Simon Property Group (SPG)
Owner and operator of malls, Premium Outlets, The Mills and mixed-use retail destinations.
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Simon is a landlord for large shopping destinations, and retailer rent is overwhelmingly what pays the bills. Its U.S. malls and outlets are the core, with Mills and overseas centers adding smaller rent pools. Redevelopment, advertising inside its properties, and stakes in retailers are attempts to make those destinations earn in more ways, but they remain side bets beside rent.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 14 more below
Simon Malls and Simon Premium Outlets
The main rent engine spans malls and Premium Outlets and supplies roughly three quarters of company revenue. In Q2 2026, occupancy was 96.0%; watch whether shopper visits and healthy retailers keep the space full.
Competes with Tanger Outlets (Tanger) · Regional Town Centers and Fashion Outlets of Chicago (Macerich)
In plain English
Think of a Simon mall or Premium Outlet as a busy street with one landlord. Simon owns the destination, keeps the shared spaces working, and gathers stores in a place shoppers already know.
Retailers sign long leases for that access. Most pay a set rent, some pay more when their sales rise, and tenants also repay part of the property's running costs. Nearly full buildings and higher renewal rates do most of the economic work. If shoppers stop visiting or retailers fail, empty space takes time and money to refill.
Development, Redevelopment and Mixed Use
Simon is rebuilding older properties and adding shops, homes, hotels, dining and entertainment. Current projects target a 9% return once settled; construction costs, approvals and finding paying occupants decide whether that return arrives.
Competes with Scottsdale Fashion Square and Tysons Corner Center redevelopments (Macerich) · Westfield destination-development program (Unibail-Rodamco-Westfield)
In plain English
This is the construction crew inside the business. Simon replaces tired store space, enlarges productive centers, and adds apartments, hotels, restaurants or entertainment so one property can serve more parts of a visitor's day.
The money goes out first for land, materials and building work. It comes back later as rent from shops, residents and other operators, sometimes shared with a project partner. A project only works if building stays near budget, permits arrive, and enough occupants commit before or soon after opening.
The Mills
The Mills mix outlet shops, large stores, restaurants and entertainment into a smaller but densely leased rent pool. In Q2 2026, average rent rose 12.3%; watch big-space re-leasing and consumer spending.
Competes with Mall of America (Triple Five) · American Dream (Triple Five) · Fashion Outlets of Chicago (Macerich)
In plain English
A Mills center is deliberately mixed: outlet shops, large stores, restaurants and entertainment under one sprawling roof. That variety turns a shopping trip into a day out and gives tenants reasons to share the same address.
Each tenant pays for its space, while the fuller mix helps Simon draw visitors for more than one purpose. The centers were nearly full in the latest quarter, so growth increasingly depends on charging more when leases renew and quickly replacing any large tenant that leaves.
International Properties
Outlet and shopping-center interests across Europe, Canada and Asia contribute roughly a tenth of the business. Simon often shares ownership, so tourism, foreign currencies and partner decisions can move what comes home.
Competes with Westfield flagship destinations (Unibail-Rodamco-Westfield) · The Bicester Collection (Value Retail)
In plain English
Beyond the United States, Simon usually shares the keys. It owns pieces of outlets and shopping centers across Europe, Canada and Asia, often beside local operators who know the market and handle part of the work.
Global fashion and luxury brands pay rent to reach residents and travelers. Simon receives its ownership share of the resulting earnings rather than every dollar collected at the property. Tourism and local shopping demand matter, while currency swings change the value when overseas earnings are turned into dollars.
Catalyst Brands
The combined retailer lost $86 million for Simon in FY2025 while restructuring. Its stores can also pay Simon rent; watch whether the cleanup turns this ownership stake from a drag into earnings.
Competes with Macy's department stores (Macy's) · Kohl's stores (Kohl's)
In plain English
A landlord sometimes becomes part owner of the stores inside its buildings. Catalyst brings JCPenney together with Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica under one retail group.
Simon gets its portion of Catalyst's profit or loss, while Catalyst stores in Simon properties can separately pay rent. That gives Simon two routes to benefit, but it also exposes the company to fashion choices, unsold goods and cautious lower-income shoppers. The first year brought restructuring costs instead of profit.
Simon Media Network
This newly launched advertising network sells brands access to shoppers across Simon destinations. Management says added screens can pay back in one to two years; the test is whether advertisers keep buying after early campaigns.
Competes with Westfield Rise (Unibail-Rodamco-Westfield) · Mall of America Partnership Opportunities (Triple Five)
In plain English
The mall's hallways can be advertising space as well as walking space. Simon Media Network sells brands access to screens, events and shopping-behavior insights across Simon destinations, then helps show whether a campaign led to visits or purchases.
