Simon Property Group, Inc.
Company History
Simon Property History: Founding, Growth & Key Milestones
Founded 1960 in Indianapolis, Indiana, United States
When was Simon Property founded?
Simon Property was founded in 1960 in Indianapolis, Indiana, United States by Melvin Simon and Herbert Simon, making it 66 years old.
- Founded
- 1960
- Founding place
- Indianapolis, Indiana, United States
- Founders
- Melvin Simon and Herbert Simon
- Headquarters today
- Indianapolis, Indiana
- Milestones documented
- 13 (1960–2026)
- Current CEO
- Eli Simon
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1960 | Simon business begins |
| 1993 | Simon goes public |
| 1996 | DeBartolo Merger |
| 2004 | Chelsea Property Group deal closes |
| 2007 | Acquired Mills Corporation interests |
| 2010 | Prime Outlets Acquired |
| 2014 | Washington Prime Spin-Off |
| 2020 | Pandemic stress tests retail real estate |
| 2025 | FY2025 revenue reaches $6.365B |
| 2025 | Full ownership of Taubman Realty Group |
| 2026 | Eli Simon becomes CEO |
| 2026 | Q1 guidance is raised |
| 2026 | Q2 guidance raised again |
- Where was Simon Property founded?
- Simon Property was founded in Indianapolis, Indiana, United States in 1960.
- Who founded Simon Property?
- Simon Property was founded by Melvin Simon and Herbert Simon.
- When did Simon Property start?
- Simon Property was founded in 1960.
- How old is Simon Property?
- Simon Property is 66 years old as of 2026.
Founding Story
In 1960 Melvin Simon and his brother Herbert, later joined by brother Fred, started a shopping-center development business in Indianapolis. Their first project was Southgate Plaza in Bloomington, Indiana. The firm went on to build enclosed regional malls across the Midwest and co-develop Mall of America before listing on the NYSE in a 1993 IPO.
Founders
Melvin Simon
Melvin Simon (1926-2009) co-founded Melvin Simon & Associates in 1960, the business that became Simon Property Group. He led its growth from strip centers to enclosed regional malls, co-developed Mall of America, took the company public in 1993 and served as co-chairman until his death in 2009. He also produced films including Porky's and, with Herbert, bought the NBA's Indiana Pacers in 1983. Melvin Simon was born in 1926.
Herbert Simon
Herbert Simon co-founded the Simon business with Melvin Simon in 1960 and served as chief executive before David Simon took over in 1995, later becoming chairman emeritus. He is also the longtime owner of the Indiana Pacers, which he and Melvin bought in 1983. Herbert Simon was born in 1934 in New York City. Education: City College of New York.
Key Milestones
Simon business begins
Melvin Simon and Herbert Simon begin building the Indianapolis shopping-center business that becomes Simon Property Group.
Source: simon.comSimon goes public
Simon Property Group completes its IPO and scales as a public real estate investment trust.
Source: sec.govChelsea Property Group deal closes
Simon expands its outlet platform through the acquisition of Chelsea Property Group.
Source: sec.govAcquired Mills Corporation interests
Simon Property Group acquired Mills Corporation interests.
Source: sec.govPrime Outlets Acquired
Simon bought Prime Outlets in 2010 for about $2.3 billion.
Source: en.wikipedia.orgWashington Prime Spin-Off
Simon spun off its smaller malls and strip centres as Washington Prime Group in 2014.
Source: en.wikipedia.orgPandemic stress tests retail real estate
Mall closures and tenant disruption test Simon's balance sheet and tenant relationships.
Source: sec.govFull ownership of Taubman Realty Group
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.
Source: prnewswire.comEli Simon becomes CEO
After David Simon's death, the board appoints Eli Simon CEO and president effective March 23, 2026.
Source: investors.simon.comQ1 guidance is raised
Simon reports Q1 2026 results and increases full-year Real Estate FFO guidance.
Source: investors.simon.comQ2 guidance raised again
Q2 2026 Real Estate FFO rises 7.9% to $3.29 per share and 2026 guidance moves to $13.20-$13.30 per share.
