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{{short description|International real estate investment trust founded in the United States}}
'''Melvin Simon and Associates''', better known as the '''Simon Company''' or '''Simon Property Group''' ({{nyse|SPG}}), headquartered in [[Indianapolis, Indiana]], is the largest developers of [[shopping mall]]s in the [[United States]]. They currently own malls in 37 states, and are notable for having a stake in the [[Mall of America]], one of the most visited shopping malls in the world.
{{Use mdy dates|date=July 2023}}
{{Infobox company
| name = Simon Property Group, Inc.
| logo = Simon Property Group Logo 2014.svg
| former_name = Simon DeBartolo Group, Simon & Associates
| type = [[Public company|Public]]
| traded_as = {{Unbulleted list|{{NYSE|SPG}}|[[S&P 100]] component|[[S&P 500]] component}}
| industry = [[Real estate investment trust]]
| founded = {{Start date and age|1993}}
| founders = {{Unbulleted list|[[Melvin Simon]]|[[Herbert Simon (real estate)|Herbert Simon]]}}
| hq_location_city = [[Indianapolis, Indiana]]
| hq_location_country = U.S.
| areas_served = Worldwide
| key_people = {{plainlist|
* [[David Simon (CEO)|David E. Simon]]<br/>([[chairman]] & [[chief executive officer|CEO]])
* Herbert Simon<br/>([[Emeritus|chairman emeritus]])}}
| products = {{flatlist|
* [[Shopping mall]]s
* [[Lifestyle center]]s
}}
| brands = [[Forever 21]], XXI Forever, [[JCPenney]], [[Brooks Brothers]], [[Eddie Bauer]], [[Lucky Brand Jeans]]
| revenue = {{increase}} {{US$|5.66 billion|link=yes}} (2023)
| net_income = {{increase}} US$2.28 billion (2023)
| assets = {{increase}} US$34.3 billion (2023)
| equity = {{increase}} US$3.49 billion (2023)
| num_employees = {{circa|3,000}} (2023)
| subsid = {{ubl|Simon Malls|Premium Outlets|The Mills|Kravco|[[Klépierre]]|[[Taubman Centers]]|[[JCPenney]]|[[Jamestown L.P.]]}}
| website = {{url|simon.com}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1063761/000155837024001532/spg-20231231x10k.htm | title=Simon Property Group 2023 Form 10-K Annual Report |date=February 22, 2024 | publisher=[[U.S. Securities and Exchange Commission]]}}</ref><ref>{{Cite web | url=https://fortune.com/company/simon-property-group/fortune500/ | title=Simon Property Group | publisher=[[Fortune (magazine)|Fortune]]}}</ref>
}}


'''Simon Property Group, Inc.''' is an American [[real estate investment trust]] that invests in [[shopping mall]]s, [[outlet center]]s, and community/[[lifestyle center]]s. It is the largest owner of shopping malls in the United States and is headquartered in [[Indianapolis, Indiana]]. Worldwide, it owns interests in 232 properties<ref>{{cite web |author1=Liz Brumer-Smith |title=How Risky Is Simon Property Group? |url=https://www.nasdaq.com/articles/how-risky-is-simon-property-group |website=nasdaq.com |access-date=December 21, 2021 |date=November 22, 2021 |quote=Its presence is massive, having ownership or interest in 196 indoor and outdoor malls across North America and 36 malls in Europe and Asia.}}</ref> as of 2021.
In addition to their ownership of regular shopping malls, they also own several [[outlet mall]]s, run under the '''Chelsea Premium Outlets''' brand, which sell merchandise at discount and closeout prices.


== Properties ==
==History==
===20th century===
{{Listdev}}
[[File:Simon HQs.jpg|thumb|Simon Property Group's corporate headquarters in [[Indianapolis]]]]
Simon Property Group dates to 1960, when brothers [[Melvin Simon]] and [[Herbert Simon (real estate)|Herbert Simon]] began developing strip malls in Indianapolis, Indiana. In December 1993, they took their interests public as Simon Property Group in the largest [[initial public offering]] of a [[real estate investment trust]] to date.<ref>{{Cite news | url=https://www.wsj.com/articles/SB125314060769217623 | title=He Built America's First Megamall | first1=Stephen | last1=Miller | first2=Kris | last2=Hudson | work=[[The Wall Street Journal]] | date=September 17, 2009}}</ref> Simon Property merged with the newly public DeBartolo Realty Corporation, owner of the real estate assets of [[Edward J. DeBartolo Sr.]], in 1996 to form Simon DeBartolo Group.<ref>{{cite web | url=http://www.djc.com/news/re/10008055.html | title=SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES | last=Kumer | first=Ken | website=[[Seattle Daily Journal of Commerce]] | agency=[[Associated Press]] | date=March 27, 1996}}</ref><ref>{{Cite news | url=https://www.nytimes.com/1996/03/27/business/simon-property-to-acquire-debartolo-for-1.5-billion.html | title=Simon Property To Acquire DeBartolo for $1.5 Billion | first=Adam | last=Bryant | work=[[The New York Times]] | date=March 27, 1996 | url-access=subscription}}</ref> In the following year, the company acquired The Retail Property Trust for $1.2 billion in a [[hostile takeover]].<ref>{{Cite news | url=https://fortune.com/longform/simon-mall-landlord-real-estate/ | title=Simon Property Group Fights to Reinvent the Shopping Mall | first=PHIL | last=WAHBA | work=[[Fortune (magazine)|Fortune]] | date=December 2, 2016 | url-access=subscription}}</ref> Also in 1997, in partnership with [[Macerich]], the company acquired 12 malls from [[IBM]]'s [[pension]] plan for $974.5 million.<ref>{{Cite news | url=https://www.baltimoresun.com/news/bs-xpm-1997-12-30-1997364047-story.html | title=Simon DeBartolo, Macerich to buy 12 malls Firms form joint venture for $974.5 million buy from IBM pension fund; Commercial real estate | agency=[[Bloomberg News]] | work=[[The Baltimore Sun]] | date=December 30, 1997}}</ref> One year after these acquisitions, the company acquired [[Corporate Property Investors]] and was renamed Simon Property Group.<ref>{{cite news | url=https://www.chicagotribune.com/news/ct-xpm-1998-02-19-9802200445-story.html | title=Simon buys: Simon DeBartolo Group Inc. will buy Corporate | work=[[Chicago Tribune]] | date=February 19, 1998}}</ref><ref>{{cite news | url=https://www.nytimes.com/1998/02/20/nyregion/simon-debartolo-wins-fight-for-a-prime-group-of-malls.html | title=Simon DeBartolo Wins Fight For a Prime Group of Malls | first=CHARLES V. | last=BAGLI | work=[[The New York Times]] | date=February 20, 1998 | url-access=subscription}}</ref> The company also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe.<ref>{{Cite web | url=https://investors.simon.com/static-files/b38fbc1b-bca9-45ae-bd4c-900adc211952 | title=Simon Property Group 1998 Annual Report}}</ref>


