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Simon Property Group, Inc.

Retail Real Estate Investment TrustFounded 1960
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
9 historical events · Editorial analysis

Simon Property Company Profile: Revenue, Business Model & Strategy

Research depth: 9 milestones · 10 FAQs

Simon Property Group is the largest U.S. mall REIT. It reported FY2025 revenue of $6.365B and record Real Estate FFO of $4.8B, and in August 2026 raised 2026 Real Estate FFO guidance to $13.20-$13.30 per share. Eli Simon has been CEO since March 23, 2026.

How Simon Property makes money: Simon is an equity REIT, so most revenue is lease income from retailers, restaurants and entertainment tenants in its malls, Premium Outlets and Mills centers.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2025)$6.4B
Employees3,600
CEOEli Simon
Founded1960
IndustryReal Estate
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Real Estate

Simon Property Group, Inc. key figures

Simon Property Group, Inc. had revenue of $6.4B for fiscal year 2025, up 6.7% from FY2024. Net income was $5.4B, a net margin of 84.3%.

Source: SIMON PROPERTY GROUP, INC. annual report (Form 10-K, SEC EDGAR, filed 2026-02-25) · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
+1.8% a year
Compound annual rate, $5.4B to $6.4B
Peak revenue year
FY2025
The latest annual year is the highest in this series
Revenue per employee
$1.8M
FY2025 revenue divided by 3,600 employees; headcount may use another date
Current chief executive
Eli Simon
In the role since 2026
Documented transactions
4
Between 2004 and 2025
Founded
1960
66 years ago
Where was Simon Property founded?
Simon Property was founded in Indianapolis, Indiana, United States in 1960.
When did Simon Property start?
Simon Property was founded in 1960.
Who founded Simon Property?
Simon Property was founded by Melvin Simon and Herbert Simon.
How old is Simon Property?
Simon Property is 66 years old as of 2026.
Strategy Audit: Simon Property Group, Inc. Analysis
275 words · 2 min read

Simon Property Group began in 1960, when brothers Melvin and Herbert Simon started building shopping centers in Indianapolis. The business grew into enclosed regional malls across the Midwest, co-developed Mall of America, and listed on the NYSE in a 1993 IPO as a real estate investment trust. A 1996 merger with DeBartolo Realty and the 2004 purchase of Chelsea Property Group, which brought the Premium Outlets brand, made it the largest U.S. mall owner.

Concentrating on the strongest centers

As e-commerce and department-store closures hurt weaker malls in the 2010s, Simon narrowed its focus. In 2014 it spun off 98 smaller malls and strip centers as Washington Prime Group, which later went bankrupt in 2021. Simon kept higher-productivity malls and outlets in major metros and tourist markets and spent heavily replacing vacant anchor stores with restaurants, fitness clubs, hotels and apartments.

Pandemic deals

In 2020 Simon tried to walk away from its agreement to buy Taubman Centers, then settled at a reduced $43 per share and acquired an 80% interest in Taubman Realty Group. It also partnered with Authentic Brands Group to buy bankrupt mall tenants through SPARC Group, which combined with JCPenney in January 2025 to form Catalyst Brands. In late 2025 Simon bought the remaining 12% of Taubman Realty Group.

Results and leadership in 2025-2026

Simon reported 2025 revenue of $6.365 billion and record Real Estate FFO of $4.8 billion, or $12.73 per share. After David Simon died in March 2026, his son Eli Simon became CEO. In Q2 2026 Real Estate FFO rose 7.9% to $3.29 per share, occupancy stayed at 96.0%, and the company raised 2026 guidance to $13.20-$13.30 per share.

Table of Contents

Simon Property Group, Inc. Key Facts

CompanySimon Property Group, Inc.
Annual revenue change+6.7% (FY2024–FY2025)
Financials$6.4B (FY2025, last reviewed October 2026)
Market Cap$66.0B
FY2025 net income$5.4B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1960
Founder(s)Melvin Simon, Herbert Simon
CEOEli Simon
HeadquartersIndianapolis, Indiana
IndustryReal Estate
Employees3,600+

Simon Property Company Profile: Revenue, Business Model & Strategy

"Simon is the test case for whether the best physical retail locations can stay valuable in a world where ordinary shopping has moved online."

