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Simon Property Group
From Wikipedia, the free encyclopedia
| Simon Property Group, Inc. | |
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| Type | Public (NYSE: SPG) |
| Genre | Malls, Shopping Centers, Outlet Malls |
| Founded | 1993 |
| Founder | Melvin Simon |
| Headquarters | Indianapolis, Indiana United States |
| Industry | real estate investment trusts |
| Divisions | 5 Platforms |
| Slogan | "More Choices" |
| Website | simon.com |
Simon Property Group, Inc. (NYSE: SPG), also known as SIMON, an S&P 500 company headquartered in Indianapolis, Indiana, is the largest developer of shopping malls in the United States. Simon Property Group, Inc. operates as a real estate investment trust (REIT) engaged in the ownership, development and management of high-quality retail real estate, primarily regional malls, Premium Outlet Centers and community/lifestyle centers. Through its subsidiary partnership, it owns or has an interest in at least 380 properties in the United States comprising more than 258 million square feet of gross leasable area in 39 states, plus Puerto Rico. Simon Property Group also holds interests in 52 European shopping centers in France, Italy and Poland; five Premium Outlet Centers in Japan; one Premium Outlet Center in South Korea and one Premium Outlet Center in Mexico. It currently has ownership interests in some of the most high-profile shopping malls in the world.
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Simon Property Group was formed in 1993 when the majority of the shopping center interests of Melvin Simon & Associates became a publicly traded company. Melvin Simon & Associates, owned by brothers Melvin Simon and Herbert Simon, had been founded in 1960 in Indianapolis, Indiana, and had long been one of the top shopping center developers in the United States.
In 1996 Simon DeBartolo Group was formed with Simon Property's merger with former rival DeBartolo Realty Corp.[1] DeBartolo Realty had recently become a publicly traded company itself and encompassed the shopping mall interests of the Edward J. DeBartolo Sr. family, another leading developer. Simon DeBartolo rapidly acquired assets in the then fragmented industry, notably The Retail Property Trust and a group of properties held by IBM's pension plan in 1997 and Corporate Property Investors (CPI) in 1998. Following the CPI acquisition in 1998, the company announced it was reverting to its original name, Simon Property Group, as the DeBartolo family was resuming its private real-estate development operation, while retaining their interest in Simon.
Simon continued to be a prolific acquirer of shopping centers, including a portfolio from New England Development in 1999, several prime properties from Rodamco North America in 2002 (including Houston Galleria and SouthPark Mall), several high-profile properties such as Dadeland Mall, Fashion Valley Mall and Stanford Shopping Center, and in 2004 Chelsea Premium Outlets. In 2003 Simon became a co-owner of The Kravco Company, which changed its name to Kravco Simon. After years of litigation, Simon's interest in Mall of America was sold in late 2006 and management rights were terminated in early 2007. On April 3, 2007, a partnership including Simon agreed to acquire the financially-troubled Mills Corporation.[2]
Simon Property Group is the largest publicly traded retail real estate company in North America with a total market capitalization (equity and debt) of approximately $56 billion.[3]
Simon is also known for its Visa Simon Gift Cards which are sold at most malls in a newer wavy blue, turquoise, and white design. Some malls also have designs for colleges, like Purdue; NBA teams for Texas, or upscale designs for King of Prussia, Stanford Shopping Center, and The Forum Shops at Caesars. Chelsea Premium Outlet Centers have a red card. In 2006, over $560 million were spent on the cards making it the largest prepaid card in the United States. The Mills Landmarks are still selling cards by Discover Card. However, some states have sued the Gift Cards due to its confusing rules. In all Connecticut malls, Simon or not, gift cards are sold in malls only, unlike online or phone as other choices.
| This article needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (September 2007) |
- ^ Kumer, Ken (1996-03-27). SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES. djc.com. Seattle Daily Journal and djc.com. Retrieved on 2007-10-08.
- ^ Simon Property Group Inc SPG (NYSE), Reuters. Accessed September 17, 2007. "On April 3, 2007, SPG-FCM Ventures, LLC, a joint venture between an entity owned by Simon Property and funds managed by Farallon Capital Management, L.L.C., completed the acquisition of The Mills Corporation."
- ^ Jones, Chris. "Simon Property Group to Acquire Chelsea Property Group in $3.5 Billion Deal.", Las Vegas Review-Journal, June 22, 2004. Accessed September 18, 2007. "The largest publicly traded retail real estate company in North America with nearly 250 properties in 37 states, Canada and Puerto Rico..."