Simon Property Group, Inc. (SPG): Business Model Canvas

Simon Property Group, Inc. (SPG) gilt als Gigant in der Gewerbeimmobilienlandschaft und revolutioniert das Erlebnis in Einkaufszentren durch ein sorgfältig ausgearbeitetes Geschäftsmodell, das Einzelhandelsflächen in dynamische, umsatzgenerierende Ökosysteme verwandelt. Durch die strategische Nutzung erstklassiger Lagen, innovativer Mieterbeziehungen und eines vielfältigen Portfolios an Premium-Immobilien hat sich SPG als führendes Unternehmen im Gewerbeimmobiliensektor positioniert und bietet beispiellose Wertversprechen, die erstklassige Einzelhändler anziehen und umfassende Einkaufsziele schaffen, die weit über traditionelle Einzelhandelsumgebungen hinausgehen.

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Wichtige Partnerschaften

Große Einzelhandelsmarken und Kaufhäuser

Die Simon Property Group unterhält strategische Partnerschaften mit erstklassigen Einzelhändlern:

Einzelhändler	Einzelheiten zur Partnerschaft	Anzahl der Standorte
Apfel	Präsenz im Einzelhandel	109 Geschäfte in Simon-Einkaufszentren
Macys	Ankermieter	65 Standorte
Nordstrom	Premium-Kaufhaus	38 Standorte

Nationale und internationale Immobilienentwickler

Zu den wichtigsten Entwicklungspartnerschaften gehören:

• Brookfield-Eigenschaften
• Westfield-Gruppe
• Taubman-Zentren

Gewerbliche Leasing- und Immobilienverwaltungsunternehmen

Strategische Leasingpartnerschaften:

Partner	Art der Zusammenarbeit	Jährlicher Umsatzbeitrag
CBRE	Immobilienverwaltung	12,4 Millionen US-Dollar
JLL	Leasingdienstleistungen	9,7 Millionen US-Dollar

Finanzinstitute und Investmentpartner

Wichtigste finanzielle Kooperationen:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Technologie- und Infrastrukturdienstleister

Kennzahlen zur Technologiepartnerschaft:

Technologieanbieter	Service	Jährliche Investition
Microsoft Azure	Cloud-Infrastruktur	3,2 Millionen US-Dollar
Cisco-Systeme	Netzwerkinfrastruktur	2,7 Millionen US-Dollar

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Hauptaktivitäten

Kommerzielle Immobilienentwicklung

Gesamtwert des Portfolios: 30,3 Milliarden US-Dollar, Stand 4. Quartal 2023

Entwicklungsmetrik	Menge
Gesamteigenschaften	204 Einzelhandelsimmobilien
Gesamtbruttomietfläche	181,4 Millionen Quadratfuß
Jährliche Entwicklungsinvestition	275 Millionen US-Dollar im Jahr 2023

Verwaltung und Betrieb von Einkaufszentren

Betriebsleistungskennzahlen:

• Auslastung: 91,8 % ab Q4 2023
• Durchschnittlicher Mieterumsatz pro Quadratfuß: 637 $
• Insgesamt Mall Properties: 63 Premium-Outlets

Mieterakquise und Beziehungsmanagement

Mieterkategorie	Anzahl der Mieter
Gesamtzahl der Einzelhandelsmieter	4,300+
Nationale Markenmieter	2,800+
Durchschnittliche Mietdauer	5,7 Jahre

Instandhaltung und Renovierung von Immobilien

Jährliches Wartungsbudget: 425 Millionen US-Dollar im Jahr 2023

• Abgeschlossene Renovierungsprojekte: 12 große Immobilien
• Durchschnittliche Renovierungsinvestition pro Immobilie: 35 Millionen US-Dollar

Anlage- und Portfolioerweiterungsstrategien

Investitionsmetrik	Wert 2023
Gesamtinvestitionsportfolio	30,3 Milliarden US-Dollar
Jährliche Kapitalausgaben	675 Millionen Dollar
Neuerwerb von Immobilien	3 Premium-Outlet-Center

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Premium-Einkaufszentren

Im Jahr 2023 besitzt die Simon Property Group 204 Immobilien, darunter:

