SIMON PROPERTY GROUP INC. (SPG)

Simon Property Group, Inc. is an Indiana corporation operating as a self-administered and self-managed real estate investment trust (REIT). It owns, develops and manages premier shopping, dining, entertainment and mixed-use destinations. Substantially all of its real estate properties and other assets are held directly or indirectly through its majority-owned Indiana partnership subsidiary, Simon Property Group, L.P. (the Operating Partnership), which is required to pay all of Simon's expenses.

The portfolio consists primarily of malls, Premium Outlets and The Mills. As of December 31, 2025, the company owned or held an interest in 212 income-producing properties in the United States: 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers and 12 other retail properties, located in 38 states and Puerto Rico. It also held ownership interests in 42 properties internationally, primarily in Asia, Europe and Canada. It owned a 22.2% equity stake in Klépierre SA, a publicly traded, Paris-based real estate company with shopping centers in 13 countries in Europe. Its other platform investments include retail operations such as Catalyst Brands LLC, the e-commerce venture Rue Gilt Groupe (which operates shop.simon.com), and Jamestown, a global real estate investment and management company. On October 31, 2025, it acquired the remaining 12% interest in The Taubman Realty Group, LLC, having held an 88% noncontrolling interest until then.

The text identifies its markets geographically, with U.S. properties across 38 states and Puerto Rico and international properties in Asia, Europe and Canada. It does not describe its tenants or shoppers.

The company emphasizes equity real estate investments, though it may also provide secured financing to, or invest in securities of, other real estate entities, subject to REIT asset and income tests. It may make non-real estate investments primarily through a taxable REIT subsidiary. Because REIT status requires distributing at least 90% of REIT taxable income, it regularly accesses the debt markets to fund acquisitions, development, redevelopment and refinancing. The Operating Partnership has a $5.0 billion unsecured revolving credit facility, a $3.5 billion supplemental unsecured revolving credit facility and a $2.0 billion global commercial paper program. Its debt covenants cap total debt at 65% of total assets (60% for certain debt) and secured debt at 50%. It may also raise capital through equity or unit issuances, joint ventures, mortgage and securitized financings, and property sales. A majority of Simon's board must be independent under NYSE standards, and transactions with the Simon family require Audit Committee approval. The board authorized a new $2.0 billion common stock repurchase program in February 2026, running through February 29, 2028.