Why Simon Property Group, Inc. Wins

Simon wins because scarce Class A mall and outlet locations give retailers a physical presence that online channels cannot fully replace.

Simon Property Group, Inc. operates in a competitive market alongside Prologis, Inc., CBRE Group, Inc., Realty Income Corporation. Analysts frequently compare Simon Property Group, Inc. and Prologis, Inc. due to their overlapping products, target markets, and strategic positioning.

Simon Property Group is the largest U.S. mall REIT. It reported FY2025 revenue of $6.365B and record Real Estate FFO of $4.8B, and in August 2026 raised 2026 Real Estate FFO guidance to $13.20-$13.30 per share. Eli Simon has been CEO since March 23, 2026.

Revenue

$6.4B

Founded

1960

Employees

4K+

Market Cap

$66.0B

Author: CorpDigest Research DeskCompany Research

Key Facts

  • Founded: Simon Property Group, Inc. was established in 1960 and is headquartered in Indianapolis, Indiana.
  • Revenue: Simon Property Group, Inc. had $6.4B in annual revenue (FY2025).
  • Valuation: Market capitalization of approximately $66.0B.
  • Scale: Simon Property Group, Inc. employs 3,600 people globally.
  • Business Model: Simon is an equity REIT, so most revenue is lease income from retailers, restaurants and entertainment tenants in its.
  • Competitive Edge: Simon's edge is location scarcity plus cost of capital.

How Simon Property Makes Money

Capital Allocation & Scaling Mechanics

Simon is an equity REIT, so most revenue is lease income from retailers, restaurants and entertainment tenants in its malls, Premium Outlets and Mills centers. Leases combine fixed base minimum rent with tenant recoveries and, in some cases, overage rent tied to tenant sales. Smaller streams include management and development fees from joint-venture properties, Simon Brand Ventures sponsorship and gift-card income, and returns on investments such as its stake in European landlord Klépierre and its minority interest in Catalyst Brands, the retail operator formed in January 2025 by combining SPARC Group and JCPenney.

What Is Simon Property Group, Inc.'s Growth Strategy?

Simon grows by redeveloping existing centers rather than building new malls: replacing vacant department stores with dining, fitness, hotels and apartments, adding mixed-use density on surplus land, and expanding Premium Outlets with partners in Asia and Europe. It also buys out partners in high-quality assets, as with the 2025 purchase of the remaining 12% of Taubman Realty Group for 5.06 million operating-partnership units.

How Much Revenue Does Simon Property Generate?

Simon's revenue rose from $5.96 billion in 2024 to $6.365 billion in 2025. Net income attributable to common stockholders reached $4.624 billion in 2025, inflated by a $2.89 billion non-cash gain from remeasuring its previous Taubman Realty Group stake when it bought the remaining interest. The cleaner operating measure, Real Estate FFO, was a record $4.8 billion ($12.73 per share) in 2025, and Simon returned about $3.5 billion to shareholders that year. In Q2 2026 Real Estate FFO grew 7.9% to $1.249 billion, or $3.29 per share.

Financial MetricEstimated Value (2026)
Market Capitalization$66.0B
Employee Count3,600 +
Latest Annual Revenue$6.4B (FY2025)

Historical Revenue Chart

Simon Property Group, Inc. Annual Revenue History

All figures in USD.

Fiscal YearRevenue FigureYoY Change
FY2016$5.4BN/A
FY2017$5.5B+1.7%
FY2018$5.6B+2.1%
FY2019$5.8B+1.9%
FY2020$4.6B-19.9%
FY2021$5.1B+11.1%
FY2022$5.3B+3.4%
FY2023$5.7B+6.9%
FY2024$6B+5.4%
FY2025$6.4B+6.7%

The source for each year is listed on the Simon Property Group, Inc. financials page.