• 63 regionale Einkaufszentren
• 47 Premium-Filialen
• 22 Mills-Eigenschaften
• 72 internationale Immobilien

Immobilientyp	Gesamtquadratzahl	Auslastung
Regionale Einkaufszentren	76,4 Millionen Quadratfuß	92.4%
Premium-Outlets	25,6 Millionen Quadratfuß	95.2%

Starker Markenruf im Gewerbeimmobilienbereich

Marktkapitalisierung im Januar 2024: 22,15 Milliarden US-Dollar

Erfahrenes Management- und Führungsteam

Details zur Führung:

• David Simon – Vorsitzender und CEO (Amtszeit seit 1995)
• Brian McDade – CFO
• Durchschnittliche Amtszeit der Führungskräfte: 15,3 Jahre

Erhebliches Finanzkapital und Investitionskapazität

Finanzkennzahlen:

• Gesamtvermögen: 33,8 Milliarden US-Dollar
• Jahresumsatz: 5,9 Milliarden US-Dollar (2023)
• Verhältnis von Schulden zu Eigenkapital: 1,42

Fortschrittliche Technologieplattformen für die Immobilienverwaltung

Technologieinvestitionen:

• Jährliches Technologiebudget: 87 Millionen US-Dollar
• Digitale Mieter-Engagement-Plattformen
• KI-gestützte Immobilienverwaltungssysteme

Kategorie „Technologieinvestitionen“.	Ausgaben
Digitale Infrastruktur	42 Millionen Dollar
Cybersicherheit	22 Millionen Dollar
Datenanalyse	23 Millionen Dollar

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Wertversprechen

Hochwertige Einzelhandelsflächen in erstklassigen Lagen

Die Simon Property Group besitzt ab 2023 204 Einzelhandelsimmobilien, darunter:

Immobilientyp	Gesamtzahl	Gesamtquadratfuß
Einkaufszentren	63	63,4 Millionen
Premium-Outlets	89	29,6 Millionen
Gemeindezentren	52	22,8 Millionen

Umfassende Einkaufs- und Unterhaltungserlebnisse

Durchschnittlicher jährlicher Besucherverkehr aller Objekte: 440 Millionen Kunden

• Durchschnittlicher Mieterumsatz pro Quadratfuß: 637 $
• Auslastung: 92,4 %
• Durchschnittliche Miete pro Quadratfuß: 56,20 $

Attraktive Mietkonditionen für Einzelhandelsmieter

Leasingbezogene Finanzkennzahlen:

Metrisch	Wert
Durchschnittliche Mietdauer	5,7 Jahre
Mieterbindungsrate	78.3%
Gesamte jährliche Grundmiete	4,3 Milliarden US-Dollar

Diversifizierte Immobilieninvestitionsmöglichkeiten

Zusammensetzung des Anlageportfolios:

• Gesamtvermögenswert: 53,4 Milliarden US-Dollar
• Internationale Immobilien: 11 Immobilien
• Geschätzte Marktkapitalisierung: 32,6 Milliarden US-Dollar

Strategisches Immobilienportfolio über mehrere Märkte hinweg

Geografische Verteilung der Immobilien:

Region	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Nordosten	45	22.3%
Südosten	62	30.7%
Mittlerer Westen	41	20.3%
Westen	56	27.7%

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mieterpartnerschaftsverträge

Im vierten Quartal 2023 verwaltet die Simon Property Group 185 Immobilien mit insgesamt rund 3.500 Einzelhandelsmietern. Die durchschnittliche Mietlaufzeit liegt bei großen Einzelhandelsmarken zwischen 5 und 10 Jahren. Die Mieterbindungsrate liegt im gesamten Portfolio bei 88,6 %.

Leasingkategorie	Durchschnittliche Dauer	Anzahl der Mieter
Ankermieter	8-10 Jahre	325 Mieter
Inline-Händler	5-7 Jahre	3.175 Mieter

Personalisierte Immobilienverwaltungsdienste

Die Simon Property Group bietet dediziertes Account-Management für erstklassige Mieter mit 42 regionalen Immobilienverwaltungsteams, die verschiedene geografische Märkte bedienen.