In 1999, the company acquired 14 shopping centers from New England Development for $725 million.<ref>{{Cite news | url=https://www.wsj.com/articles/SB919978773795877500 | title=Simon Property Agrees to Acquire 14 Shopping Malls for $725 Million | first=Barbara | last=Martinez | work=[[The Wall Street Journal]] | date=February 26, 1999 | url-access=subscription}}</ref>
=== Alaska ===
*[[Anchorage 5th Avenue Mall]] - [[Anchorage, Alaska]]


=== California ===
===21st century===
In 2002, in partnership with [[Westfield Group]] and [[The Rouse Company]], the company acquired 13 properties from [[Rodamco North America]] including [[Copley Place]], [[Houston Galleria]], and [[SouthPark Mall (Charlotte, North Carolina)|SouthPark Mall]].<ref>{{Cite news | url=https://investors.simon.com/news-releases/news-release-details/simon-property-group-announces-completion-rodamco-acquisition | title=Simon Property Group Announces Completion of Rodamco Acquisition | publisher=Simon Property Group | date=May 6, 2002}}</ref> In the following year, Simon acquired a majority interest The Kravco Company, owner of the [[King of Prussia (shopping mall)|King of Prussia]], for $300 million.<ref>{{Cite news | url=https://www.bizjournals.com/philadelphia/stories/2003/11/10/story1.html | title=K of P mall to be sold | first=Natalie | last=Kostelni | work=[[American City Business Journals]] | date=November 10, 2003}}</ref> The company entered the [[outlet mall]] business in 2004 with the acquisition of Chelsea Property Group Inc. for $3.5 billion.<ref>{{cite news | url=https://www.ibj.com/articles/14987-simon-buying-prime-outlets-in-2-3b-deal | title=Simon buying Prime Outlets in $2.3B deal | first=Cory | last=Schouten | work=[[Indianapolis Business Journal]] | date=December 8, 2009}}</ref>
*[[Brea Mall]] - [[Brea, California]]
*[[Coddingtown Mall]] - [[Santa Rosa, California]]
*[[Fashion Valley Mall]] - [[San Diego, California]]
*[[Laguna Hills Mall]] - [[Laguna Hills, California]]
*[[Santa Rosa Plaza]] - [[Santa Rosa, California]]
*[[The Shops at Mission Viejo]] - [[Mission Viejo, California]]
*[[Westminster Mall]] - [[Westminster, California]]


