SIMON PROPERTY GROUP INC. (SPG)

Simon Property Group, Inc. is a Delaware corporation operating as a self-administered, self-managed real estate investment trust (REIT), with Simon Property Group, L.P. serving as its majority-owned operating partnership subsidiary that owns all real estate properties and other assets. The company owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, primarily consisting of malls, Premium Outlets, and The Mills. As of December 31, 2022, it owned or held interests in 196 income-producing properties across 37 U.S. states and Puerto Rico, comprising 94 malls, 69 Premium Outlets, 14 Mills properties, six lifestyle centers, and 13 other retail properties.

The company also holds an 80% noncontrolling interest in The Taubman Realty Group, LLC (TRG), which has interests in 24 regional, super-regional, and outlet malls in the U.S. and Asia, and maintains ownership interests in 34 Premium Outlet and Designer Outlet properties internationally, primarily in Asia, Europe, and Canada. Additionally, Simon holds a 22.4% equity stake in Klépierre SA, a publicly traded Paris-based real estate company with shopping center interests across 14 European countries. As a REIT, the company must distribute at least 90% of its taxable income and maintain compliance with asset and income tests, including deriving at least 75% of gross income from real property-related investments.

To fund acquisitions, development, redevelopment, and debt refinancing, Simon accesses debt markets through its Operating Partnership, which maintains a $4.0 billion unsecured revolving Credit Facility (expandable to $5.0 billion) and a $3.5 billion Supplemental Facility (expandable to $4.5 billion), along with a $2.0 billion global unsecured commercial paper program. The company operates within the highly competitive and dynamic retail real estate industry, competing against various merchandise distribution channels including other malls, outlet centers, community and lifestyle centers, and shopping centers domestically and abroad, as well as internet retailing platforms and catalogs, including those operated by its own tenants. Its customers are primarily retail tenants leasing space across its portfolio of shopping, dining, and entertainment properties, with markets spanning the United States, Asia, and Europe through its various ownership interests and joint ventures.