• Engagierte Mieterbeziehungsmanager
• Individuelle Beratung zur Raumoptimierung
• Monatliche Leistungsbeurteilungstreffen

Digitale Kommunikations- und Engagementplattformen

Die Nutzung digitaler Mieterportale stieg im Jahr 2023 um 67 %, wobei 2.850 aktive Gewerbemieter Online-Verwaltungstools nutzten.

Digitale Plattformfunktion	Akzeptanzrate
Online-Mietzahlung	93%
Wartungsanforderungssystem	87%
Performance Analytics-Dashboard	62%

Regelmäßige Mieterbetreuung und Beratung

Die Simon Property Group führt vierteljährliche Leistungsbeurteilungen mit 76 % ihrer erstklassigen Mieter durch und bietet so strategische Leitlinien zur Einzelhandelsoptimierung.

Flexible Leasing- und Raumanpassungsoptionen

Im Jahr 2023 bot die Simon Property Group 35 % ihrer Mieterbasis flexible Leasingvereinbarungen mit Anpassungsoptionen zwischen 50 und 500 US-Dollar pro Quadratfuß an.

• Kurzfristige Pop-up-Store-Optionen
• Modulare Raumgestaltung
• Skalierbare Mietbedingungen

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Kanäle

Direkte Leasing- und Verkaufsteams

Die Simon Property Group unterhält ab 2024 ein starkes Direktvermietungsteam von 350 professionellen gewerblichen Immobilienvertretern. Das Team verwaltet über 196 Immobilien in den Vereinigten Staaten.

Kanaltyp	Anzahl der Vertreter	Geografische Abdeckung
Direktleasing-Teams	350	50 US-Bundesstaaten
Unternehmensvertriebsmitarbeiter	125	Wichtige Ballungsräume

Unternehmenswebsite und Online-Plattformen

Die digitale Plattform der Simon Property Group generiert monatlich etwa 12 Millionen Website-Besucher. Das Online-Leasingportal verarbeitet monatlich über 5.000 Gewerbemietanfragen.

• Website-Traffic: 12 Millionen monatliche Besucher
• Online-Mietanfragen: 5.000 pro Monat
• Digitale Immobilieneinträge: 196 Immobilien

Konferenzen der Immobilienbranche

Die Simon Property Group nimmt jährlich an 18 großen Immobilienkonferenzen teil, was einer Gesamtmarketinginvestition von 2,3 Millionen US-Dollar im Jahr 2024 entspricht.

Konferenztyp	Jährliche Teilnahme	Marketinginvestitionen
Nationale Immobilienkonferenzen	12	1,5 Millionen Dollar
Internationale Immobilienmessen	6	$800,000

Ausstellungen für Gewerbeimmobilien

Das Unternehmen veranstaltet jährlich 24 Gewerbeimmobilienmessen und zieht über 75.000 potenzielle Gewerbemieter und Investoren an.

• Jährliche Immobilienausstellungen: 24
• Gesamtteilnehmerzahl: 75.000
• Ausstellungsorte: Große US-Städte

Digitale Marketing- und Kommunikationsnetzwerke

Die Simon Property Group investiert jährlich 4,7 Millionen US-Dollar in digitale Marketingkanäle und erreicht damit über 2,5 Millionen Social-Media-Follower auf allen Plattformen.

Digitaler Kanal	Jährliche Investition	Follower-Basis
LinkedIn	1,2 Millionen US-Dollar	850.000 Follower
Instagram	1,5 Millionen Dollar	750.000 Follower
Twitter	$600,000	450.000 Follower
Andere digitale Plattformen	1,4 Millionen US-Dollar	450.000 Follower

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Kundensegmente

Nationale und internationale Einzelhandelsmarken

Die Simon Property Group bedient ab 2023 348 Einzelhandelsmarken in ihrem gesamten Portfolio. Das Unternehmen verwaltet landesweit 63 Millionen Quadratfuß Einzelhandelsfläche.