In April 2007, Simon and [[Farallon Capital]] acquired the [[Mills Corporation]].<ref>{{cite press release | url=https://investors.simon.com/news-releases/news-release-details/simon-property-group-and-farallon-capital-management-complete | title=Simon Property Group and Farallon Capital Management Complete Acquisition of The Mills Corporation | publisher=Simon Property Group | date=April 6, 2007}}</ref><ref>{{Cite news | url=https://www.bizjournals.com/milwaukee/stories/2007/04/02/daily43.html | title=Simon, Farallon close acquisition of Southridge owner | work=[[American City Business Journals]] | date=April 6, 2007}}</ref> Two years later, Simon tried to buy malls owned by [[General Growth Properties]].<ref>{{cite news | url=https://www.nreionline.com/blog/simon-tried-buy-ggp-malls | title=Simon Tried to Buy GGP Malls | work=[[National Real Estate Investor]] | date=April 28, 2009}}</ref> In February 2010, Simon placed a bid acquire General Growth, which was in [[bankruptcy]] protection.<ref>{{cite news | url=https://dealbook.nytimes.com/2010/02/16/simon-bids-10-billion-for-general-growth-properties/ | title=Simon Bids $10 Billion for General Growth Properties | first=MICHAEL J. | last=DE LA MERCED | work=[[The New York Times]] | date=February 16, 2010}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2010/02/16/pisani-simon-propertys-10-billion-bid-on-general-growth.html | title=Pisani: Simon Property's $10 Billion Bid on General Growth | first=Bob |last=Pisani | authorlink=Bob Pisani | work=[[CNBC]] | date=February 16, 2010}}</ref> However, the bid was rejected by GGP. A GGP shareholder filed suit ''(Young v. Bucksbaum)'' against the company's [[board of directors]] for rejecting Simon's bid, alleging breach of fiduciary duty.<ref>{{cite news | url=https://www.reuters.com/article/generalgrowth-simon-lawsuit-idUSN2015412920100220 | title=General Growth sued by shareholder-report | first=Jim | last=Marshall | work=[[Reuters]] | date=February 20, 2010}}</ref> In April 2010, Simon offered to make a $2.5 billion equity investment in GGP including a $1 billion investment by [[Paulson & Co.]]<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/simon-property-group-offers-to-invest-25-billion-in-general-growth-reorganization-plan-at-same-per-share-price-as-existing-brookfield-sponsored-proposal-90828864.html | title=Simon Property Group Offers to Invest $2.5 Billion in General Growth Reorganization Plan at Same Per Share Price as Existing Brookfield-Sponsored Proposal | publisher=[[PR Newswire]] | date=April 14, 2010}}</ref><ref>{{cite news | url=https://www.reuters.com/article/idUSTRE63D33C20100414 |title=Simon still interested in buying General Growth: source |first=Ilaina | last=Jonas | work=[[Reuters]] | date=April 14, 2010}}</ref> In May 2010, Simon withdrew from the bidding for GGP after GGP favored transactions with [[Brookfield Asset Management]].<ref>{{Cite press release | url=https://investors.simon.com/news-releases/news-release-details/simon-property-group-withdraws-acquisition-andrecapitalization | title=Simon Property Group Withdraws Acquisition and Recapitalization Proposals for General Growth Properties | publisher=Simon Property Group | date=May 7, 2010}}</ref>
=== Colorado ===
*[[Town Center at Aurora]] - [[Aurora, Colorado]]


In May 2010, Simon acquired [[Prime Retail]]'s Prime Outlets-Puerto Rico in [[Barceloneta, Puerto Rico]] In August 2010, Simon acquired an additional 21 outlet malls, including locations in [[Williamsburg, Virginia]], [[San Marcos, Texas]] and [[Hagerstown, Maryland]] for a total of $2.3 billion.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/simon-property-group-completes-prime-outlets-transaction-101826668.html | title=Simon Property Group Completes Prime Outlets Transaction | publisher=[[PR Newswire]] | date=August 30, 2010}}</ref> Several months later, Simon made a $4.5 billion bid for Capital Shopping Centres Group plc in December. However, the offer was rejected and withdrawn in January 2011.<ref>{{Cite news | url=https://www.bloomberg.com/news/articles/2011-01-11/simon-property-ends-capital-shopping-takeover-as-u-k-mall-owner-resists | title=Simon Property Abandons Offer for Capital Shopping | first1=Tim | last1=Barwell | first2=Brian | last2=Louis | work=[[Bloomberg News]] | date=January 11, 2011}}</ref> In September 2011, Simon acquired [[Southdale Center]] in [[Edina, Minnesota]].<ref>{{Cite news | url=https://www.twincities.com/2011/09/10/new-owner-simon-properties-hopes-to-turn-around-southdale/ | title=New owner Simon Properties hopes to turn around Southdale | work=[[St. Paul Pioneer Press]] | date=September 10, 2011}}</ref>
=== Connecticut ===
*[[Crystal Mall]] - [[Waterford, Connecticut]]


