Analyst Report: Simon Property Group, Inc.

Argus

•

Feb 14, 2025

Summary

Simon Property Group Inc., based in Indianapolis, is a retail REIT that is one of the largest owners of high-end malls, outlet centers, and lifestyle destinations in North America, Asia, and Europe. In 2016, the company had expanded its profile by investing in the retail operations of several well-known retail brands, including Reebok, Aeropostale, Nautica, and Forever 21 through its partnerships, including SPARC and ABG. The investments were reconsidered after the pandemic, once consumers began to return to outdoor retail spaces. In 2023, the company began to sell its interest in retail brands and in 2024, Simon sold its remaining interest in ABG brands. The company still has active joint venture interests including an 84% interest in the Taubman Group, a 22% interest in Klepierre, a Paris-based real estate firm, and SPARC. SPG also operates Simon Brand Ventures, which offers appraisals and real estate services.

At the end of 2024, Simon owned or had interests in about 233 properties with about 12 million square feet of international leasable space and 170 million square feet of domestic space. Last year, revenues were just under $6 billion, of which about 60% were from joint venture interest. At year-end 2024, about 82% of port