Simon Property Group Inc. (NYSE: SPG)

Simon Property Group, Inc. owns, develops and manages premier shopping, dining, entertainment and mixed use destinations, which consist primarily of malls, Premium Outlets, and The Mills. The company operates as a self administered and self managed real estate investment trust (REIT) under the Internal Revenue Code. As of September 30, 2025, it owned or held an interest in 194 income producing properties in the United States, comprising 92 malls, 70 Premium Outlets, 14 Mills, six lifestyle centers, and 12 other retail properties across 37 states and Puerto Rico. Internationally, the company held interests in 38 Premium Outlets, Designer Outlets, and Luxury Outlet properties located in Asia, Europe, and Canada.

Simon Property Group, Inc. generates revenue primarily from lease income received from retail, dining, entertainment, and other tenants, which includes fixed minimum lease consideration, fixed common area maintenance reimbursements, and variable lease consideration based on tenants’ reported sales as well as reimbursements for real estate taxes, utilities, marketing, and other items. The company also earns management fees from properties it oversees, which are typically based on the revenues of the managed properties. Supplemental revenue streams consist of marketing alliances, media initiatives, business development, sponsorships, events, property operating services such as waste handling and energy services, sales or leases of outlot land, and interest income on cash deposits and loans to related entities. These diverse income sources support the REIT’s cash flow and enable distributions to shareholders.

The company operates through the following segments: U. S. Malls and Premium Outlets, U. S. TRG, The Mills, International Premium Outlets/Designer Outlet/Luxury Outlet properties, and Other Platform Investments. These segments reflect the company’s operational structure for managing its diverse real estate portfolio.

• U. S. Malls and Premium Outlets: This segment comprises 92 malls and 70 Premium Outlets located across 37 states and Puerto Rico. As of September 30, 2025, the segment reported an average base minimum rent of $59.14 per square foot and an ending occupancy rate of 96.4%.

• U. S. TRG: Through its 88% noncontrolling interest in Taubman Realty Group, LLC, the segment holds interests in 22 regional, super-regional, and outlet malls located in the United States and Asia. The investment contributes lease income and property management revenues to the company’s overall earnings.

• The Mills: This segment includes 14 Mills properties situated in the United States. As of September 30, 2025, the Mills portfolio recorded an average base minimum rent of $38.25 per square foot and an ending occupancy of 99.4%.

• International Premium Outlets/Designer Outlet/Luxury Outlet properties: This segment consists of 38 Premium Outlets, Designer Outlets, and Luxury Outlet properties primarily located in Asia, Europe, and Canada. The international portfolio generates lease income from fixed and variable rent, common area maintenance reimbursements, and other tenant recoveries.

• Other Platform Investments: This segment encompasses holdings in Catalyst Brands LLC (retail operations), Rue Gilt Groupe (online venture), and Jamestown (global real estate investment and management company). The segment generates income through equity stakes, management fees, and related service revenues derived from these investments.

Simon Property Group, Inc. operates in a highly competitive retail real estate industry that includes competition from other REITs, private developers, and the growing online commerce sector. The company’s competitive advantages arise from its large scale, diversified portfolio of premier shopping destinations, and its ability to attract and retain high quality tenants. Active mixed use development and marketing initiatives further enhance consumer traffic and differentiate its properties from rivals. Additionally, the company’s investment grade credit rating and access to multiple capital sources support its growth and acquisition activities.

Simon Property Group, Inc. serves a diverse customer base that includes retail shoppers seeking department stores, specialty boutiques, dining establishments, entertainment venues, and service providers across its malls, outlet centers, and mixed use properties. The tenant mix comprises national and regional retailers, restaurants, and experiential offerings that draw visitors to the company’s destinations. By maintaining a broad array of shopping and dining options, the company aims to meet varied consumer preferences and drive repeat visits.