Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/ lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. Worldwide, it owns interests in 232 properties comprising approximately 241,000,000 square feet (22,400,000 m  2) of gross leasable area in North America and Asia.
History [ ]
Simon Property Group dates to 1960, when brothers
Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana. In December 1993, they took their interests public as Simon Property Group in the largest initial public offering of a real estate investment trust to date. Simon Property merged with the newly public DeBartolo Realty Corporation, owner of the real estate assets of  Edward J. DeBartolo Sr., in 1996 to form Simon DeBartolo Group. 
In 1997, the company acquired The Retail Property Trust for $1.2 billion in a
hostile takeover. Also in 1997, in partnership with  Macerich, the company acquired 12 malls from IBM's pension plan for $974.5 million. One year after these acquisitions, the company acquired  Corporate Property Investors and was renamed Simon Property Group.  The company also acquired an ownership interest in Groupe BEG, S.A., operator of shopping centers in Europe. 
In 1999, the company acquired 14 shopping centers from New England Development for $725 million.
In 2002, in partnership with
Westfield Group and The Rouse Company, the company acquired 13 properties from Rodamco North America including Copley Place, Houston Galleria, and SouthPark Mall.
In 2003, Simon acquired a majority interest The Kravco Company, owner of the
King of Prussia, for $300 million.
In 2004, the company entered the
outlet mall business with the acquisition of Chelsea Property Group Inc. for $3.5 billion.
In April 2007, Simon and
Farallon Capital acquired the Mills Corporation. 
In 2009, Simon tried to buy malls owned by
General Growth Properties. In February 2010, Simon placed a bid acquire General Growth, which was in  bankruptcy protection.  However, the bid was rejected by GGP. A GGP shareholder filed suit  (Young v. Bucksbaum) against the company's board of directors for rejecting Simon's bid, alleging breach of fiduciary duty. In April 2010, Simon offered to make a $2.5 billion equity investment in GGP including a $1 billion investment by  Paulson & Co.  In May 2010, Simon withdrew from the bidding for GGP after GGP favored transactions with  Brookfield Asset Management.
In May 2010, Simon acquired
Prime Retail's Prime Outlets-Puerto Rico in Barceloneta, Puerto Rico In August 2010, Simon acquired an additional 21 outlet malls, including locations in Williamsburg, Virginia, San Marcos, Texas and Hagerstown, Maryland for a total of $2.3 billion.
In December 2010, Simon made a $4.5 billion bid for Capital Shopping Centres Group plc; however, the offer was rejected and withdrawn in January 2011.
In September 2011, Simon acquired
Southdale Center in Edina, Minnesota.
In August 2013,
Toronto Premium Outlets opened in Halton Hills, Ontario, Canada. In October 2014,  Premium Outlets Montreal, the second in Canada, opened. In May 2018,  Premium Outlet Collection YEG opened at Edmonton International Airport.
In May 2014, the company completed the
corporate spin-off of Washington Prime Group, headed by Mark Ordan, the final CEO of Mills Corporation. 
In January 2015, Washington Prime Group acquired
Glimcher Realty Trust and was renamed WP Glimcher. As part of the deal, Simon acquired Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas, while WP Glimcher acquired Brunswick Square in East Brunswick, New Jersey from Simon.
In March 2015, the company offered $23.3 billion for
Macerich; however the offer was rejected and withdrawn in April 2015. 
In September 2016, in partnership with
Authentic Brands Group and GGP Inc., the company acquired Aéropostale.
In February 2020, in partnership with Authentic Brands Group, the company acquired
On March 18, 2020, the company announced the closure of its U.S. shopping malls until March 29, due to the
COVID-19 pandemic.   At the time, it was the largest mall owner in the U.S. 
In August 2020, the company discussed repurposing large stores into warehouses and fulfillment centers for
Amazon.  Also in August 2020, in partnership with Authentic Brands, the company acquired  Brooks Brothers and Lucky Brand Jeans.
In December 2020, the company acquired
Taubman Centers for $3.4 billion. It also acquired  J.C. Penney in partnership with Brookfield Asset Management.
In April 2022, it was announced that Simon and Brookfield are set to offer to buy
Legal record [ ]
In 2007, the company was sued for banning the use of
Segways, which the plaintiff claimed was in violation of the Americans With Disabilities Act.
In 2009, the company was sued by a nightclub for
racial discrimination for allegedly blocking its main entrance since the majority of its clientele were black.
In 2011, the company was sued for allegedly firing a woman because she was pregnant.
In 2011, the company agreed to pay $125,000 to settle allegations by the
Equal Employment Opportunity Commission that Latino janitors working for the company were subjected to daily verbal attacks because of their national origin.
See also [ ]
References [ ]
"Simon Property Group 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
"Simon Property Group". Fortune.
Liz Brumer-Smith (November 22, 2021). "How Risky Is Simon Property Group?". nasdaq.com . Retrieved . December 21, 2021 Its presence is massive, having ownership or interest in 196 indoor and outdoor malls across North America and 36 malls in Europe and Asia.
Miller, Stephen; Hudson, Kris (September 17, 2009). "He Built America's First Megamall". . The Wall Street Journal
Kumer, Ken (March 27, 1996). "SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES". . Seattle Daily Journal of Commerce Associated Press.
