Here are 1-3 brief analogies for Simon Property:

• Marriott for shopping malls. (Simon Property Group owns and manages a vast portfolio of shopping centers and mixed-use properties, much like Marriott owns and manages a portfolio of hotels.)
• Disney, but for premier shopping and entertainment destinations. (Simon Property Group creates large-scale, curated environments for shopping, dining, and entertainment, acting as a destination for millions, similar to how Disney creates immersive entertainment destinations.)

• Retail Space Leasing: Simon Property Group provides commercial real estate units for rent to retail, dining, and entertainment businesses within their shopping destinations.
• Mixed-Use Property Leasing: The company offers leasable space for a variety of purposes, including residential, office, or hospitality, within their integrated mixed-use developments.

Simon Property Group (SPG) is a real estate investment trust that owns and operates premier shopping, dining, entertainment, and mixed-use destinations. As such, its major customers are the companies that lease space within its properties.

Here are some examples of major customer companies (tenants) that frequently lease space from Simon Property Group:

• Macy's, Inc. (M)
• Nordstrom, Inc. (JWN)
• Gap Inc. (GPS), which includes brands like Gap, Banana Republic, and Old Navy
• Bath & Body Works, Inc. (BBWI)
• Starbucks Corporation (SBUX)
• Apple Inc. (AAPL)

David E. Simon, Chairman of the Board, Chief Executive Officer and President

David E. Simon serves as the Chairman of the Board, Chief Executive Officer, and President of Simon Property Group. He is the son of Melvin Simon, who co-founded the company's predecessor, Melvin Simon & Associates. He began his career at First Boston and then worked as a vice president at Wasserstein Perella & Co., a Wall Street firm specializing in mergers and acquisitions and leveraged buyouts, from 1988 to 1990. In 1990, he joined Simon Property's precursor, Melvin Simon & Associates, as Chief Financial Officer. He led the efforts to take Simon Property Group public in 1993 with a nearly $1 billion initial public offering. He became CEO in 1995 and chairman in 2007. Simon has orchestrated over $38 billion in strategic acquisitions. He also serves as a board member of Apollo Global Management, Inc., a private equity firm.

Brian J. McDade, Executive Vice President and Chief Financial Officer

Brian J. McDade is the Executive Vice President and Chief Financial Officer of Simon Property Group. He joined Simon Property Group in 2004 and has served in various senior finance and accounting roles. Prior to his appointment as CFO on October 1, 2018, he was the company's Senior Vice President and Treasurer. He also serves as a Chief Financial Officer, Treasurer & Executive VP at Simon Property Group LP and Simon Property Group Acquisition Holdings, Inc., and is a Co-Manager at Outlet Site JV SARL.

Eli Simon, Executive Vice President and Chief Operating Officer

Eli Simon is the Executive Vice President and Chief Operating Officer of Simon Property Group, a role he was promoted to in August 2025. He works directly with David Simon on all aspects of the business, including property performance, new development projects, strategic investments, and brand strategy. Eli joined Simon Property Group in 2019, leading the company's investment strategy for both real estate and non-real estate investments. Before joining Simon, he was the Principal and Head of North American Lodging at Och-Ziff Capital Management and Och-Ziff Real Estate (now Sculptor Capital Management), where he oversaw lodging-related investments, including acquisitions and lending opportunities.

John Rulli, Chief Administrative Officer

John Rulli serves as the Chief Administrative Officer of Simon Property Group, a position he has held since 2007. He joined Melvin Simon & Associates, Inc., the predecessor to Simon Property Group, in 1988 and held various positions with the firm before becoming an Executive Vice President in 1993 and Chief Administrative Officer in 2000. He was promoted to Senior Executive Vice President in 2011.

Steven E. Fivel, General Counsel and Secretary

Steven E. Fivel has been the General Counsel and Secretary of Simon Property Group since January 1, 2017. He rejoined Simon in March 2011 as Assistant General Counsel. From February 1988 until December 1996, Fivel served Simon in various legal capacities, including real estate development, joint ventures, shopping center finance, and corporate transactions. From January 1997 through February 2011, he was the Executive Vice President, General Counsel, and Secretary of Brightpoint, Inc., a global leader in providing supply chain solutions to the wireless industry. He is also a member of the Supervisory Board of Directors of Klépierre, a publicly-traded French REIT.

Key Risks to Simon Property (SPG)

1. Shift to E-commerce and Tenant Bankruptcies: Simon Property Group faces a significant risk from the ongoing shift in consumer behavior towards online shopping and away from traditional brick-and-mortar retail. This trend can lead to decreased foot traffic in physical stores and shopping centers, potentially resulting in lower tenant sales and, consequently, reduced rental income for SPG. A direct consequence of this shift and broader economic pressures is the risk of tenant defaults, lease terminations, and increased vacancies within SPG's properties. The loss of anchor stores or large, nationally recognized tenants can particularly impact customer traffic and sales across entire properties.
2. Interest Rate Sensitivity and Substantial Debt Burden: As a real estate investment trust (REIT) with a substantial debt burden, Simon Property Group is highly sensitive to changes in interest rates. Rising interest rates can significantly increase the cost of financing and refinancing SPG's debt, affecting its profitability and access to capital for future acquisitions or developments. This can also make REITs less attractive compared to other income-generating assets when rates are high.
3. Exposure to Economic Cycles and Consumer Spending Fluctuations: The performance of the retail real estate sector, and thus Simon Property Group, is heavily influenced by general economic conditions and consumer spending patterns. Economic downturns or recessions can lead to reduced consumer confidence and discretionary spending, which directly impacts retail sales at SPG's properties. This can result in tenants struggling to meet rental obligations, leading to higher vacancies, lower rents, and increased concessions, all of which adversely affect SPG's financial performance.