Source: prnewswire.comMajor Acquisitions
Chelsea Property Group
2004Expand Simon's Premium Outlets platform.
Mills Corporation interests
2007Add large-format retail and entertainment destinations through a 50-50 joint venture with Farallon Capital Management, completed via a $25.25-per-share cash tender offer.
Taubman Realty Group stake
2020Acquire an 80% interest in Taubman Realty Group, completed December 2020 at a renegotiated $43 per Taubman share, down from $52.50.
Remaining 12% of Taubman Realty Group
2025Take full ownership of Taubman's Class A mall portfolio.
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Simon Property Company History FAQ
When and where was Simon Property Group originally founded?
Simon Property Group traces its origins to 1960, when brothers Melvin Simon and Herbert Simon founded Melvin Simon & Associates (MSA) in Indianapolis, Indiana.
What was the first shopping center developed by Melvin Simon & Associates?
The company's first commercial project was Southgate Plaza, an open-air strip shopping center developed in Bloomington, Indiana, in August 1960, anchored by a grocery store and department store.
How did the Simon brothers expand during the enclosed mall boom of the 1960s and 1970s?
Melvin and Herbert Simon recognized the suburban migration across the American Midwest, developing dozens of enclosed regional shopping malls including Markland Mall in Kokomo, Indiana, and Castleton Square Mall in Indianapolis.
What was Simon's role in developing the Mall of America?
In the late 1980s, Melvin Simon & Associates partnered with the Ghermezian family's Triple Five Group to develop Mall of America in Bloomington, Minnesota. When it opened in August 1992, it was the largest enclosed shopping mall in the United States.
When did Simon Property Group go public as a REIT?
In December 1993, the Simon family took the business public on the New York Stock Exchange as Simon Property Group (NYSE: SPG), raising $833 million in what was the largest Real Estate Investment Trust (REIT) initial public offering in Wall Street history at the time.
What was the landmark 1996 merger with DeBartolo Realty Corp?
In 1996, Simon merged with DeBartolo Realty Corp (founded by Edward J. DeBartolo Sr.) in a $3 billion transaction to create Simon DeBartolo Group, creating an unprecedented portfolio of 111 regional malls across the nation.
How did the 1998 acquisition of Corporate Property Investors (CPI) transform the portfolio?
In 1998, Simon acquired Corporate Property Investors for $5.8 billion, adding premier Class-A trophy properties including Roosevelt Field on Long Island, Lenox Square and Phipps Plaza in Atlanta, and The Galleria in Houston, while dropping DeBartolo to become Simon Property Group.
When did Simon acquire Chelsea Property Group and enter Premium Outlets?
In 2004, Simon acquired Chelsea Property Group for $3.5 billion, bringing the world's leading designer outlet portfolio—now known as Premium Outlets, including Woodbury Common and Desert Hills—under Simon ownership.
What was the 2007 acquisition of The Mills Corporation?
In 2007, Simon partnered with hedge fund Farallon Capital to acquire The Mills Corporation for $7.9 billion, absorbing massive experiential and value-retail super-regional centers such as Sawgrass Mills in Sunrise, Florida, and Ontario Mills in California.
Why did Simon spin off Washington Prime Group in 2014?
In May 2014, Simon spun off 98 strip shopping centers and lower-productivity smaller enclosed malls into a separate publicly traded REIT, Washington Prime Group (WPG), allowing Simon to concentrate strictly on high-productivity Class-A fortress malls.
How did Simon execute the acquisition of Taubman Centers during 2020?
In February 2020, Simon agreed to acquire luxury mall rival Taubman Centers for $52.50 per share ($3.6B). When COVID-19 shut down malls, Simon filed to terminate the merger, renegotiating the purchase price down to $43.00 per share (~$3.4B) to close an 80% stake in December 2020, before buying out the remaining 20% in 2025.
Who succeeded David Simon as CEO in 2026?
Following the death of long-time Chairman and CEO David Simon in March 2026, his son Eli Simon was appointed President and Chief Executive Officer of Simon Property Group, continuing three generations of family leadership.
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