Bryant, Adam (March 27, 1996). . "Simon Property To Acquire DeBartolo for $1.5 Billion" . The New York Times
WAHBA, PHIL (December 2, 2016). . "Simon Property Group Fights to Reinvent the Shopping Mall" . Fortune
"Simon DeBartolo, Macerich to buy 12 malls Firms form joint venture for $974.5 million buy from IBM pension fund; Commercial real estate". The Baltimore Sun. Bloomberg News. December 30, 1997.
"Simon buys: Simon DeBartolo Group Inc. will buy Corporate". . February 19, 1998. Chicago Tribune
BAGLI, CHARLES V. (February 20, 1998). . "Simon DeBartolo Wins Fight For a Prime Group of Malls" . The New York Times
"Simon Property Group 1998 Annual Report".
Martinez, Barbara (February 26, 1999). . "Simon Property Agrees to Acquire 14 Shopping Malls for $725 Million" . The Wall Street Journal
"Simon Property Group Announces Completion of Rodamco Acquisition". Simon Property Group. May 6, 2002.
Kostelni, Natalie (November 10, 2003). "K of P mall to be sold". . American City Business Journals
Schouten, Cory (December 8, 2009). "Simon buying Prime Outlets in $2.3B deal". . Indianapolis Business Journal
"Simon Property Group and Farallon Capital Management Complete Acquisition of The Mills Corporation" (Press release). Simon Property Group. April 6, 2007.
"Simon, Farallon close acquisition of Southridge owner". . April 6, 2007. American City Business Journals
"Simon Tried to Buy GGP Malls". . April 28, 2009. National Real Estate Investor
DE LA MERCED, MICHAEL J. (February 16, 2010). "Simon Bids $10 Billion for General Growth Properties". . The New York Times
Pisani, Bob (February 16, 2010). "Pisani: Simon Property's $10 Billion Bid on General Growth". . CNBC
Marshall, Jim (February 20, 2010). "General Growth sued by shareholder-report". . Reuters
"Simon Property Group Offers to Invest $2.5 Billion in General Growth Reorganization Plan at Same Per Share Price as Existing Brookfield-Sponsored Proposal" (Press release). PR Newswire. April 14, 2010.
Jonas, Ilaina (April 14, 2010). "Simon still interested in buying General Growth: source". . Reuters
"Simon Property Group Withdraws Acquisition and Recapitalization Proposals for General Growth Properties" (Press release). Simon Property Group. May 7, 2010.
"Simon Property Group Completes Prime Outlets Transaction" (Press release). PR Newswire. August 30, 2010.
Barwell, Tim; Louis, Brian (January 11, 2011). "Simon Property Abandons Offer for Capital Shopping". . Bloomberg News
"New owner Simon Properties hopes to turn around Southdale". . September 10, 2011. St. Paul Pioneer Press
Shum, David (August 1, 2013). "Toronto Premium Outlets open in Halton Hills - Toronto". . Global News
Friede, Eva (October 29, 2014). "Premium Outlets opens discount mecca at Mirabel". . Montreal Gazette
"Premium Outlet Collection Edmonton International Airport Celebrates Its Grand Opening" (Press release). PR Newswire. May 2, 2018.
"Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire. May 28, 2014.
Karr, Arnold J. (December 13, 2013). "Simon Plans Spin-off of Smaller Properties". . Women's Wear Daily
"Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire. September 16, 2014.
Gara, Antoine (April 1, 2015). . "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid" . Forbes
MASUNAGA, SAMANTHA (April 1, 2015). . "Simon gives up after Macerich rejects second bid" . Los Angeles Times
"Aéropostale Consortium Finalizes Acquisition" (Press release). Business Wire. September 15, 2016.
"Acquisition Of Forever 21 Finalized" (Press release). Business Wire. February 19, 2020.
"Simon Property Group Temporarily Closes All Domestic Properties" (Press release). PR Newswire. March 18, 2020.
Tyko, Kelly (March 18, 2020). "Simon Property Group closes all of its U.S. malls due to coronavirus. See the list of closed locations". . USA Today
Snouwaert, Jessica (March 18, 2020). "The biggest mall operator in the US is closing all locations for 12 days to slow the spread of COVID-19". . Business Insider
Thomas, Lauren (March 24, 2020), , This department store is still open for business despite coronavirus CNBC
Fung, Esther; Herrera, Sebastian (August 9, 2020). . "Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers" . The Wall Street Journal
Thomas, Lauren (August 10, 2020). "Simon shares jump on reported talks with Amazon. But converting stores to warehouses may face hurdles". . CNBC
Bhattarai, Abha (August 26, 2020). "Mall giant Simon snapping up bankrupt retailers to outdo its rivals". . The Washington Post
"Simon Property Group Completes Acquisition Of Taubman Centers, Inc" (Press release). PR Newswire. December 29, 2020.
Halkias, Maria (December 7, 2020). "J.C. Penney sale to landlords Simon and Brookfield is completed". . The Dallas Morning News
Stein, Sanford. "Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney". Forbes . Retrieved . 2022-05-11
Antonacci, Sarah (October 8, 2007). "Springfield mall sued over Segway ban". . The Daily Register
Finnegan, Amanda (March 12, 2009). "Poetry nightclub discrimination lawsuit moves forward". . Las Vegas Sun
Dungan, Jesse (February 23, 2011). "Woman sues Stanford Shopping Center for alleged pregnancy discrimination". . The Mercury News
"Simon Property Group To Pay $125,000 To Settle EEOC National Origin Discrimination Lawsuit" (Press release). Equal Employment Opportunity Commission. November 8, 2011.
External links [ ]