In August 2013, [[Toronto Premium Outlets]] opened in [[Halton Hills]], [[Ontario]], Canada.<ref>{{cite news | last=Shum | first=David | url=https://globalnews.ca/news/754596/toronto-premium-outlets-open-in-halton-hills/ | title=Toronto Premium Outlets open in Halton Hills - Toronto | work=[[Global News]] | date=August 1, 2013}}</ref> In October 2014, [[Premium Outlets Montreal]], the second in Canada, opened.<ref>{{cite web | url=https://montrealgazette.com/business/local-business/retail/premium-outlets-opens-discount-mecca-at-mirabel | title=Premium Outlets opens discount mecca at Mirabel | first=Eva | last=Friede | work=[[Montreal Gazette]] | date=October 29, 2014}}</ref> In May 2018, [[Premium Outlet Collection YEG]] opened at [[Edmonton International Airport]].<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/premium-outlet-collection-edmonton-international-airport-celebrates-its-grand-opening-300641231.html | title=Premium Outlet Collection Edmonton International Airport Celebrates Its Grand Opening | publisher=[[PR Newswire]] | date=May 2, 2018}}</ref> In May 2014, the company completed the [[corporate spin-off]] of [[Washington Prime Group]], headed by Mark Ordan, the final CEO of [[Mills Corporation]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/simon-property-group-announces-completion-of-spin-off-of-washington-prime-group-260984201.html | title=Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group | publisher=[[PR Newswire]] | date=May 28, 2014}}</ref><ref>{{cite news | url=https://wwd.com/business-news/financial/simon-group-plans-spin-off-of-smaller-properties-7312350/ | title=Simon Plans Spin-off of Smaller Properties | last=Karr | first=Arnold J. | work=[[Women's Wear Daily]] | date=December 13, 2013}}</ref> In January 2015, Washington Prime Group acquired [[Glimcher Realty Trust]] and was renamed [[WP Glimcher]]. As part of the deal, Simon acquired [[Jersey Gardens]] in [[Elizabeth, New Jersey]] and University Park Village in [[Fort Worth, Texas]], while WP Glimcher acquired [[Brunswick Square (East Brunswick, New Jersey)|Brunswick Square]] in [[East Brunswick, New Jersey]] from Simon.<ref name=wpg>{{cite press release | url=http://www.prnewswire.com/news-releases/washington-prime-group-inc-to-acquire-glimcher-realty-trust-for-43-billion-in-stock-and-cash-including-the-assumption-of-debt-275267111.html | title=Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt | publisher=[[PR Newswire]] | date=September 16, 2014}}</ref> Two months later, the company offered $23.3 billion for [[Macerich]]; however the offer was rejected and withdrawn in April 2015.<ref>{{Cite news | url=https://www.forbes.com/sites/antoinegara/2015/04/01/simon-property-withdraws-95-50-a-share-macerich-takeover-bid/ | title=Simon Property Withdraws $95.50 A Share Macerich Takeover Bid | first=Antoine | last=Gara | work=[[Forbes]] | date=April 1, 2015 | url-access=limited}}</ref><ref>{{cite news | url=https://www.latimes.com/business/la-fi-simon-macerich-20150401-story.html | title=Simon gives up after Macerich rejects second bid | first=SAMANTHA | last=MASUNAGA | work=[[Los Angeles Times]] | date=April 1, 2015 | url-access=limited}}</ref> In September 2016, in partnership with [[Authentic Brands Group]] and [[GGP Inc.]], the company acquired [[Aéropostale (clothing)|Aéropostale]].<ref>{{Cite press release | url=https://www.businesswire.com/news/home/20160915006663/en/A%C3%A9ropostale-Consortium-Finalizes-Acquisition | title=Aéropostale Consortium Finalizes Acquisition | publisher=[[Business Wire]] | date=September 15, 2016}}</ref> In February 2020, in partnership with Authentic Brands Group, the company acquired [[Forever 21]].<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/acquisition-of-forever-21-finalized-301007750.html | title=Acquisition Of Forever 21 Finalized | publisher=[[Business Wire]] | date=February 19, 2020}}</ref>
=== Florida ===
*[[Boynton Beach Mall]] - [[Boynton Beach, Florida]]
*[[Coral Square Mall]] - [[Coral Springs, Florida]]
*[[Cordova Mall]] - [[Pensacola, Florida]]
*[[Crystal River Mall]] - [[Crystal River, Florida]]
*[[Dadeland Mall]] - [[Miami, Florida]]
*[[DeSoto Square]] - [[Bradenton, Florida]]
*[[Palm Beach Mall]] - [[West Palm Beach, Florida]]
*[[St. Johns Town Center]] - [[Jacksonville, Florida]]
*[[The Avenues]] - [[Jacksonville, Florida]]
*[[The Florida Mall]] - [[Orlando, Florida]]
*[[The Galleria at Fort Lauderdale]] - [[Fort Lauderdale, Florida]]
*[[Town Center at Boca Raton]] - [[Boca Raton. Florida]]


On March 18, 2020, the company announced the closure of its U.S. shopping malls until March 29, due to the [[COVID-19 pandemic]].<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/simon-property-group-temporarily-closes-all-domestic-properties-301026358.html | title=Simon Property Group Temporarily Closes All Domestic Properties | publisher=[[PR Newswire]] | date=March 18, 2020}}</ref><ref>{{Cite news | url=https://www.usatoday.com/story/money/2020/03/18/coronavirus-mall-closings-simon-closing-malls-starting-wednesday/2867904001/ | title=Simon Property Group closes all of its U.S. malls due to coronavirus. See the list of closed locations. | first=Kelly | last=Tyko | website=[[USA Today]] | date=March 18, 2020}}</ref><ref>{{cite news | url=https://www.businessinsider.com/coronavirus-simon-property-group-closes-all-mall-locations-12-days-2020-3 | title=The biggest mall operator in the US is closing all locations for 12 days to slow the spread of COVID-19 | first=Jessica | last=Snouwaert | work=[[Business Insider]] | date=March 18, 2020}}</ref> At the time, it was the largest mall owner in the United States.<ref name="Citation2:2020:CNBC">{{Citation |last=Thomas |first=Lauren |date=March 24, 2020 |title=This department store is still open for business despite coronavirus |publisher=[[CNBC]] |url=https://www.cnbc.com/2020/03/24/this-department-store-is-still-open-for-business-despite-coronavirus.html?recirc=taboolainternal}}</ref> In August 2020, the company discussed repurposing large stores into warehouses and fulfillment centers for [[Amazon (company)|Amazon]].<ref>{{cite news | last1=Fung | first1=Esther | last2=Herrera | first2=Sebastian | url=https://www.wsj.com/articles/amazon-and-giant-mall-operator-look-at-turning-sears-j-c-penney-stores-into-fulfillment-centers-11596992863 | title=Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers |work=[[The Wall Street Journal]] | date=August 9, 2020 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.cnbc.com/2020/08/10/mall-owner-simon-shares-jump-on-reported-real-estate-talks-with-amazon.html | title=Simon shares jump on reported talks with Amazon. But converting stores to warehouses may face hurdles | first=Lauren | last=Thomas | work=[[CNBC]] | date=August 10, 2020}}</ref> Also in August 2020, in partnership with Authentic Brands, the company acquired [[Brooks Brothers]] and [[Lucky Brand Jeans]].<ref>{{Cite news | url=https://www.washingtonpost.com/business/2020/08/26/simon-property-group-malls/ | title=Mall giant Simon snapping up bankrupt retailers to outdo its rivals | first=Abha | last=Bhattarai | newspaper=[[The Washington Post]] | date=August 26, 2020}}</ref> In December 2020, the company acquired [[Taubman Centers]] for $3.4 billion.<ref>{{Cite press release | url=https://www.prnewswire.com/news-releases/simon-property-group-completes-acquisition-of-taubman-centers-inc-301198999.html | title=Simon Property Group Completes Acquisition Of Taubman Centers, Inc. | publisher=[[PR Newswire]] | date=December 29, 2020}}</ref> It also acquired [[J.C. Penney]] in partnership with [[Brookfield Asset Management]].<ref>{{Cite news | url=https://www.dallasnews.com/business/retail/2020/12/07/jc-penney-sale-to-landlords-simon-and-brookfield-is-completed/ | title=J.C. Penney sale to landlords Simon and Brookfield is completed | first=Maria | last=Halkias | work=[[The Dallas Morning News]] | date=December 7, 2020}}</ref> In April 2022, it was announced that Simon and Brookfield are set to offer to buy [[Kohl's]].<ref>{{Cite web |last=Stein |first=Sanford |title=Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney |url=https://www.forbes.com/sites/sanfordstein/2022/05/01/simon-and-brookfield-pursue-kohls-to-join-rival-jc-penney/ |access-date=May 11, 2022 |website=Forbes |language=en}}</ref> Simon purchased a 50% stake in [[Jamestown L.P.|Jamestown]], a real estate developer, in October 2022.<ref>{{cite news |last1=Wong |first1=Natalie |title=Mall Giant Simon Buying 50% of Real Estate Investor Jamestown |url=https://www.bloomberg.com/news/articles/2022-10-11/mall-giant-simon-buying-50-of-real-estate-investor-jamestown?srnd=premium&sref=CIpmV6x8 |access-date=October 11, 2022 |work=Bloomberg |date=October 11, 2022}}</ref>
=== Illinois ===
*[[Alton Square Mall]] - [[Alton, Illinois]]
*[[Northfield Square Mall]] - [[Bourbonnais, Illinois]]
*[[Orland Square]] - [[Orland Park, Illinois]]
*[[Southpark Mall (Moline, Illinois)|Southpark Mall]] - [[Moline, Illinois]]


