Simon Property Group (NYSE: SPG) is a real estate investment trust (REIT) that owns, develops, and operates retail real estate properties. It makes money primarily through rental income collected from retail tenants occupying space across its portfolio of malls, premium outlets, and open-air centers. Simon is structured as an umbrella partnership REIT incorporated in Indiana, with substantially all business conducted through its operating partnership, Simon Property Group, L.P. The company is organized as a REIT under the Internal Revenue Code and is listed on the New York Stock Exchange. As of the 10-K filed February 25, 2026, covering fiscal year ended December 31, 2025, Simon reported having both common stock and Class B common stock outstanding. Capital is generated through property operations, debt issuance, property dispositions, and equity issuances at the Simon or Operating Partnership level.

Revenue model

Rental income from retail tenants leasing space in malls, premium outlets, and open-air retail properties. Capital is also raised through debt incurrence, property and joint venture dispositions, and partnership unit issuances.

Products and services

Ownership, development, and operation of retail real estate properties including malls, premium outlets, and open-air centers. Joint venture interests in retail properties are also held through the Operating Partnership.

Customers and end markets

Retail tenants occupying space within the company's shopping centers and outlet properties. End market is physical retail leasing.

Value-chain role

Property owner, developer, and operator within the retail real estate sector. Acts as landlord to retail tenants and manages assets through a REIT structure.

Geographic exposure

United States (Indiana-incorporated; specific property-level geographic breakdown not supported by available filing excerpts).

Source: SEC 10-K, filed 2026-02-25

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