Summary
Indianapolis-based Simon Property Group Inc. is a retail REIT that is one of the largest owners of luxury shopping centers, outlet centers and lifestyle destinations in North America, Asia and Europe. By 2016, the company had expanded its profile by investing in the retail operations of several well-known retail brands, including JC Penny (with partner Brookfield) and Authentic Brands Group (with partner SPARC). Investments were reconsidered after the pandemic, as consumers began returning to outdoor retail spaces. In 2023, the company began selling its stake in retail brands. In 1Q24, Simon sold its remaining stake in ABG brands including Aeropostale, Reebok, Nautica, Izod and Forever 21. In addition, the company has an 84% stake in the Taubman Group and a 22% stake in Klepierre, a Paris-based real estate company. SPG also operates Simon Brand Ventures, which offers appraisals and real estate services.
Simon owns or has interests in 234 properties with approximately 190 million square feet of leasable space. This includes 39 international properties. Joint Ventures accounted for approximately 60% of revenue in 2023. After H2 24, US malls and outlets will account for approximately 72% of NOI and international assets will account for approximately 9%. Real estate in California, Florida and Texas accounts for approximately 43% of US NOI. Request