=== Indiana ===
==Legal record==
In 2007, the company was sued for banning the use of [[Segway]]s, which the plaintiff claimed was in violation of the [[Americans with Disabilities Act]].<ref>{{cite news | url=https://www.dailyregister.com/x510089066 | title=Springfield mall sued over Segway ban | first=Sarah | last=Antonacci | work=[[The Daily Register]] | date=October 8, 2007}}</ref> In 2009, the company was sued by a nightclub for [[racial discrimination]] for allegedly blocking its main entrance since the majority of its clientele were black.<ref>{{cite news | url=https://lasvegassun.com/news/2009/mar/12/poetry-nightclub-discrimination-lawsuit-moves-forw/ | title=Poetry nightclub discrimination lawsuit moves forward | last=Finnegan | first=Amanda | work=[[Las Vegas Sun]] | date=March 12, 2009}}</ref>
*[[Castleton Square]] - [[Indianapolis, Indiana]]
*[[Circle Centre]] - [[Indianapolis, Indiana]]
*[[Clay Terrace]] - [[Carmel, Indiana]] (co-owned by Lauth)
*[[College Mall]] - [[Bloomington, Indiana]]
*[[Eastland Mall]] - [[Evansville, Indiana]]
*[[Markland Mall]] - [[Kokomo, Indiana]]
*[[University Park Mall]] - [[Mishawaka, Indiana]]


In 2011, the company was sued for allegedly firing a woman because she was pregnant.<ref>{{cite news | url=https://www.mercurynews.com/2011/02/23/woman-sues-stanford-shopping-center-for-alleged-pregnancy-discrimination/ | title=Woman sues Stanford Shopping Center for alleged pregnancy discrimination | last=Dungan | first=Jesse | work=[[The Mercury News]] | date=February 23, 2011}}</ref> In the same year, the company agreed to pay $125,000 to settle allegations by the [[Equal Employment Opportunity Commission]] that Latino janitors working for the company were subjected to daily verbal attacks because of their national origin.<ref>{{cite press release | url=https://www.eeoc.gov/newsroom/simon-property-group-pay-125000-settle-eeoc-national-origin-discrimination-lawsuit | title=Simon Property Group To Pay $125,000 To Settle EEOC National Origin Discrimination Lawsuit | publisher=[[Equal Employment Opportunity Commission]] | date=November 8, 2011}}</ref>
=== Iowa ===
*[[Northpark Mall (Iowa)|Northpark Mall]] - [[Davenport, Iowa]]


=== Maine ===
== See also ==
* [[List of Simon Property Group properties]]
*[[Bangor Mall]] - [[Bangor, Maine]] (co-owned by Kravco)


=== Maryland ===
==References==
{{reflist}}
*[[Bowie Town Center]] - [[Bowie, Maryland]]

=== Massachusetts ===
*[[Arsenal Mall]] - [[Watertown, Massachusetts]]
*[[Atrium Mall]] - [[Chestnut Hill, Massachusetts]]
*[[Auburn Mall]] - [[Auburn, Massachusetts]]
*[[Burlington Mall]] - [[Burlington, Massachusetts]]
*[[Cape Cod Mall]] - [[Hyannis, Massachusetts]]
*[[Copley Place]] - [[Boston, Massachusetts]]
*[[Solomon Pond Mall]] - [[Marlborough, Massachusetts]]

=== Minnesota ===
*[[Mall of America]] - [[Bloomington, Minnesota]]

=== Missouri ===
*[[Battlefield Mall]] - [[Springfield, Missouri]]

=== Nebraska ===
*[[Crossroads Mall (NE)|Crossroads Mall]] - [[Omaha, Nebraska]]

