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Largest US mall owner and operator, also owns outlet centers and international retail real estate.
Largest US mall owner and operator, also owns outlet centers and international retail real estate.
Earns rent from tenants, usually a base rent plus extra when store sales pass a threshold, so retailers' sales matter. As a REIT it pays out most income as dividends. It bought a majority of Taubman, a luxury-mall owner, in 2020.
Moat: narrow (scale, installed base). Owns the highest-quality mall real estate in top US markets, which is difficult and costly to replicate.
Headquarters: Indianapolis, Indiana, United States · Founded: 1993 · Employees: 3,600
Size Simon Property (SPG) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $73.9B, the 181st largest of 3,117 United States companies the cockpit tracks. Shares closed at $228.42 on 6 Nov 2026.
Performance Over six months the shares gained 14.2%, against -4.4% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 15 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +7.2%); the operating margin is 47.4% (peer median 38.2%).
Valuation It trades at 16.82× book value against a peer median of 2.49× (2nd most expensive of 13).
Price implies The share price implies a return on equity of about 143.3%; Simon Property delivers 135.4%, so the price asks more than the business earns today.
Credit Simon Property has 26 bonds outstanding ($18.2B), rated A by the agencies and trading like A- at a weighted spread of 73 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.94B | $6.36B | $5.96B | $5.66B | $5.29B |
| Revenue growth | — | +7% | +5% | +7% | — |
| Gross profit | $3.97B | $3.79B | $3.66B | $3.37B | $3.06B |
| EBITDA | $4.97B | $4.60B | $4.36B | $4.07B | $3.82B |
| Net income | $4.66B | $4.63B | $2.37B | $2.28B | $2.14B |
| Free cash flow | $3.63B | $3.57B | $3.45B | $3.59B | $3.70B |
| Capital expenditure | $883M | $912M | $737M | $703M | $745M |
| Total debt | $29.4B | $57.6B | $24.8B | $26.5B | $25.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Simon Property SPG | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% |
| Macerich MAC | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% |
| Kimco Realty KIM | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% |
| Tanger SKT | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% |
| CBL & Associates Properties CBL | $1.46B | 0% | +9% | 61% | 3.43× | 33.7% |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
| Klepierre LI.PA | $11.6B | +8% | +3% | 15% | 1.11× | 11.4% |
| Scentre SCG.AX | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.4% | +9.0% | 4th highest of 16 |
| 6-month return | +14.2% | -4.4% | 2nd highest of 15 |
| Return on equity | 135.4% | 8.0% | highest of 13 |
| Price / book | 16.82× | 2.49× | 2nd most expensive of 13 |
| Trailing P/E | 43.3× | 30.8× | 5th most expensive of 15 |
| ROE the price implies | 143.3% | 20.9% | 2nd most demanding of 12 |
| ROE delivered | 135.4% | 8.0% | highest of 13 |
| Bond spread | 73 bp | 85 bp | 4th tightest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Welltower WELL | United States | $180B | +15% | +39% | 4% | 3.69× | 24.4% | 3.8% |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
Simon Property has 26 bonds outstanding with $18.2B face value. The agencies rate it A; its bonds trade like A-. Weighted yield 5.54%, a spread of 73 bp over government bonds.