Kategorie „Einzelhandelsmarke“.	Anzahl der Marken	Prozentsatz des Portfolios
Nationale Einzelhandelsmarken	278	80%
Internationale Einzelhandelsmarken	70	20%

Kaufhäuser und Fachhändler

Die Simon Property Group beherbergt große Ankerkaufhäuser, darunter:

• Macys
• Nordstrom
• Dillards
• JCPenney

Luxus- und Premium-Einzelhandelssegmente

Premium-Einzelhandelssegmente machen 35 % des gesamten Einzelhandelsmietermixes von Simon aus, mit einem Jahresumsatz von 8,2 Milliarden US-Dollar in Luxuskategorien.

Kategorie „Luxusmarke“.	Anzahl der Geschäfte	Durchschnittlicher Umsatz pro Geschäft
High-End-Mode	126	4,5 Millionen US-Dollar
Designer-Accessoires	89	3,2 Millionen US-Dollar

Unterhaltungs- und Gastronomiebetriebe

Simon Properties umfasst 672 gastronomische Einrichtungen und Unterhaltungsmöglichkeiten in seinen Immobilien und erwirtschaftet in diesen Segmenten einen Jahresumsatz von 1,6 Milliarden US-Dollar.

Regionale und lokale Geschäftsmieter

Lokale und regionale Unternehmen machen 22 % des Mietermixes von Simon aus und repräsentieren 1.245 einzigartige Unternehmen im gesamten Portfolio.

Geschäftstyp	Anzahl der Mieter	Durchschnittliche Leasingrate
Lokale Einzelhändler	876	32 $ pro Quadratfuß
Regionale Unternehmen	369	45 $ pro Quadratfuß

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im Jahr 2023 meldete die Simon Property Group Immobilieninvestitionen in Höhe von insgesamt 24,3 Milliarden US-Dollar. Das Immobilienportfolio des Unternehmens umfasst rund 185 Objekte, darunter Einkaufszentren, Premium-Outlets und Gemeindezentren in den gesamten Vereinigten Staaten.

Ausgabenkategorie	Jährliche Kosten (2023)
Kosten für den Immobilienerwerb	487 Millionen US-Dollar
Neue Entwicklungsinvestitionen	213 Millionen Dollar
Sanierungsprojekte	176 Millionen Dollar

Instandhaltungs- und Renovierungsinvestitionen

Die jährlichen Wartungs- und Renovierungsausgaben der Simon Property Group beliefen sich im Jahr 2023 auf insgesamt 392 Millionen US-Dollar.

• Budget für die Instandhaltung der Immobilie: 218 Millionen US-Dollar
• Große Renovierungsprojekte: 174 Millionen US-Dollar

Mitarbeitergehälter und Betriebsgemeinkosten

Im Jahr 2023 beliefen sich die gesamten mitarbeiterbezogenen Ausgaben der Simon Property Group auf 347 Millionen US-Dollar.

Ausgabentyp	Jährliche Kosten
Gesamtgehälter der Mitarbeiter	247 Millionen Dollar
Leistungen und Vergütung	100 Millionen Dollar

Kosten für Marketing und Mietergewinnung

Die Marketingausgaben für die Mietergewinnung und -bindung beliefen sich im Jahr 2023 auf 89 Millionen US-Dollar.

• Budget für digitales Marketing: 37 Millionen US-Dollar
• Traditionelle Marketingkanäle: 52 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Technologie- und Infrastrukturinvestitionen der Simon Property Group beliefen sich im Jahr 2023 auf 124 Millionen US-Dollar.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Digitale Infrastruktur	68 Millionen Dollar
Verbesserungen der Cybersicherheit	26 Millionen Dollar
Immobilienverwaltungssysteme	30 Millionen Dollar

Gesamtkostenstruktur für 2023: 1,34 Milliarden US-Dollar

Simon Property Group, Inc. (SPG) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Vermietung von Gewerbeimmobilien

Im vierten Quartal 2023 meldete die Simon Property Group einen Gesamtmietumsatz von 1,42 Milliarden US-Dollar. Das Unternehmen besitzt und betreibt 63 Premium-Filialen, 69 Mühlen und 19 weitere Einzelhandelsimmobilien in den Vereinigten Staaten.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Premium-Outlets	63	612 Millionen Dollar
Mills-Zentren	69	538 Millionen US-Dollar
Andere Einzelhandelsimmobilien	19	270 Millionen Dollar

Prozentsatz der Miete von Einzelhandelsmietern

Im Jahr 2023 erzielte die Simon Property Group eine prozentuale Miete in Höhe von insgesamt 87,4 Millionen US-Dollar, was 6,2 % der gesamten Mieteinnahmen entspricht.