=== New Hampshire ===
*[[Mall of New Hampshire]] - [[Manchester, New Hampshire]]
*[[Pheasant Lane Mall]] - [[Nashua, New Hampshire]]
*[[The Mall at Rockingham Park]] - [[Salem, New Hampshire]]

=== New Jersey ===
*[[Brunswick Square (mall)|Brunswick Square]] - [[East Brunswick, New Jersey]]
*[[Deptford Mall]] - [[Deptford, New Jersey]] (co-owned by Kravco)
*[[Menlo Park Mall]] - [[Edison, New Jersey]]
*[[Newport Centre Mall]] - [[Jersey City, New Jersey]]
*[[Rockaway Town Square]] - [[Rockaway Township, New Jersey]]

=== New Mexico ===
*[[Cottonwood Mall]] - [[Albuquerque, New Mexico]]

=== New York ===
*[[Chautauqua Mall]] - [[Lakewood, New York]]
*[[Roosevelt Field Mall]] - [[Garden City, New York]]
*[[Smith Haven Mall]] - [[Lake Grove, New York]]

=== Ohio ===
*[[Southern Park Mall]] - [[Boardman, Ohio]]

=== Pennsylvania ===
*[[Century III Mall]] - [[West Mifflin, Pennsylvania]]
*[[King of Prussia Mall]] - [[King of Prussia, Pennsylvania]] (co-owned by Kravco)

=== South Carolina ===
*[[Anderson Mall]] - [[Anderson, South Carolina]]

=== Texas ===
*[[Arboretum at Great Hills]] - [[Austin, Texas]]
*[[Barton Creek Square]] - [[Austin, Texas]]
*[[Broadway Square]] - [[Tyler, Texas]]
*[[Cielo Vista Mall]] - [[El Paso, Texas]]
*[[Firewheel Town Center Mall]] - [[Garland, Texas]]
*[[Houston Galleria]] - [[Houston, Texas]]
*[[Ingram Park Mall]] - [[San Antonio, Texas]]
*[[Lakeline Mall]] - [[Austin, Texas]]
*[[Rolling Oaks Mall]] - [[San Antonio, Texas]]

=== Virginia ===
*[[Apple Blossom Mall]] - [[Winchester, Virginia]]
*[[Charlottesville Fashion Square]] - [[Charlottesville, Virginia]]
*[[Chesapeake Square]] - [[Chesapeake, Virginia]]
*[[Fashion Centre at Pentagon City]] - [[Arlington County, Virginia|Arlington, Virginia]]
*[[Valley Mall (Harrisonburg)|Valley Mall]] - [[Harrisonburg, Virginia]]

=== Washington ===
*[[Columbia Center (mall)|Columbia Center]] - [[Kennewick, Washington]]

=== Wisconsin ===
*[[Bay Park Square]] - [[Green Bay, Wisconsin]]


==External links==
==External links==
{{commons category|Simon Property Group}}
*[http://www.simon.com/ Official Site]
* {{Official website|simon.com}}
{{Finance links
| name = Simon Property Group, Inc.
| google = SPG
| yahoo = SPG
| bloomberg = SPG:US
| reuters = SPG
| sec_cik = SPG
| nasdaq = SPG
}}
{{Simon Property Group}}
{{Authority control}}


[[Category:Companies based in Indiana]]
[[Category:Simon Property Group| ]]
[[Category:Fortune 1000]]
[[Category:1993 establishments in Indiana]]
[[Category:Melvin Simon and Associates| ]]
[[Category:American companies established in 1993]]
[[Category:Real estate investment trusts]]
[[Category:Companies based in Indianapolis]]
[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Financial services companies established in 1993]]
[[Category:Real estate companies established in 1993]]
[[Category:Real estate investment trusts of the United States]]
[[Category:Shopping center management firms]]

Latest revision as of 16:46, 5 April 2024

Simon Property Group, Inc.
FormerlySimon DeBartolo Group, Simon & Associates
Company typePublic
ISINUS8288062081
US8288063071
US8288066041
US8288067031
US8288068021
US8288068773
US8288068856 Edit this on Wikidata
IndustryReal estate investment trust
Founded1993; 31 years ago (1993)
Founders
Headquarters
Indianapolis, Indiana
,
U.S.
Areas served
Worldwide
Key people
Products
BrandsForever 21, XXI Forever, JCPenney, Brooks Brothers, Eddie Bauer, Lucky Brand Jeans
RevenueIncrease US$5.66 billion (2023)
Increase US$2.28 billion (2023)
Total assetsIncrease US$34.3 billion (2023)
Total equityIncrease US$3.49 billion (2023)
Number of employees
c. 3,000 (2023)
Subsidiaries
Websitesimon.com
Footnotes / references
[1][2]

Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties[3] as of 2021.