Brands pay from their advertising budgets, while Simon supplies the locations and information from its loyalty club, online marketplace and search tool. Renewal depends on useful measurement, steady shopper traffic and permission to use customer information. It is growing, but Simon has not disclosed its revenue separately.
Simon Malls and Simon Premium OutletsThe main rent engine spans malls and Premium Outlets and supplies roughly three quarters of company revenue. In Q2 2026, occupancy was 96.0%; watch whether shopper visits and healthy retailers keep the space full.The main rent engine spans malls and Premium Outlets and supplies roughly three quarters of company revenue. In Q2 2026, occupancy was 96.0%; watch whether shopper visits and healthy retailers keep the space full.
In plain English
Think of a Simon mall or Premium Outlet as a busy street with one landlord. Simon owns the destination, keeps the shared spaces working, and gathers stores in a place shoppers already know.
Retailers sign long leases for that access. Most pay a set rent, some pay more when their sales rise, and tenants also repay part of the property's running costs. Nearly full buildings and higher renewal rates do most of the economic work. If shoppers stop visiting or retailers fail, empty space takes time and money to refill.
Competes with Tanger Outlets (Tanger) · Regional Town Centers and Fashion Outlets of Chicago (Macerich)
Development, Redevelopment and Mixed UseSimon is rebuilding older properties and adding shops, homes, hotels, dining and entertainment. Current projects target a 9% return once settled; construction costs, approvals and finding paying occupants decide whether that return arrives.Simon is rebuilding older properties and adding shops, homes, hotels, dining and entertainment. Current projects target a 9% return once settled; construction costs, approvals and finding paying occupants decide whether that return arrives.
In plain English
This is the construction crew inside the business. Simon replaces tired store space, enlarges productive centers, and adds apartments, hotels, restaurants or entertainment so one property can serve more parts of a visitor's day.
The money goes out first for land, materials and building work. It comes back later as rent from shops, residents and other operators, sometimes shared with a project partner. A project only works if building stays near budget, permits arrive, and enough occupants commit before or soon after opening.
Competes with Scottsdale Fashion Square and Tysons Corner Center redevelopments (Macerich) · Westfield destination-development program (Unibail-Rodamco-Westfield)
The MillsThe Mills mix outlet shops, large stores, restaurants and entertainment into a smaller but densely leased rent pool. In Q2 2026, average rent rose 12.3%; watch big-space re-leasing and consumer spending.The Mills mix outlet shops, large stores, restaurants and entertainment into a smaller but densely leased rent pool. In Q2 2026, average rent rose 12.3%; watch big-space re-leasing and consumer spending.
In plain English
A Mills center is deliberately mixed: outlet shops, large stores, restaurants and entertainment under one sprawling roof. That variety turns a shopping trip into a day out and gives tenants reasons to share the same address.
Each tenant pays for its space, while the fuller mix helps Simon draw visitors for more than one purpose. The centers were nearly full in the latest quarter, so growth increasingly depends on charging more when leases renew and quickly replacing any large tenant that leaves.
Competes with Mall of America (Triple Five) · American Dream (Triple Five) · Fashion Outlets of Chicago (Macerich)
International PropertiesOutlet and shopping-center interests across Europe, Canada and Asia contribute roughly a tenth of the business. Simon often shares ownership, so tourism, foreign currencies and partner decisions can move what comes home.Outlet and shopping-center interests across Europe, Canada and Asia contribute roughly a tenth of the business. Simon often shares ownership, so tourism, foreign currencies and partner decisions can move what comes home.
In plain English
Beyond the United States, Simon usually shares the keys. It owns pieces of outlets and shopping centers across Europe, Canada and Asia, often beside local operators who know the market and handle part of the work.
Global fashion and luxury brands pay rent to reach residents and travelers. Simon receives its ownership share of the resulting earnings rather than every dollar collected at the property. Tourism and local shopping demand matter, while currency swings change the value when overseas earnings are turned into dollars.
Competes with Westfield flagship destinations (Unibail-Rodamco-Westfield) · The Bicester Collection (Value Retail)
Catalyst BrandsThe combined retailer lost $86 million for Simon in FY2025 while restructuring. Its stores can also pay Simon rent; watch whether the cleanup turns this ownership stake from a drag into earnings.The combined retailer lost $86 million for Simon in FY2025 while restructuring. Its stores can also pay Simon rent; watch whether the cleanup turns this ownership stake from a drag into earnings.
In plain English
A landlord sometimes becomes part owner of the stores inside its buildings. Catalyst brings JCPenney together with Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica under one retail group.
Simon gets its portion of Catalyst's profit or loss, while Catalyst stores in Simon properties can separately pay rent. That gives Simon two routes to benefit, but it also exposes the company to fashion choices, unsold goods and cautious lower-income shoppers. The first year brought restructuring costs instead of profit.
