Simon operates as a real estate investment trust (REIT) leasing retail space across regional malls, Premium Outlets, and mixed-use properties to national and global retail brands, earning revenue primarily through rent tied to tenant sales performance ('sales per square foot'). The company grew this platform through major acquisitions: Chelsea Property Group (about $5.1-5.2 billion including debt, 2004) built its outlet-mall business into a core growth engine; a 50%-owned joint venture with Farallon Capital Management acquired Mills Corporation's large-format retail and entertainment centers for $25.25 per share in 2007; and Simon acquired a 80% interest in Taubman Realty Group for about $3.4 billion in 2020 (revised down from an original $3.6 billion agreement), adding high-end Class A malls. When anchor retailers go bankrupt, Simon has at times taken the unusual step of directly acquiring them to keep its anchor stores occupied rather than lose foot traffic. FY2025 consolidated revenue reached $6.365 billion, with common-stockholder net income of $4.624 billion, continuing steady growth despite broader pressure on physical retail from e-commerce. Simon's scale advantage lets it negotiate more favorable lease terms with national retailers than smaller mall operators can, since a retailer seeking national distribution often needs Simon's properties specifically to reach certain high-value markets, giving Simon negotiating leverage that has become more valuable, not less, as e-commerce has forced retailers to be more selective about which physical locations justify the investment.