Simon Property Group, Inc. operates as a self-administered and self-managed real estate investment trust (REIT). The company primarily focuses on owning, developing, and managing premier shopping, dining, entertainment, and mixed-use destinations. Its portfolio includes malls, Premium Outlets, and The Mills. Simon also has investments in retail operations, intellectual property, e-commerce, and global real estate investment and management.

Simon's business model centers around leasing space to retailers and other businesses, generating revenue through fixed and variable lease consideration, as well as reimbursements for operating expenses. The company strives to maintain high occupancy rates and attract diverse tenants to its properties. Simon's competitive advantages include the quality and location of its properties, its management and operational expertise, and its extensive relationships with retailers and lenders. The company's key markets are primarily in the United States, with additional international presence in Asia, Europe, and Canada.

The competitive landscape is dynamic, with Simon competing against other mall operators, outlet centers, community/lifestyle centers, and online retailers.

• Employees: Approximately 3,000 (as of December 31, 2023)
• Geographic Footprint: 37 states and Puerto Rico (domestic), Asia, Europe, and Canada (international)
• Number of locations/facilities: 195 income-producing properties in the U.S., 35 Premium Outlets and Designer Outlet properties internationally
• Revenue: Not explicitly stated, but the company's lease income was $5.16 billion in 2023
• Market capitalization: Approximately $37.467 billion (as of June 30, 2023)
• Key Subsidiaries or Brands: Premium Outlets, The Mills, The Taubman Realty Group, J.C. Penney, SPARC Group, Authentic Brands Group, Rue Gilt Groupe, Jamestown
• Year founded: 1993 (Simon Property Group, Inc.)
• Headquarters location: Indianapolis, Indiana

• CEO: David Simon (Chairman of the Board, Chief Executive Officer and President)
• CFO: Brian J. McDade (Executive Vice President and Chief Financial Officer)
• Other C-suite executives: John Rulli (Chief Administrative Officer), Steven E. Fivel (General Counsel and Secretary), Adam J. Reuille (Senior Vice President and Chief Accounting Officer), Donald G. Frey (Treasurer and Executive Vice President), Kevin M. Kelly (Assistant General Counsel and Assistant Secretary)

David Simon has served as CEO since 1995 and Chairman since 2007. Other executives have been with the company for varying tenures, with most holding their current positions since 2017 or 2018.

• Annual Revenue: $5.66 billion (FY2023)
• Net Income: $2.62 billion (FY2023)
• Market Cap: $37.467 billion (as of June 30, 2023)
• Total Assets: Not explicitly stated, but total liabilities and equity was $34.28 billion (as of December 31, 2023)
• Number of employees: Approximately 3,000 (as of December 31, 2023)
• Key Financial Highlights: Increased diluted earnings per share to $6.98 in 2023 from $6.52 in 2022. Portfolio NOI increased 4.9% in 2023 compared to 2022. Average base minimum rent for U.S. Malls and Premium Outlets increased 3.1% to $56.82 psf as of December 31, 2023, from $55.13 psf as of December 31, 2022. Ending occupancy for U.S. Malls and Premium Outlets increased 0.9% to 95.8% as of December 31, 2023, from 94.9% as of December 31, 2022.

Simon's main product categories and service lines include:

• Malls: Enclosed shopping centers with a variety of department stores, anchor stores, and smaller retailers.
• Premium Outlets: Open-air centers featuring designer and manufacturer stores.
• The Mills: Combination of traditional mall, outlet center, big box retailers, and entertainment uses.
• Lifestyle Centers: Open-air centers with a mix of retail, dining, and entertainment options.
• Other Retail Properties: Various other retail properties, considered non-core to the business model.
• Retail Operations: Investments in retail operations such as J.C. Penney and SPARC Group.
• Intellectual Property and Licensing: Venture with Authentic Brands Group (ABG).
• E-commerce: Venture with Rue Gilt Groupe (RGG).
• Global Real Estate Investment and Management: Investment with Jamestown.

Flagship offerings include Aventura Mall, The Forum Shops at Caesars Palace, and Woodbury Common Premium Outlets.

Simon operates primarily through its real estate segments, including malls, Premium Outlets, and The Mills. The company also has investments in retail operations, intellectual property, e-commerce, and global real estate investment and management.

The 10-K provides information on the geographic distribution of properties, but does not provide a revenue breakdown by segments. However, it is noted that our international activities represented approximately 6.4% of consolidated net income and 9.4% of our net operating income, or NOI, for the year ended December 31, 2023.

Simon's business strategy focuses on maximizing total financial return through both operating cash flows and capital appreciation. Key strategic priorities include:

• Attracting and retaining high-quality tenants.
• Expanding and re-tenanting existing properties.
• Selectively acquiring or increasing interests in high-quality real estate assets.
• Generating consumer traffic through marketing initiatives and strategic alliances.
• Selling selective non-core assets.

Simon also aims to enhance its portfolio through redevelopment and expansion projects. The company is focused on adapting its business to evolving consumer purchasing habits and integrating digital and mobile technologies. Simon is also committed to sustainability and has established targets for reducing greenhouse gas emissions and water usage.

Simon operates in the retail real estate industry, which is dynamic and competitive. The company competes with various merchandise distribution channels, including malls, outlet centers, community/lifestyle centers, and online retailers. Key market trends affecting the business include the rise of e-commerce, changing consumer preferences, and the need for physical retail to adapt to evolving customer expectations. Simon's market position is supported by the quality and location of its properties, its management expertise, and its relationships with retailers and lenders.

Major competitors include other REITs, shopping center operators, and e-commerce platforms. Specific competitors are not explicitly named in the 10-K. Market share information is not explicitly stated in the 10-K.

• Market Risks: Adverse conditions in the general retail environment, including changes in consumer spending, supply chain disruptions, and labor shortages, could materially affect Simon's business. Competition from e-commerce and changing consumer preferences also pose a risk.
• Operational Risks: Dependence on anchor stores and large national tenants, potential adverse effects from tenant bankruptcies, and vacant space at properties could negatively impact Simon's operations. Acts of violence, civil unrest, and criminal activity at properties could also adversely affect the business.
• Financial Risks: Simon faces risks related to its substantial debt burden, including potential difficulties in meeting debt service obligations and accessing capital markets. Changes in credit ratings and interest rates could also impact the company's financial position.
• Regulatory Risks: Simon's qualification as a REIT is subject to various requirements, and failure to maintain this status could result in adverse tax consequences. Changes in tax laws and regulations could also negatively affect the company. Additionally, Simon is subject to environmental regulations and may face liabilities for environmental contamination.
• Cybersecurity Risks: Security breaches through cyber-attacks, cyber intrusions, or other significant disruptions of computer systems and technology infrastructure could adversely affect the business.