Simon Property Group, Inc. (SPG)

Sector: Real Estate|Industry: REIT - Retail|Market Cap: $64.40B|Employees: 3K


Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT) that owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, primarily consisting of malls, Premium Outlets, and The Mills. The company's core business model revolves around leasing retail space to tenants, and its primary revenue streams are derived from fixed minimum lease consideration and variable lease consideration based on tenants' sales. Simon is a market leader with a significant geographic presence in the United States and internationally.

  1. Filings

Filing Highlights

Financial Performance

The company reported a significant increase in lease income, reaching $5,164.3 million in 2023, compared to $4,905.2 million in 2022. This growth is attributed to higher occupancy rates and improved lease terms across their properties.

While lease income increased, interest expense also rose significantly to $854.6 million in 2023 from $761.3 million in 2022. This increase in interest expense partially offset the gains in revenue, impacting overall net income.

Net income was affected by pre-tax gains on disposal of equity interests of $362.0 million, as well as unrealized gains and losses on publicly traded equity instruments and derivative instruments. These non-cash items create volatility in net income.

Growth & Strategy

Management Execution

Risk Factors

Competitive Position

Operational Efficiency

Innovation & Technology

Capital Allocation

ESG Initiatives

Market Environment