Simon Property Group traces its origins to 1960, when brothers Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana. The company went public in December 1993 (NYSE: SPG) in what was then the largest initial public offering of a real estate investment trust to date. In 1996, Simon merged with DeBartolo Realty Corporation to form Simon DeBartolo Group, later reverting to Simon Property Group in 1998. The company expanded through acquisitions of Corporate Property Investors (1998), Chelsea Property Group for $3.5 billion (2004), and Mills Corporation (2007). In December 2020, Simon acquired Taubman Centers for $3.4 billion, and also partnered with Brookfield Asset Management to acquire J.C. Penney. The company acquired its partner's interest in Brickell City Centre in Miami in June 2025. Simon additionally holds ownership stakes in retail operators including Forever 21, Brooks Brothers, and Lucky Brand Jeans through partnerships with Authentic Brands Group. Simon operates a portfolio focused exclusively on retail real estate, including enclosed malls, Premium Outlets, The Mills centers, and lifestyle centers. As of December 31, 2024, the REIT held ownership interests in 232 properties totaling approximately 183 million square feet across North America, Europe, and Asia. The U.S. portfolio comprises 162 malls and Premium Outlets totaling 136.1 million square feet with a 96.0% occupancy rate as of June 30, 2025. Internationally, Simon owns or has interests in 70 properties across Europe, Asia, and Latin America, totaling approximately 12.6 million square feet in markets including Japan, South Korea, Italy, France, Germany, the United Kingdom, and Mexico. The company's U.S. NOI is concentrated in Florida (19.2%), California (13.8%), and Texas (10.2%).