About the Company
Simon Property Group is a self-administered real estate investment trust (REIT) that develops, owns, and operates retail real estate properties in America. It is the largest mall operator in the country; its real estate properties include regional malls and premium outlets. Simon Property Group shares are traded on the New York Stock Exchange (NYSE) under the ticker symbol “SPG”. Headquartered in Indianapolis, Indiana, it has more than 4,000 employees. SPG holds interest in more than 200 income generating properties in the United States which include more than 100 shopping malls, over 60 premium outlets, nearly 15 mills, and more than 10 other retail properties in over 35 states in Puerto Rico. Some of the subsidiaries of SPG are Simon Ventures, LLC, Forever 21, Simon Management Associates, LLC, Simon Brand Ventures, LLC, Simon Services, Inc, Rosewood Indemnity Ltd, and Bridgewood Insurance Co Ltd.
SPG was incorporated in 1993 when Melvin Simon & Associates, owned by Melvin Simon and Herbert Simon, made an initial public offering of $840 million. It was the largest IPO in the history of America at that time. Following the acquisition of Corporate Property Investors in 1998, the company changed its name back to the original, Simon Property Group. Moreover, this acquisition added 23 malls and 4 office buildings to SPG’s portfolio. In 1997, SPG completed the acquisition of The Retail Property Trust, a private business based in Massachusetts. In 2002, the company acquired several properties from Rodamco North America which included Houston Galleria, Dadeland Mall, Fashion Valley Mall, Fashion Centre at Pentagon City, SouthPark Mall in Charlotte, North Carolina and Stanford Shopping Centre. In 2011, SPG partnered with Nintendo to provide 3DS Wi-Fi hotspots at close to 200 shopping malls in America. In the same year, it purchased the Edina-based Southdale Centre. One of the most noteworthy announcements of Simon Property Group was made on February 10, 2020, when it announced that it had reached an agreement to acquire one of its competitors, Taubman Centres, for approximately $3.6 billion.
In 2018, Fortune named Simon Property Group the World’s Most Admired Real Estate Company for the eighth time. Between 2014 and 2015, SPG was named on the Climate “A” list for the second year in a row. In 2018, Forbes ranked SPG 182nd on the list of America’s Largest Public Companies. Two years later, it was ranked 668th on the Forbes Global 2000 2020 list. Moreover, in the same year, SPG occupied the 497th position on the list of Fortune 500 companies.;
|Organisation||Simon Property Group Inc|