Core Strength

Simon controls scarce high-productivity malls and outlets that remain valuable to retailers seeking physical presence.

Key Weakness

Tenant bankruptcies, store closures and higher interest rates can pressure rent, occupancy and valuation.

Deep Dive into Simon Property Group, Inc. SWOT Analysis

Who Are Simon Property Group, Inc.'s Main Competitors?

Simon Property Group is the absolute, undisputed titan of the global retail real estate market. It operates as a massive Real Estate Investment Trust (REIT), fiercely battling smaller rivals like Macerich and Taubman (which Simon actually acquired). While the media constantly hypes the 'retail apocalypse,' Simon survives and thrives because it absolutely dominates the 'Class-A' mall tier. While cheap, middle-class suburban malls die, Simon's incredibly luxurious, massive destination malls (like the King of Prussia or Woodbury Common Premium Outlets) remain wildly profitable. Recently, David Simon executed a highly aggressive, deeply controversial strategy: when massive retailers (like Brooks Brothers or JCPenney) go bankrupt, Simon literally buys the retailer out of bankruptcy to prevent the store from closing and hurting the mall's traffic.

Top CompetitorsHead-to-Head Analysis

What Is Simon Property Group, Inc.'s Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1960 -

Melvin Simon and Herbert Simon begin building the Indianapolis shopping-center business that becomes Simon Property Group.

1993 -

Simon Property Group completes its IPO and scales as a public real estate investment trust.

2004 -

Simon expands its outlet platform through the acquisition of Chelsea Property Group.

2014 -

Simon spun off its smaller malls and strip centres as Washington Prime Group in 2014.

2020 -

Mall closures and tenant disruption test Simon's balance sheet and tenant relationships.

2025 -

Simon buys the remaining 12% of TRG for 5.06 million operating-partnership units and books a $2.89B non-cash remeasurement gain in Q4 2025.

2026 -

After David Simon's death, the board appoints Eli Simon CEO and president effective March 23, 2026.

2026 -

Simon reports Q1 2026 results and increases full-year Real Estate FFO guidance.

2026 -

Q2 2026 Real Estate FFO rises 7.9% to $3.29 per share and 2026 guidance moves to $13.20-$13.30 per share.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

Weak retailer demand, higher rates or poor redevelopment returns could reduce FFO growth and pressure the dividend story.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Simon Property Start and Grow?

Established

1960

Fiscal Revenue (FY2025)

$6.4B

Workforce

4K+

HQ Location

Indianapolis, Indiana

Simon competes for tenants and shoppers with Macerich, Brookfield Properties' retail portfolio, Unibail-Rodamco-Westfield, Tanger, open-air REITs such as Federal Realty, and e-commerce.

Key Turning Point

: The Strategic Shift That Created a Behemoth

In response to the retail real estate crash of the late 1980s and the need for permanent, institutional-grade capital, the firm executed a strategic pivot by completing its initial public offering and electing to be taxed as a real estate investment trust. This transition transformed the firm from a speculative, leveraged development company into a stable, institutional-grade equity investment.

Explore Simon Property In Depth

Detailed research across every dimension of Simon Property — history, financials, leadership, and strategy.

Company History

A family shopping-center business became America's defining premium mall REIT.

Full Simon Property history →

Revenue & Financials

Simon Property had $6.4B in revenue for fiscal year 2025. Data covers 10 fiscal years. Market capitalization stands at approximately $66B.

Simon Property financials →

Founders

Simon Property was founded by Melvin Simon, Herbert Simon in 1960. Explore each founder's background, motivations, and their role in building the company.

Simon Property founders →

CEO & Leadership

Simon Property is currently led by Eli Simon. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Simon Property CEO history →

Business Model

Simon is an equity REIT, so most revenue is lease income from retailers, restaurants and entertainment tenants in its malls, Premium Outlets and Mills centers.