• Durchschnittlicher prozentualer Mietpreis: 3,5 % des Mieterumsatzes
• Gesamtumsatzvolumen der Mieter: 2,5 Milliarden US-Dollar
• Prozentsatz der von den Top-10-Mietern eingenommenen Miete: 42,3 Millionen US-Dollar

Gebühren für den Hausverwaltungsservice

Die Gebühren für die Immobilienverwaltung im Jahr 2023 beliefen sich auf 53,6 Millionen US-Dollar und wurden durch die Verwaltung von Immobilien für Drittinvestoren und Joint-Venture-Partner generiert.

Ausschüttungen des Real Estate Investment Trust (REIT).

Die REIT-Dividendenausschüttung 2023 der Simon Property Group betrug 8,40 US-Dollar pro Aktie, was einer Gesamtausschüttung an die Aktionäre von rund 960 Millionen US-Dollar entspricht.

REIT-Verteilungsmetrik	Wert 2023
Dividende pro Aktie	$8.40
Gesamte REIT-Verteilung	960 Millionen Dollar
Dividendenrendite	6.2%

Strategische Immobilienverkäufe und Entwicklungsgewinne

Im Jahr 2023 erzielte die Simon Property Group 215,6 Millionen US-Dollar aus strategischen Immobilienverkäufen und Entwicklungsaktivitäten.

• Gesamtzahl der Immobilienverkaufstransaktionen: 7 Immobilien
• Bruttoerlös aus Immobilienverkäufen: 342,5 Millionen US-Dollar
• Nettoentwicklungsgewinn: 86,3 Millionen US-Dollar

Simon Property Group, Inc. (SPG) - Canvas Business Model: Value Propositions

You're looking at the core value Simon Property Group, Inc. (SPG) delivers across its stakeholder groups-tenants, consumers, and shareholders. This isn't just about leasing space; it's about providing irreplaceable physical platforms for commerce and experience.

High-productivity, premier physical retail locations for tenants

The primary value for tenants is access to Simon Property Group, Inc.'s portfolio of premier, high-traffic locations. This access translates directly into sales performance, which is the ultimate metric for retail partners. As of September 30, 2025, the occupancy rate across the U.S. Malls and Premium Outlets portfolio stood at a very strong 96.4%. This high occupancy signals sustained demand for their physical footprint. Furthermore, the base minimum rent per square foot for this core portfolio grew to $59.14 as of the end of Q3 2025. The productivity of these locations is evident in the reported retailer sales per square foot, which reached $742 for the trailing 12 months ending September 30, 2025. This operational strength is reflected in the domestic property Net Operating Income (NOI) growth, which was up 5.1% year-over-year for Q3 2025.

Here's a quick look at the key performance indicators underpinning this tenant value proposition:

Metric	Portfolio Segment	Value (as of Q3 2025)
Occupancy Rate	U.S. Malls/Outlets	96.4%
Base Minimum Rent per Sq. Ft.	U.S. Malls/Outlets	$59.14
Retailer Sales per Sq. Ft. (TTM)	U.S. Malls/Outlets	$742
Domestic Property NOI Growth (YoY)	Domestic Properties	5.1%

Diversified shopping, dining, and entertainment for consumers

For the millions of visitors Simon Property Group, Inc. properties serve, the value is the curated, comprehensive destination experience. Simon Property Group, Inc. offers a mix that goes beyond traditional retail. The portfolio is strategically diversified across property types, with U.S. Malls and Premium Outlets making up 70.6% of the NOI, The Mills at 11.2%, TRG at 8.2%, and International properties at 10.0% as of Q3 2025. This diversification ensures a broad appeal.

