aéropostale Consortium Finalizes Acquisition" (Press release). Business Wire. September 15, 2016.
39. ^ "Acquisition Of Forever 21 Finalized" (Press release). Business Wire. February 19, 2020.
40. ^ "Simon Property Group Temporarily Closes All Domestic Properties" (Press release). PR Newswire. March 18, 2020.
41. ^ Tyko, Kelly (March 18, 2020). "Simon Property Group closes all of its U.S. malls due to coronavirus. See the list of closed locations". USA Today.
42. ^ Snouwaert, Jessica (March 18, 2020). "The biggest mall operator in the US is closing all locations for 12 days to slow the spread of COVID-19". Business Insider.
43. ^ Thomas, Lauren (March 24, 2020), This department store is still open for business despite coronavirus, CNBC
44. ^ Fung, Esther; Herrera, Sebastian (August 9, 2020). "Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers". The Wall Street Journal.
45. ^ Thomas, Lauren (August 10, 2020). "Simon shares jump on reported talks with Amazon. But converting stores to warehouses may face hurdles". CNBC.
46. ^ Bhattarai, Abha (August 26, 2020). "Mall giant Simon snapping up bankrupt retailers to outdo its rivals". The Washington Post.
47. ^ "Simon Property Group Completes Acquisition Of Taubman Centers, Inc" (Press release). PR Newswire. December 29, 2020.
48. ^ Halkias, Maria (December 7, 2020). "J.C. Penney sale to landlords Simon and Brookfield is completed". The Dallas Morning News.
49. ^ Stein, Sanford. "Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney". Forbes. Retrieved May 11, 2022.
50. ^ Wong, Natalie (October 11, 2022). "Mall Giant Simon Buying 50% of Real Estate Investor Jamestown". Bloomberg. Retrieved October 11, 2022.
51. ^ Antonacci, Sarah (October 8, 2007). "Springfield mall sued over Segway ban". The Daily Register.
52. ^ Finnegan, Amanda (March 12, 2009). "Poetry nightclub discrimination lawsuit moves forward". Las Vegas Sun.
53. ^ Dungan, Jesse (February 23, 2011). "Woman sues Stanford Shopping Center for alleged pregnancy discrimination". The Mercury News.
54. ^ "Simon Property Group To Pay $125,000 To Settle EEOC National Origin Discrimination Lawsuit" (Press release). Equal Employment Opportunity Commission. November 8, 2011.

## External links

[edit]

Wikimedia Commons has media related to Simon Property Group.

* Official website
* Business data for Simon Property Group, Inc.:

* Google
* Reuters
* SEC filings
* Yahoo!

* v
* t
* e

Simon Property Group

* v
* t
* e

Simon Property Group malls in the western United States

Alaska|

* Anchorage 5th Avenue Mall

Arizona|

* Arizona Mills

California|

* Brea Mall
* Coddingtown Mall
* Del Amo Fashion Center
* Fashion Valley Mall
* Great Mall of the Bay Area
* Ontario Mills
* The Outlets at Orange
* Santa Rosa Plaza
* The Shops at Mission Viejo
* Stanford Shopping Center
* Stoneridge Shopping Center

Colorado|

* Colorado Mills

Nevada|

* The Forum Shops at Caesars
* Meadowood Mall

New Mexico|

* ABQ Uptown

Washington|

* Columbia Center Mall
* Northgate Station
* Tacoma Mall

* v
* t
* e

Simon Property Group malls in the midwestern United States

Illinois|

* Chicago Premium Outlets
* Gurnee Mills
* Orland Square Mall
* White Oaks Mall
* Woodfield Mall (50%, co-owned with CalPERS)

Indiana|

* Castleton Square Mall
* College Mall
* Fashion Mall at Keystone
* Greenwood Park Mall
* Hamilton Town Center
* Tippecanoe Mall
* University Park Mall

