Simon Property Group

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Simon Property Group, Inc.
FormerlyMelvin Simon & Associates (1960–1993)
Simon DeBartolo Group (1996–1998)
Company type
Public
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Headquarters
Indianapolis, Indiana
,
U.S.
Areas served
Worldwide
Key people
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Total equityDecrease US$2.94 billion (2024)
Number of employees
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Websitesimon.com
Footnotes / references
[5][6]

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File:King of Prussia Mall entrance between Neiman Marcus and Macy's.jpg
King of Prussia in Pennsylvania is the fourth largest mall in America

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[7][8] and is headquartered in Indianapolis, Indiana. As of December 31, 2024, it owned interests in 232 properties.[5]

History

20th century

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.[9] 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.[10][11] In the following year, the company acquired The Retail Property Trust for $1.2 billion in a hostile takeover.[12] Also in 1997, in partnership with Macerich, the company acquired 12 malls from IBM's pension plan for $974.5 million.[13] One year after these acquisitions, the company acquired Corporate Property Investors and was reverted to the Simon Property Group name.[14][15] The company also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe.[16]

In 1999, the company acquired 14 shopping centers from New England Development for $725 million.[17]

21st century

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.[18] In the following year, Simon acquired a majority interest The Kravco Company, owner of the King of Prussia, for $300 million.[19] The company entered the outlet mall business in June 2004 with the acquisition of Chelsea Property Group, Inc. for $3.5 billion, making their fourth platform Chelsea Premium Outlets (later renamed Simon Premium Outlets, or simply Premium Outlets).[20]

In April 2007, Simon Property Group and Farallon Capital Management acquired the Chevy Chase, Maryland-based Mills Corporation for $1.64 billion.[21][22] The acquisition led to the creation of Simon's fifth platform, known as The Mills, and ownership and management of Sawgrass Mills in South Florida, the largest outlet mall in the world.[23]

Two years later, Simon attempted to acquire malls owned by General Growth Properties.[24] The Premium Outlets portfolio was expanded with the acquisition of Prime Retail for $2.24 billion in December 2009.[25] In February 2010, Simon placed a bid acquire General Growth Properties, which was in bankruptcy protection.[26][27] 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.[28] In April 2010, Simon offered to make a $2.5 billion equity investment in GGP including a $1 billion investment by Paulson & Co.[29][30] In May 2010, Simon withdrew from the bidding for GGP after GGP favored transactions with Brookfield Asset Management.[31]

In May 2010, Simon acquired Prime Retail's Prime Outlets-Puerto Rico in Barceloneta, Puerto Rico, which it immediately renamed to Puerto Rico Premium Outlets. In August 2010, Simon acquired an additional 21 outlet malls, including locations in Williamsburg, Virginia (Williamsburg Premium Outlets), San Marcos, Texas (San Marcos Premium Outlets) and Hagerstown, Maryland (Prime Outlets-Hagerstown, now Hagerstown Premium Outlets) for a total of $2.3 billion.[32] 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.[33] In September 2011, Simon acquired Southdale Center in Edina, Minnesota.[34] In March 2012, Simon acquired Farallon's stake in 26 Landmark Mills malls for $1.5 billion.[35] In August 2013, Toronto Premium Outlets opened in Halton Hills, Ontario, Canada.[36] In October 2014, Premium Outlets Montreal, the second in Canada, opened.[37]

In May 2014, the company completed the corporate spin-off of Washington Prime Group, headed by Mark Ordan, the final CEO of The Mills Corporation.[38][39] In January 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher. As part of the deal, Simon acquired The Outlet Collection Jersey Gardens (which it renamed to The Mills at Jersey Gardens to integrate it into its The Mills platform[40]) 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.[41] Two months later, the company offered $23.3 billion for Macerich; however the offer was rejected and withdrawn in April 2015.[42][43]

In September 2016, in partnership with Authentic Brands Group and GGP Inc., the company acquired Aéropostale.[44] In October 2016, Simon opened Clarksburg Premium Outlets in Montgomery County, Maryland. It was their first shopping center in the Premium Outlets portfolio to have two floors, as well as the first open-air outlet mall in North America developed from scratch to feature two floors.[45] In May 2018, Premium Outlet Collection YEG opened at Edmonton International Airport.[46] In February 2020, in partnership with Authentic Brands Group, the company acquired Forever 21.[47]