The addressable markets for Simon Property (SPG), a real estate investment trust focused on premier shopping, dining, entertainment, and mixed-use destinations, can be sized across its operating regions:

• Global Shopping Centres Market: The global shopping centers market size was valued at USD 6,277.24 billion in 2024. It is projected to grow to USD 10,267.96 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 5.62% from 2025 to 2033. The global commercial real estate market, which includes shopping centers, was valued at USD 6.72 trillion in 2024 and is expected to reach USD 9.11 trillion by 2033.
• North America Commercial/Retail Real Estate Market: The North America real estate market generated a revenue of USD 871.3 billion in 2024. It is projected to reach USD 1,217.2 billion by 2030, with a CAGR of 5.9% from 2025 to 2030. Commercial properties were the largest revenue-generating segment in 2024. Another estimate places the North American real estate market at USD 2,250 billion. The U.S. commercial real estate market, in terms of transaction value, is expected to grow from USD 1.66 trillion in 2024 to USD 1.89 trillion by 2029, at a CAGR of 2.61%.
• Europe Shopping Centre Market: Europe features a significant number of shopping centers, with over 1,100 centers sized between 30,000 and 50,000 square meters, and approximately 600 centers exceeding 50,000 square meters. Among these, about 90 are considered "mega centers" with sales areas over 100,000 square meters. Transaction volumes for European retail real estate amounted to €31 billion in 2025.
• Asia-Pacific Retail/Commercial Real Estate Market: The Asia-Pacific real estate market is currently valued at approximately USD 1.2 trillion. More specifically, the Asia Pacific real estate market generated a revenue of USD 2,198.1 billion in 2024 and is anticipated to reach USD 3,182.9 billion by 2030, with a CAGR of 6.6% from 2025 to 2030. The commercial real estate market in Asia-Pacific held the largest share globally at 33% in 2025.

For Simon Property (NYSE: SPG), several key drivers are expected to contribute to future revenue growth over the next two to three years:

1. Strong Occupancy and Leasing Momentum: Simon Property Group continues to demonstrate robust occupancy rates across its portfolio, with malls and premium outlets reporting 96.4% occupancy at year-end 2025 and The Mills at 99.2%. The company signed over 4,600 leases totaling more than 17 million square feet in 2025, with approximately 30% of these being new deals, indicating sustained tenant demand and a healthy leasing pipeline. Continued high occupancy and active leasing are expected to drive consistent rental income.

2. Rental Rate Increases and Pricing Power: SPG has been successful in increasing average base minimum rents, with a 4.7% year-over-year increase across malls and premium outlets in Q4 2025. New leases are being signed at rents higher than the portfolio average. This reflects the company's pricing power in its high-quality retail real estate, which is anticipated to further boost revenue as existing leases renew and new tenants move in.

3. Redevelopment and Mixed-Use Densification: Simon Property Group has an active redevelopment pipeline exceeding $4 billion, with phased completions expected through 2025-2027. These projects involve converting legacy department store spaces and excess land into mixed-use destinations, incorporating apartments, hotels, medical/office facilities, food and beverage options, and entertainment. This strategy aims to capture higher returns and drive increased foot traffic to its properties, thereby diversifying and growing revenue streams.

4. Integration and Optimization of Acquired Portfolios: The full benefits of the acquisition and integration of Taubman Realty Group (TRG) are projected to be realized by 2027. Operational integration is expected to lift the yield by at least 50 basis points, with TRG properties already contributing to the growth in average base minimum rent. This continued optimization of acquired assets will contribute to enhanced revenue generation.

Share Repurchases

• Simon's Board of Directors authorized a new common stock repurchase program of up to $2.0 billion through February 29, 2028. This program replaces a prior $2.0 billion authorization, which had approximately $1.7 billion remaining.
• In fiscal year 2025, Simon Property Group repurchased $226.8 million of common stock.

Share Issuance

• In November 2025, Simon acquired the remaining 12% interest in The Taubman Realty Group limited partnership by issuing 5.06 million limited partnership units in Simon Property Group L.P.
• Simon issued Klépierre exchangeable bonds in November 2023.

Inbound Investments

• In the third quarter of 2025, Wellington Management Group LLP increased its holdings in Simon Property Group by 634.5%, adding 6,366,711 shares for an estimated value of over $1.19 billion.
• Aew Capital Management L.P. significantly boosted its stake in Simon Property Group by 90.9% in Q3 2025, holding 530,155 shares valued at approximately $99.5 million.
• During Q3 2025, Capital World Investors increased their portfolio by 45.0%, adding 2,600,508 shares in Simon Property Group, estimated at over $488 million.

Outbound Investments

• In 2025, Simon acquired $2 billion of high-quality retail properties.
• Simon acquired the remaining 12% interest in The Taubman Realty Group on October 31, 2025, leading to the consolidation of TRG.
• In 2025, Simon acquired Phillips Place for $143.8 million and consolidated the retail component of Brickell City Centre through a $497.7 million transaction.

Capital Expenditures

• Simon's capital expenditures for the latest twelve months ending September 2025 were $897.3 million.
• For the nine months ended September 30, 2025, capital expenditures focused on maintaining and enhancing property quality, particularly in creating experiential retail environments.
• As of November 2025, Simon's share of the net cost for development projects across all platforms was $1.25 billion, with approximately 40% allocated to mixed-use projects and an expected blended yield of 9%.