Companies · SPG
Simon Property Group
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Latest analysis
Updated Nov 6, 2026
SPG completed Charlotte retail acquisition; maintains capital discipline amid market normalization.
Simon Property Group reported results for Q3 2026 reflecting continued operational stability with disciplined capital allocation. The company completed acquisition of Phillips Place (Charlotte) for $143.8 million in November 2025, maintaining its strategy of selective property acquisitions. International development commitments of $2.7 million projected through 2027 are expected to be funded through reinvested joint venture cash flow. Management reaffirmed that operating cash flow remains sufficient for recurring obligations and dividend maintenance while access to capital for acquisitions and debt maturities depends on stable financial markets.
Tone: cautiousRevenue
$6.4B
SPG 10-K · FY 2025
Employees
3,600
Revenue FY2024
$6B
Headquarters
Indianapolis, IN
Profile
SPG 10-K Item 1 · Feb 25, 2026Simon Property Group is a self-administered, self-managed REIT that owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations across the United States and internationally. Its U.S. portfolio spans 212 income-producing properties including malls, Premium Outlets, and The Mills across 38 states and Puerto Rico. Internationally, Simon holds interests in 42 properties primarily in Asia, Europe, and Canada, plus a 22.2% equity stake in Klépierre SA.
Read filing description ↓ Collapse description ↑
We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, and The Mills. As of December 31, 2025, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. Internationally, as of December 31, 2025, we had ownership interests in 42 properties primarily located in Asia, Europe and Canada. As of December 31, 2025, we also owned a 22.2% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from fixed minimum lease consideration and fixed common area maintenance reimbursements, and variable lease consideration primarily based on tenants reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items.
Primary products
- Malls
- Premium Outlets
- The Mills
- Lifestyle Centers
- Other Retail Properties
- Management Fees
Business segments
End markets
Geographies
Named customers
“We believe that there are numerous factors that make our properties highly desirable to retailers, including: the quality, location and variety of tenants of our properties; our management and operational expertise; our extensive experience and relationships with tenants, lenders and suppliers; our marketing initiatives and consumer focused strategic corporate alliances; and the efficiency and immediacy of physical retail.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased by approximately $400.7 million in 2025 versus 2024, driven primarily by higher lease income of $449.4 million year over year.
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