In August 2020, in partnership with Authentic Brands, the company acquired Brooks Brothers and Lucky Brand Jeans.[48] In December 2020, the company acquired Taubman Centers for $3.4 billion.[49] It also acquired JCPenney in partnership with Brookfield Asset Management.[50] In April 2022, Simon and Brookfield offered to buy Kohl's but were rejected.[51] Simon purchased a 50% stake in Jamestown L.P., a real estate developer, in October 2022.[52]

In February 2025, Herb Simon retired as chairman and director.[53] In August 2025, Simon Property named executive vice president, Eli Simon, as their new Chief operating officer (COO).[54]

On March 22, 2026, CEO David Simon died of cancer at age 64. Eli Simon took over as CEO and will remain COO.[55]

See also

References

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  1. ^ [1]
  2. ^ [2]
  3. ^ [3]
  4. ^ [4]
  5. ^ a b Page Module:Citation/CS1/styles.css has no content."Simon Property Group 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 21, 2025.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group". Fortune.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Top 25 Shopping Center Owners". Archived from the original on May 9, 2025. Retrieved May 12, 2025.
  8. ^ Page Module:Citation/CS1/styles.css has no content."10 Largest Retail Shopping Center Management Companies - PMI". Property Manager Insider. June 29, 2021. Retrieved May 12, 2025.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Miller, Stephen; Hudson, Kris (September 17, 2009). "He Built America's First Megamall". The Wall Street Journal.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Kumer, Ken (March 27, 1996). "SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES". Seattle Daily Journal of Commerce. Associated Press.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Bryant, Adam (March 27, 1996). "Simon Property To Acquire DeBartolo for $1.5 Billion". The New York Times.
  12. ^ Page Module:Citation/CS1/styles.css has no content.WAHBA, PHIL (December 2, 2016). "Simon Property Group Fights to Reinvent the Shopping Mall". Fortune.
  13. ^ Page Module:Citation/CS1/styles.css has no content."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.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Simon buys: Simon DeBartolo Group Inc. will buy Corporate". Chicago Tribune. February 19, 1998.
  15. ^ Page Module:Citation/CS1/styles.css has no content.BAGLI, CHARLES V. (February 20, 1998). "Simon DeBartolo Wins Fight For a Prime Group of Malls". The New York Times.
  16. ^ Page Module:Citation/CS1/styles.css has no content.Liu, Jonathan. "Simon Property Group 1998 Annual Report".
  17. ^ Page Module:Citation/CS1/styles.css has no content.Martinez, Barbara (February 26, 1999). "Simon Property Agrees to Acquire 14 Shopping Malls for $725 Million". The Wall Street Journal.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group Announces Completion of Rodamco Acquisition". Simon Property Group. May 6, 2002.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Kostelni, Natalie (November 10, 2003). "K of P mall to be sold". American City Business Journals.
  20. ^ Page Module:Citation/CS1/styles.css has no content.Schouten, Cory (December 8, 2009). "Simon buying Prime Outlets in $2.3B deal". Indianapolis Business Journal.
  21. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group and Farallon Capital Management Complete Acquisition of The Mills Corporation" (Press release). Simon Property Group. April 6, 2007.
  22. ^ Page Module:Citation/CS1/styles.css has no content."Simon, Farallon close acquisition of Southridge owner". American City Business Journals. April 6, 2007.
  23. ^ Page Module:Citation/CS1/styles.css has no content."Simon, Farallon bid $1.56 billion for Mills". Reuters. Retrieved March 12, 2026.
  24. ^ Page Module:Citation/CS1/styles.css has no content."Simon Tried to Buy GGP Malls". National Real Estate Investor. April 28, 2009.
  25. ^ [5]
  26. ^ Page Module:Citation/CS1/styles.css has no content.DE LA MERCED, MICHAEL J. (February 16, 2010). "Simon Bids $10 Billion for General Growth Properties". The New York Times.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Pisani, Bob (February 16, 2010). "Pisani: Simon Property's $10 Billion Bid on General Growth". CNBC.
  28. ^ Page Module:Citation/CS1/styles.css has no content.Marshall, Jim (February 20, 2010). "General Growth sued by shareholder-report". Reuters.