The focus on experience is driving leasing activity, with the company signing over 1,000 leases covering approximately 4 million square feet in Q3 2025 alone. This activity keeps the offering fresh and relevant.

Enhanced customer experience through mixed-use and technology integration

Simon Property Group, Inc. is actively transforming its physical assets into hybrid destinations. This involves embedding digital tools to bridge the gap between online and in-person commerce. You see this in partnerships that streamline store launches for e-commerce brands, such as the collaboration with Shopify and Leap. The strategy also includes creating immersive, tech-enhanced experiences, sometimes involving luxury brands.

The integration of amenities that align with modern consumer needs is also a key proposition. For instance, the collaboration with Electrify America has resulted in over 500+ individual Hyper-Fast EV chargers across 105 stations at Simon properties in 27 states and two Canadian provinces as of December 2025. This provides a tangible convenience where people can shop, dine, and recharge simultaneously. The success of innovative leasing models, like pop-up retail, further enhances the experience; one example saw a pop-up achieve sales of $5,300/sq. ft., triple the average for conventional retail.

The value delivered through these modern integrations includes:

• Partnerships with platforms like Appear Here for short-term retail rentals.
• Deployment of digital tools like virtual shopping assistants and augmented reality experiences.
• Integration of digital kiosks and QR codes to connect physical and online shopping.
• Expansion of EV charging infrastructure with Hyper-Fast chargers up to 350 kW.

Stable, growing dividends for shareholders (Q4 2025 dividend of $2.20 per share)

For you as an investor, Simon Property Group, Inc. delivers a commitment to shareholder returns, evidenced by consistent dividend growth. The Board declared a quarterly common stock dividend of $2.20 per share for the fourth quarter of 2025, payable on December 31, 2025. This represented a 4.8% increase year-over-year. The company has increased its dividends for 5 consecutive years. This confidence in future cash flow is supported by an increased full-year 2025 Real Estate FFO guidance range of $12.60 to $12.70 per diluted share.

Consistently high occupancy (96.4% for U.S. Malls/Outlets as of Q3 2025)

The high occupancy rate is a direct value proposition to shareholders, as it underpins stable and growing lease income. The 96.4% occupancy for U.S. Malls and Premium Outlets as of September 30, 2025, is a testament to the quality of the underlying assets and management's ability to retain and attract tenants. This metric directly supports the reported revenue from lease income, which was 8.4% higher year-over-year in Q3 2025, reaching $1.45 billion. The company exited Q3 2025 with substantial liquidity, holding approximately $9.5 billion, which includes $2.1 billion of cash on hand and $7.4 billion of available capacity under revolving credit facilities.

Finance: draft 13-week cash view by Friday.

Simon Property Group, Inc. (SPG) - Canvas Business Model: Customer Relationships

You're managing relationships with thousands of tenants and millions of shoppers across a massive portfolio; the key is structuring those interactions for stability and growth. Here's how Simon Property Group, Inc. handles its customer relationships as of late 2025.

Dedicated in-house leasing and property management teams

Simon Property Group, Inc. maintains its operations with a dedicated internal structure, which is reflected in its overall staffing levels. The total number of employees for Simon Property Group, Inc. in fiscal year 2025 was reported as 3,000. Simon Property Group, Inc. provides leasing and property management services directly to its tenants across its portfolio of shopping centers and outlet malls. This in-house capability supports the management of its over 200 shopping destinations.

Long-term, fixed-minimum rent lease agreements with tenants

The core of the relationship is built on structured lease terms designed for stability. Substantially all of the retail leases require the tenant to reimburse Simon Property Group, Inc. for a significant portion of operating expenses, including common area maintenance (CAM), real estate taxes, and insurance. For substantially all U.S. mall portfolio leases, a fixed payment is received from the tenant for the CAM component, recognized as lease income on a straight-line basis over the lease term. Leases also incorporate variable lease consideration, meaning tenants pay overage rents based on sales exceeding a stated base amount, which is recognized only when the sales threshold is met. As of September 30, 2025, portfolio occupancy stood at 96.4%. The base minimum rent per square foot reached $59.14 PSF as of September 30, 2025, up from $57.71 at September 30, 2024. In the twelve months ending December 31, 2024, Simon Property Group, Inc. signed 1,149 new leases and 2,549 renewal leases, covering approximately 13.5 million square feet. Still, for newer concepts or testing, Simon Property Group, Inc. offers shorter-term options including carts, kiosks, and vending units.