Kansas|

* Towne East Square

Michigan|

* Briarwood Mall

Minnesota|

* Miller Hill Mall
* Southdale Center

Missouri|

* Battlefield Mall
* Independence Center

Ohio|

* Summit Mall

South Dakota|

* Empire Mall

Wisconsin|

* Bay Park Square

* v
* t
* e

Simon Property Group malls in the northeastern United States

Delaware|

* Dover Mall

Maryland|

* Arundel Mills
* St. Charles Towne Center

Massachusetts|

* Auburn Mall
* Burlington Mall
* Cape Cod Mall
* Copley Place
* Liberty Tree Mall
* The Mall at Chestnut Hill
* Northshore Mall
* South Shore Plaza
* Square One Mall

New Hampshire|

* Mall at Rockingham Park
* Mall of New Hampshire
* Pheasant Lane Mall

New Jersey|

* Menlo Park Mall
* Newport Centre
* Ocean County Mall
* Quaker Bridge Mall
* Rockaway Townsquare
* The Shops at Riverside
* The Mills at Jersey Gardens

New York|

* Roosevelt Field
* Smith Haven Mall
* Walt Whitman Shops
* The Shops at Nanuet
* The Westchester

Pennsylvania|

* King of Prussia
* Lehigh Valley Mall (majority-owned by PREIT, managed by Simon)
* Oxford Valley Mall
* Ross Park Mall
* South Hills Village
* Springfield Mall (co-owned with PREIT, managed by PREIT)

Virginia|

* Apple Blossom Mall
* Fashion Centre at Pentagon City
* Potomac Mills

* v
* t
* e

Simon Property Group malls in the southern United States

Arkansas|

* McCain Mall

Florida|

* Aventura Mall
* The Avenues
* Brickell City Centre
* Coconut Point
* Coral Square
* Cordova Mall
* Dadeland Mall
* The Falls
* The Florida Mall
* Miami International Mall
* Pier Park
* Sawgrass Mills
* St. Johns Town Center
* Town Center at Boca Raton
* Treasure Coast Square
* Tyrone Square Mall

Georgia|

* Lenox Square
* Mall of Georgia
* Phipps Plaza
* Sugarloaf Mills

Louisiana|

* Prien Lake Mall

North Carolina|

* Concord Mills
* Southpark Mall

Oklahoma|

* Penn Square Mall
* Woodland Hills Mall

South Carolina|

* Haywood Mall

Tennessee|

* Opry Mills
* West Town Mall
* Wolfchase Galleria

Texas|

* Barton Creek Square
* Broadway Square Mall
* Cielo Vista Mall
* The Domain
* Firewheel Town Center
* Grapevine Mills
* The Galleria
* Houston Premium Outlets
* Katy Mills
* Lakeline Mall
* North East Mall
* La Plaza Mall
* Midland Park Mall

* v
* t
* e

Premium Outlets and Factory Stores outlet centers in the eastern United States

All malls are suffixed with Premium Outlets unless noted otherwise.

Florida|

* Orlando International Premium Outlets

Maryland|

* Hagerstown

Massachusetts|

* Wrentham Village

Michigan|

* Birch Run

New Hampshire|

* Merrimack

New York|

* Woodbury Common

Pennsylvania|

* Grove City
* Philadelphia

Virginia|

* Norfolk
* Williamsburg

* v
* t
* e

Premium Outlets and Factory Stores outlet centers in the western United States

All malls are suffixed with Premium Outlets unless noted otherwise.

Southern California|

* Las Americas

Minnesota|

* Albertville

Nevada|

* Las Vegas North

Oregon|

* Woodburn

Texas|

* Round Rock

Washington|

* Seattle

Wisconsin|

* Johnson Creek
* Pleasant Prairie

* v
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* e

Premium Outlets and Factory Stores outlet centers in Canada

Ontario|

* Toronto Premium Outlets

Quebec|

* Premium Outlets Montreal

Alberta|

* Premium Outlet Collection EIA

* David Simon
* Herb Simon
* Melvin Simon
* List of properties

Authority control databases

International|

* VIAF
* FAST

National|

* United States

*[c.]: circa
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