How Simon Property makes money →

Acquisitions

Simon Property has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Simon Property acquisitions →

Competitive Strategy

Simon grows by redeveloping existing centers rather than building new malls: replacing vacant department stores with dining, fitness, hotels and apartments, adding mixed-use density on surplus land, and expanding…

Simon Property strategy →

CorpDigest Research Desk

 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About Simon Property

What is Simon Property Group and what commercial real estate assets does it own?

Simon Property Group, Inc. is the largest real estate investment trust (REIT) in the United States and the preeminent global owner, operator, and developer of premier shopping, dining, entertainment, and mixed-use retail destinations. Headquartered in Indianapolis, Indiana, Simon owns or holds an interest in over 230 properties totaling approximately 180 million square feet across North America, Europe, and Asia.

Where is Simon Property Group headquartered and on which stock exchange does it trade?

Simon Property Group is headquartered in Indianapolis, Indiana. Its common stock is publicly traded on the New York Stock Exchange under the ticker symbol 'SPG' and is an S&P 100 and S&P 500 constituent.

Who is the Chief Executive Officer of Simon Property Group?

David Simon is the Chairman of the Board and Chief Executive Officer of Simon Property Group. The son of co-founder Melvin Simon, David Simon joined the company in 1990, became CEO in 1995, and has led Simon through three decades of large consolidation, transforming it into an S&P 100 real estate leader.

What are Simon Property Group's primary retail property platforms?

Simon operates four premier property platforms: Traditional Regional Malls (Class A enclosed super-regional centers), Premium Outlets (industry-leading open-air luxury outlet centers), The Mills (large value-retail and entertainment destination centers), and International Properties (designer outlets across Europe, Japan, South Korea, and Malaysia).

What is Simon's Premium Outlets portfolio?

Premium Outlets is Simon's world-renowned open-air outlet shopping platform featuring over 65 luxury and designer outlet centers globally (including Woodbury Common Premium Outlets in New York, Desert Hills in California, and Orlando Premium Outlets), attracting millions of affluent domestic and international tourists.

What is the SPARC Group joint venture and which retail brands does it operate?

SPARC Group LLC is a strategic 50/50 retail operating joint venture between Simon Property Group and Authentic Brands Group (ABG). SPARC owns and operates well-known lifestyle apparel brands including Brooks Brothers, Lucky Brand, Forever 21, Aeropostale, Eddie Bauer, and Nautica, operating over 1,500 retail stores.

What is Simon's average tenant occupancy rate across its portfolio?

Simon Property Group maintains an industry-leading average occupancy rate between 95.0% and 96.2% across its shopping mall and Premium Outlet centers, reflecting retailer demand for its top-tier, high-productivity Class A real estate locations.

What is Simon's mixed-use densification strategy?

Simon actively transforms traditional mall parking lots and vacant anchor department store boxes into dynamic mixed-use urban villages, adding luxury multifamily apartment towers, boutique hotels (such as AC by Marriott), Life Time athletic resorts, and Class A office space to drive permanent foot traffic.

Are malls dying in America?

While lower-tier 'Class B and C' regional malls are struggling or dying, Simon Property Group primarily owns 'Class A' massive, highly profitable luxury malls and Premium Outlets which continue to generate billions in revenue.

Who founded Simon Property Group?

The company was founded in 1960 by brothers Melvin Simon, Herb Simon, and David Simon, initially developing open-air strip plazas before pivoting to massive enclosed malls.

Analysis: How Simon Property Group, Inc. Makes Money

Deep dive into the Simon Property Group, Inc. business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

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    Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

    Primary source: www.sec.gov/Archives/edgar/data/1063761/000110465926019419/s

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    Editorial Methodology

    Company Research

    We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

    1. Primary Sources

    Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

    2. Expert Curation

    We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

    3. Multi-Pass Audit

    Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

    Swet Parvadiya
    SEC filings & public records methodology
    Sourced from public financial records

    Explore Related Pages for Simon Property Group, Inc.

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    Sources & References

    The data and narrative synthesized in this intelligence report were verified against primary sources:

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    Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.