History

[edit]

20th century

[edit]
Simon Property Group's corporate headquarters in Indianapolis

Simon Property Group dates to 1960, when brothers Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana. In December 1993, they took their interests public as Simon Property Group in the largest initial public offering of a real estate investment trust to date.[4] Simon Property merged with the newly public DeBartolo Realty Corporation, owner of the real estate assets of Edward J. DeBartolo Sr., in 1996 to form Simon DeBartolo Group.[5][6] In the following year, the company acquired The Retail Property Trust for $1.2 billion in a hostile takeover.[7] Also in 1997, in partnership with Macerich, the company acquired 12 malls from IBM's pension plan for $974.5 million.[8] One year after these acquisitions, the company acquired Corporate Property Investors and was renamed Simon Property Group.[9][10] The company also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe.[11]

In 1999, the company acquired 14 shopping centers from New England Development for $725 million.[12]

21st century

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In 2002, in partnership with Westfield Group and The Rouse Company, the company acquired 13 properties from Rodamco North America including Copley Place, Houston Galleria, and SouthPark Mall.[13] In the following year, Simon acquired a majority interest The Kravco Company, owner of the King of Prussia, for $300 million.[14] The company entered the outlet mall business in 2004 with the acquisition of Chelsea Property Group Inc. for $3.5 billion.[15]

In April 2007, Simon and Farallon Capital acquired the Mills Corporation.[16][17] Two years later, Simon tried to buy malls owned by General Growth Properties.[18] In February 2010, Simon placed a bid acquire General Growth, which was in bankruptcy protection.[19][20] However, the bid was rejected by GGP. A GGP shareholder filed suit (Young v. Bucksbaum) against the company's board of directors for rejecting Simon's bid, alleging breach of fiduciary duty.[21] In April 2010, Simon offered to make a $2.5 billion equity investment in GGP including a $1 billion investment by Paulson & Co.[22][23] In May 2010, Simon withdrew from the bidding for GGP after GGP favored transactions with Brookfield Asset Management.[24]

In May 2010, Simon acquired Prime Retail's Prime Outlets-Puerto Rico in Barceloneta, Puerto Rico In August 2010, Simon acquired an additional 21 outlet malls, including locations in Williamsburg, Virginia, San Marcos, Texas and Hagerstown, Maryland for a total of $2.3 billion.[25] Several months later, Simon made a $4.5 billion bid for Capital Shopping Centres Group plc in December. However, the offer was rejected and withdrawn in January 2011.[26] In September 2011, Simon acquired Southdale Center in Edina, Minnesota.[27]

In August 2013, Toronto Premium Outlets opened in Halton Hills, Ontario, Canada.[28] In October 2014, Premium Outlets Montreal, the second in Canada, opened.[29] In May 2018, Premium Outlet Collection YEG opened at Edmonton International Airport.[30] In May 2014, the company completed the corporate spin-off of Washington Prime Group, headed by Mark Ordan, the final CEO of Mills Corporation.[31][32] In January 2015, Washington Prime Group acquired Glimcher Realty Trust and was renamed WP Glimcher. As part of the deal, Simon acquired Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, while WP Glimcher acquired Brunswick Square in East Brunswick, New Jersey from Simon.[33] Two months later, the company offered $23.3 billion for Macerich; however the offer was rejected and withdrawn in April 2015.[34][35] In September 2016, in partnership with Authentic Brands Group and GGP Inc., the company acquired Aéropostale.[36] In February 2020, in partnership with Authentic Brands Group, the company acquired Forever 21.[37]

On March 18, 2020, the company announced the closure of its U.S. shopping malls until March 29, due to the COVID-19 pandemic.[38][39][40] At the time, it was the largest mall owner in the United States.[41] In August 2020, the company discussed repurposing large stores into warehouses and fulfillment centers for Amazon.[42][43] Also in August 2020, in partnership with Authentic Brands, the company acquired Brooks Brothers and Lucky Brand Jeans.[44] In December 2020, the company acquired Taubman Centers for $3.4 billion.[45] It also acquired J.C. Penney in partnership with Brookfield Asset Management.[46] In April 2022, it was announced that Simon and Brookfield are set to offer to buy Kohl's.[47] Simon purchased a 50% stake in Jamestown, a real estate developer, in October 2022.[48]

[edit]

In 2007, the company was sued for banning the use of Segways, which the plaintiff claimed was in violation of the Americans with Disabilities Act.[49] In 2009, the company was sued by a nightclub for racial discrimination for allegedly blocking its main entrance since the majority of its clientele were black.[50]

In 2011, the company was sued for allegedly firing a woman because she was pregnant.[51] In the same year, the company agreed to pay $125,000 to settle allegations by the Equal Employment Opportunity Commission that Latino janitors working for the company were subjected to daily verbal attacks because of their national origin.[52]

See also

[edit]