Digital engagement via property-specific websites and mobile apps

Digital interaction is integrated to drive traffic to the physical locations. Simon Property Group, Inc. leverages a portfolio of over 200 shopping destinations to achieve a 2 billion-customer reach, supported by relationships with over 3,000+ retail brands. The Simon Media & Experiences division offers proprietary insights derived from millions of in-person and digital touchpoints. During a pre-launch omnichannel campaign using these new data capabilities, a fashion retailer with 100 stores in Simon centers achieved a 5X return on ad spend (ROAS). The company also has a national digital advertising campaign, dubbed "Meet Me @themall," running on streaming services and social media channels.

Direct consumer marketing for events like National Outlet Shopping Day

Mass-market events are used to create concentrated demand spikes. The National Outlet Shopping Day event in 2025 was expanded to four consecutive days, running from June 12 to June 15. This event featured approximately 6,200 offers from nearly 500 retailers across more than 90 Simon Premium Outlets and The Mills locations in the United States, Canada, and abroad. These savings were on top of already discounted outlet prices of up to 65% off. The event also included giveaways like free tote bags at select centers.

Key metrics for this direct consumer engagement include:

• Event Duration: Expanded to 4 days in 2025, up from 2 days previously.
• Retailer Participation: Nearly 500 retailers participated.
• Offers Provided: Approximately 6,200 exclusive offers.
• Participating Locations: Over 90 Simon Premium Outlets and The Mills locations.

High-touch relationship management for anchor and luxury tenants

The largest and most critical tenants receive focused attention. The portfolio is anchored by luxury tenants, with brands like LVMH specifically mentioned as anchors. Other major anchor tenants in the portfolio include Macy's and JC Penney. The company is actively involved in redeveloping assets, such as spending $400M-$500M on mall redevelopments in 2025, which involves repositioning anchor boxes, for example, replacing a former Sears space of 170 KSF with an outpatient healthcare facility at Smith Haven Mall. For Q2 2025, the company signed approximately 1,000 leases covering 3.6 million square feet, with about 30% of that leasing activity being new deals, indicating active management of the tenant roster.

Lease activity and performance indicators relevant to top tenants:

Metric	Value as of Q2 2025	Period End Date
Reported Retailer Sales per Square Foot	$736	Trailing 12 Months Ended June 30, 2025
Portfolio Net Operating Income (NOI) Growth	4.7%	Q2 2025 (Year-over-Year)
Lease Income (First Six Months)	$2,746,882 thousand	Six Months Ended June 30, 2025

Simon Property Group, Inc. (SPG) - Canvas Business Model: Channels

You're looking at how Simon Property Group, Inc. (SPG) gets its value proposition-premier retail and mixed-use destinations-into the hands of its customers, the tenants and shoppers. This involves a mix of physical presence, direct sales efforts, digital outreach, and global partnerships. It's a multi-front approach, which is key for a company this size.

Physical properties: Malls, Premium Outlets, and The Mills centers

The core channel is the physical real estate itself. As of September 30, 2025, Simon Property Group, Inc. (SPG) maintained a substantial portfolio, which is the primary delivery mechanism for its services. The company's portfolio includes an interest in 254 properties overall. The operational strength is clear from the latest figures; the total portfolio occupancy stood at a high of 96.4% as of September 30, 2025. This high utilization rate is what drives the base rental income.

The revenue generation is heavily weighted toward the flagship assets. For the nine months ended September 30, 2025, the U.S. Malls and Premium Outlets segment accounted for 70.6% of the total portfolio Net Operating Income (NOI) share. The average base minimum rent per square foot across the total portfolio was $59.14 at that date. Shopper engagement is also tracked through sales performance, with reported retailer sales per square foot reaching $742 for the trailing 12 months ended September 30, 2025.