Competes with Macy's department stores (Macy's) · Kohl's stores (Kohl's)
Simon Media NetworkThis newly launched advertising network sells brands access to shoppers across Simon destinations. Management says added screens can pay back in one to two years; the test is whether advertisers keep buying after early campaigns.This newly launched advertising network sells brands access to shoppers across Simon destinations. Management says added screens can pay back in one to two years; the test is whether advertisers keep buying after early campaigns.
In plain English
The mall's hallways can be advertising space as well as walking space. Simon Media Network sells brands access to screens, events and shopping-behavior insights across Simon destinations, then helps show whether a campaign led to visits or purchases.
Brands pay from their advertising budgets, while Simon supplies the locations and information from its loyalty club, online marketplace and search tool. Renewal depends on useful measurement, steady shopper traffic and permission to use customer information. It is growing, but Simon has not disclosed its revenue separately.
Competes with Westfield Rise (Unibail-Rodamco-Westfield) · Mall of America Partnership Opportunities (Triple Five)
Named in filings, launches and programs
- The Taubman Realty GroupBrandLuxury-focused U.S. properties became fully owned in October 2025 and now feed the main rent platforms.
- KlépierreEcosystemA roughly one-fifth stake in a European shopping-center operator gives Simon another route to overseas property earnings.
- International Premium OutletsEcosystemOutlet ventures outside the U.S., including partnerships with Mitsubishi Estate and Shinsegae, extend the rent model into Asia.
- Designer Outlets / McArthurGlenEcosystemA European and Canadian designer-outlet venture aimed at fashion brands and destination shoppers.
- The Mall Luxury OutletsBrandThe Firenze and Sanremo luxury outlets joined Simon in January 2025 and sit within its international property interests.
- Other Platform InvestmentsEcosystemThe umbrella for Catalyst Brands, Rue Gilt Groupe and Jamestown, whose results mostly sit outside Simon's revenue.
- Rue Gilt GroupePlatformAn ownership stake in an online discount retailer that also operates ShopSimon.
- JamestownPlatformA noncontrolling stake in a real-estate investment and management business.
- ShopSimonPlatformAn online marketplace connecting roughly a million products to shoppers and earning possible sales commissions.
- Simon+Customer program · RampingA free loyalty program connecting shoppers with offers from hundreds of participating retailers.
- Community/Lifestyle CentersEcosystemSmaller open-air and community-oriented property formats beyond the named mall, outlet and Mills networks.
- National Outlet Shopping DayCustomer programAn annual promotion and traffic event across Premium Outlets and Mills destinations.
- Shopify–Leap Brick-and-Mortar ExpansionCustomer programA collaboration meant to help online brands open physical stores in Simon properties.
- Nashville Premium OutletsEcosystem · AnnouncedA planned Metro Nashville outlet destination; construction had been expected to begin in 2026, but later status was unavailable.
The Taubman Realty GroupBrand
Luxury-focused U.S. properties became fully owned in October 2025 and now feed the main rent platforms.
KlépierreEcosystem
A roughly one-fifth stake in a European shopping-center operator gives Simon another route to overseas property earnings.
International Premium OutletsEcosystem
Outlet ventures outside the U.S., including partnerships with Mitsubishi Estate and Shinsegae, extend the rent model into Asia.
Designer Outlets / McArthurGlenEcosystem
A European and Canadian designer-outlet venture aimed at fashion brands and destination shoppers.
The Mall Luxury OutletsBrand
The Firenze and Sanremo luxury outlets joined Simon in January 2025 and sit within its international property interests.
Other Platform InvestmentsEcosystem
The umbrella for Catalyst Brands, Rue Gilt Groupe and Jamestown, whose results mostly sit outside Simon's revenue.
Rue Gilt GroupePlatform
An ownership stake in an online discount retailer that also operates ShopSimon.
JamestownPlatform
A noncontrolling stake in a real-estate investment and management business.
ShopSimonPlatform
An online marketplace connecting roughly a million products to shoppers and earning possible sales commissions.
Simon+Customer program · Ramping
A free loyalty program connecting shoppers with offers from hundreds of participating retailers.
Community/Lifestyle CentersEcosystem
Smaller open-air and community-oriented property formats beyond the named mall, outlet and Mills networks.
National Outlet Shopping DayCustomer program
An annual promotion and traffic event across Premium Outlets and Mills destinations.
Shopify–Leap Brick-and-Mortar ExpansionCustomer program
A collaboration meant to help online brands open physical stores in Simon properties.
Nashville Premium OutletsEcosystem · Announced
A planned Metro Nashville outlet destination; construction had been expected to begin in 2026, but later status was unavailable.