References

[edit]
  1. ^ "Simon Property Group 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 22, 2024.
  2. ^ "Simon Property Group". Fortune.
  3. ^ Liz Brumer-Smith (November 22, 2021). "How Risky Is Simon Property Group?". nasdaq.com. Retrieved December 21, 2021. Its presence is massive, having ownership or interest in 196 indoor and outdoor malls across North America and 36 malls in Europe and Asia.
  4. ^ Miller, Stephen; Hudson, Kris (September 17, 2009). "He Built America's First Megamall". The Wall Street Journal.
  5. ^ Kumer, Ken (March 27, 1996). "SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES". Seattle Daily Journal of Commerce. Associated Press.
  6. ^ Bryant, Adam (March 27, 1996). "Simon Property To Acquire DeBartolo for $1.5 Billion". The New York Times.
  7. ^ WAHBA, PHIL (December 2, 2016). "Simon Property Group Fights to Reinvent the Shopping Mall". Fortune.
  8. ^ "Simon DeBartolo, Macerich to buy 12 malls Firms form joint venture for $974.5 million buy from IBM pension fund; Commercial real estate". The Baltimore Sun. Bloomberg News. December 30, 1997.
  9. ^ "Simon buys: Simon DeBartolo Group Inc. will buy Corporate". Chicago Tribune. February 19, 1998.
  10. ^ BAGLI, CHARLES V. (February 20, 1998). "Simon DeBartolo Wins Fight For a Prime Group of Malls". The New York Times.
  11. ^ "Simon Property Group 1998 Annual Report".
  12. ^ Martinez, Barbara (February 26, 1999). "Simon Property Agrees to Acquire 14 Shopping Malls for $725 Million". The Wall Street Journal.
  13. ^ "Simon Property Group Announces Completion of Rodamco Acquisition". Simon Property Group. May 6, 2002.
  14. ^ Kostelni, Natalie (November 10, 2003). "K of P mall to be sold". American City Business Journals.
  15. ^ Schouten, Cory (December 8, 2009). "Simon buying Prime Outlets in $2.3B deal". Indianapolis Business Journal.
  16. ^ "Simon Property Group and Farallon Capital Management Complete Acquisition of The Mills Corporation" (Press release). Simon Property Group. April 6, 2007.
  17. ^ "Simon, Farallon close acquisition of Southridge owner". American City Business Journals. April 6, 2007.
  18. ^ "Simon Tried to Buy GGP Malls". National Real Estate Investor. April 28, 2009.
  19. ^ DE LA MERCED, MICHAEL J. (February 16, 2010). "Simon Bids $10 Billion for General Growth Properties". The New York Times.
  20. ^ Pisani, Bob (February 16, 2010). "Pisani: Simon Property's $10 Billion Bid on General Growth". CNBC.
  21. ^ Marshall, Jim (February 20, 2010). "General Growth sued by shareholder-report". Reuters.
  22. ^ "Simon Property Group Offers to Invest $2.5 Billion in General Growth Reorganization Plan at Same Per Share Price as Existing Brookfield-Sponsored Proposal" (Press release). PR Newswire. April 14, 2010.
  23. ^ Jonas, Ilaina (April 14, 2010). "Simon still interested in buying General Growth: source". Reuters.
  24. ^ "Simon Property Group Withdraws Acquisition and Recapitalization Proposals for General Growth Properties" (Press release). Simon Property Group. May 7, 2010.
  25. ^ "Simon Property Group Completes Prime Outlets Transaction" (Press release). PR Newswire. August 30, 2010.
  26. ^ Barwell, Tim; Louis, Brian (January 11, 2011). "Simon Property Abandons Offer for Capital Shopping". Bloomberg News.
  27. ^ "New owner Simon Properties hopes to turn around Southdale". St. Paul Pioneer Press. September 10, 2011.
  28. ^ Shum, David (August 1, 2013). "Toronto Premium Outlets open in Halton Hills - Toronto". Global News.
  29. ^ Friede, Eva (October 29, 2014). "Premium Outlets opens discount mecca at Mirabel". Montreal Gazette.
  30. ^ "Premium Outlet Collection Edmonton International Airport Celebrates Its Grand Opening" (Press release). PR Newswire. May 2, 2018.
  31. ^ "Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
  32. ^ Karr, Arnold J. (December 13, 2013). "Simon Plans Spin-off of Smaller Properties". Women's Wear Daily.
  33. ^ "Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire. September 16, 2014.
  34. ^ Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid". Forbes.
  35. ^ MASUNAGA, SAMANTHA (April 1, 2015). "Simon gives up after Macerich rejects second bid". Los Angeles Times.
  36. ^ "Aéropostale Consortium Finalizes Acquisition" (Press release). Business Wire. September 15, 2016.
  37. ^ "Acquisition Of Forever 21 Finalized" (Press release). Business Wire. February 19, 2020.
  38. ^ "Simon Property Group Temporarily Closes All Domestic Properties" (Press release). PR Newswire. March 18, 2020.
  39. ^ Tyko, Kelly (March 18, 2020). "Simon Property Group closes all of its U.S. malls due to coronavirus. See the list of closed locations". USA Today.
  40. ^ Snouwaert, Jessica (March 18, 2020). "The biggest mall operator in the US is closing all locations for 12 days to slow the spread of COVID-19". Business Insider.
  41. ^ Thomas, Lauren (March 24, 2020), This department store is still open for business despite coronavirus, CNBC
  42. ^ Fung, Esther; Herrera, Sebastian (August 9, 2020). "Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers". The Wall Street Journal.
  43. ^ Thomas, Lauren (August 10, 2020). "Simon shares jump on reported talks with Amazon. But converting stores to warehouses may face hurdles". CNBC.
  44. ^ Bhattarai, Abha (August 26, 2020). "Mall giant Simon snapping up bankrupt retailers to outdo its rivals". The Washington Post.
  45. ^ "Simon Property Group Completes Acquisition Of Taubman Centers, Inc" (Press release). PR Newswire. December 29, 2020.
  46. ^ Halkias, Maria (December 7, 2020). "J.C. Penney sale to landlords Simon and Brookfield is completed". The Dallas Morning News.
  47. ^ Stein, Sanford. "Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney". Forbes. Retrieved May 11, 2022.
  48. ^ Wong, Natalie (October 11, 2022). "Mall Giant Simon Buying 50% of Real Estate Investor Jamestown". Bloomberg. Retrieved October 11, 2022.
  49. ^ Antonacci, Sarah (October 8, 2007). "Springfield mall sued over Segway ban". The Daily Register.
  50. ^ Finnegan, Amanda (March 12, 2009). "Poetry nightclub discrimination lawsuit moves forward". Las Vegas Sun.
  51. ^ Dungan, Jesse (February 23, 2011). "Woman sues Stanford Shopping Center for alleged pregnancy discrimination". The Mercury News.
  52. ^ "Simon Property Group To Pay $125,000 To Settle EEOC National Origin Discrimination Lawsuit" (Press release). Equal Employment Opportunity Commission. November 8, 2011.
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