  29. ^ Page Module:Citation/CS1/styles.css has no content."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.
  30. ^ Page Module:Citation/CS1/styles.css has no content.Jonas, Ilaina (April 14, 2010). "Simon still interested in buying General Growth: source". Reuters.
  31. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group Withdraws Acquisition and Recapitalization Proposals for General Growth Properties" (Press release). Simon Property Group. May 7, 2010.
  32. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group Completes Prime Outlets Transaction" (Press release). PR Newswire. August 30, 2010.
  33. ^ Page Module:Citation/CS1/styles.css has no content.Barwell, Tim; Louis, Brian (January 11, 2011). "Simon Property Abandons Offer for Capital Shopping". Bloomberg News.
  34. ^ Page Module:Citation/CS1/styles.css has no content."New owner Simon Properties hopes to turn around Southdale". St. Paul Pioneer Press. September 10, 2011.
  35. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group announces two strategic acquisitions". Simon Investors.
  36. ^ Page Module:Citation/CS1/styles.css has no content.Shum, David (August 1, 2013). "Toronto Premium Outlets open in Halton Hills - Toronto". Global News.
  37. ^ Page Module:Citation/CS1/styles.css has no content.Friede, Eva (October 29, 2014). "Premium Outlets opens discount mecca at Mirabel". Montreal Gazette.
  38. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
  39. ^ Page Module:Citation/CS1/styles.css has no content.Karr, Arnold J. (December 13, 2013). "Simon Plans Spin-off of Smaller Properties". Women's Wear Daily.
  40. ^ Page Module:Citation/CS1/styles.css has no content."Simon Adds The Mills® At Jersey Gardens And University Park Village To Its Portfolio". PR Newswire. Indianapolis. January 15, 2015. Retrieved April 8, 2026.
  41. ^ Page Module:Citation/CS1/styles.css has no content."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.
  42. ^ Page Module:Citation/CS1/styles.css has no content.Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid". Forbes.
  43. ^ Page Module:Citation/CS1/styles.css has no content.MASUNAGA, SAMANTHA (April 1, 2015). "Simon gives up after Macerich rejects second bid". Los Angeles Times.
  44. ^ Page Module:Citation/CS1/styles.css has no content."Aéropostale Consortium Finalizes Acquisition" (Press release). Business Wire. September 15, 2016.
  45. ^ Page Module:Citation/CS1/styles.css has no content.Nelson, John (October 28, 2016). "Simon Opens Clarksburg Premium Outlets in Metro D.C." REBusinessOnline. Retrieved April 19, 2026.
  46. ^ Page Module:Citation/CS1/styles.css has no content."Premium Outlet Collection Edmonton International Airport Celebrates Its Grand Opening" (Press release). PR Newswire. May 2, 2018.
  47. ^ Page Module:Citation/CS1/styles.css has no content."Acquisition Of Forever 21 Finalized" (Press release). Business Wire. February 19, 2020.
  48. ^ Page Module:Citation/CS1/styles.css has no content.Bhattarai, Abha (August 26, 2020). "Mall giant Simon snapping up bankrupt retailers to outdo its rivals". The Washington Post.
  49. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property Group Completes Acquisition Of Taubman Centers, Inc" (Press release). PR Newswire. December 29, 2020.
  50. ^ Page Module:Citation/CS1/styles.css has no content.Halkias, Maria (December 7, 2020). "J.C. Penney sale to landlords Simon and Brookfield is completed". The Dallas Morning News.
  51. ^ Page Module:Citation/CS1/styles.css has no content.Stein, Sanford. "Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney". Forbes. Retrieved May 11, 2022.
  52. ^ Page Module:Citation/CS1/styles.css has no content.Wong, Natalie (October 11, 2022). "Mall Giant Simon Buying 50% of Real Estate Investor Jamestown". Bloomberg. Retrieved October 11, 2022.
  53. ^ Page Module:Citation/CS1/styles.css has no content.Agness, Scott. "Herb Simon retires from Simon Property Group". www.fieldhousefiles.com. Retrieved September 6, 2025.
  54. ^ Page Module:Citation/CS1/styles.css has no content."Simon Property names Eli Simon COO". August 7, 2025. Retrieved September 4, 2025.
  55. ^ Page Module:Citation/CS1/styles.css has no content.Howland, Daphne (March 23, 2026). "Simon Property Group CEO David Simon dies at 64". Retail Dive. Retrieved March 24, 2026.

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