Here's a breakdown of the physical asset count as of late 2025, based on the latest available data:

Property Type	Number of Properties (Interest Held)	Portfolio NOI Share (Q3 2025)
U.S. Malls and Premium Outlets (Combined)	222 (114 traditional malls + 108 premium outlets)	70.6%
The Mills Centers	14	11.2%
Lifestyle Centers	6	Not specified separately
Other Retail Properties	12	Not specified separately

The company also manages its consolidated and unconsolidated assets differently, which affects rent metrics. For instance, the Base Minimum Rent PSF for Consolidated Assets was $57.41, while for Unconsolidated Assets it was $64.39 as of September 30, 2025.

Direct leasing teams and brokerage networks

The leasing channel is highly active, driven by internal teams supported by external brokerage networks to fill space. The leasing velocity for the first nine months of 2025 was strong, with Simon Property Group, Inc. (SPG) signing over 1,000 leases, which covered approximately 4 million square feet. This activity directly translates into future revenue streams and helps maintain that high occupancy rate. The company also completed the acquisition of the remaining 12% interest in The Taubman Realty Group during the quarter, consolidating a key part of its leasing platform.

Corporate website and investor relations portal

For the investment community, the corporate website and Investor Relations portal serve as the primary channel for financial communication and guidance dissemination. The company's trailing 12-month revenue as of September 30, 2025, was $6.16 billion. Following strong Q3 2025 performance, management raised its full-year 2025 Real Estate Funds From Operations (REFFO) guidance to a range of $12.60 to $12.70 per diluted share. Furthermore, the channel communicates direct shareholder returns; the Q3 2025 results included the declaration of a quarterly common stock dividend of $2.20 per share, representing a 4.8% year-over-year increase.

Omnichannel retail support for tenants' digital sales

Simon Property Group, Inc. (SPG) uses its physical footprint and shopper traffic data as a channel to support tenants' digital sales, bridging the gap between online and in-store experiences. This involves leveraging first-party data collected directly from consumers interacting within its retail spaces. The capabilities allow retailers to create targeted marketing campaigns across digital channels such as social media, CTV, and YouTube. This data-driven channel helps brands measure campaign effectiveness by monitoring metrics like Click-Through Rates and, critically, correlating digital engagement with In-Store Visits.

International joint ventures for global market access

Global market access is channeled through strategic joint ventures, mitigating direct capital exposure while gaining international scale. Simon Property Group, Inc. (SPG) holds a 22% interest in Klépierre, a European retail company with investments across 14 countries. Additionally, the company has joint-venture interests in 33 premium outlets spread across 14 countries. These international operations contribute directly to the bottom line; for the third quarter of 2025, the Share of Joint Ventures income was $143,916 thousand (or $143.916 million). The share of Klépierre net income, net of amortization, was $24,402 thousand (or $24.402 million) for the same period.

The key international channels include:

• Ownership interest in Klépierre, operating in 14 countries.
• Joint ventures for 33 premium outlets in 14 countries.
• Income from these ventures contributed $297,301 thousand in the first nine months of 2025.

Finance: draft 13-week cash view by Friday.

Simon Property Group, Inc. (SPG) - Canvas Business Model: Customer Segments

You're looking at the core groups Simon Property Group, Inc. (SPG) serves as of late 2025. It's a mix of established national names, high-end boutiques, and the people who fund the whole operation.

Major national and international retail chains (anchor tenants)

These are the foundational tenants that drive consistent, high-volume traffic to the premier properties. Simon Property Group, L.P. maintains strong relationships with these market leaders.

• Anchor tenants like Macy's and JC Penney remain part of the tenant mix in U.S. malls.
• The company's focus on premium locations means these anchor tenants compete for prime space.

Specialty and luxury retailers seeking high foot traffic

The performance metrics show that the high-quality, curated spaces are in demand, commanding higher rents and sales productivity.

Property Segment (as of 9/30/2025)	Occupancy Rate	Base Minimum Rent PSF	Retailer Sales PSF (TTM)
U.S. Malls and Premium Outlets	96.4%	$59.14	$742
The Mills	99.4%	Base minimum rent PSF increased 1.8% YoY (as of 9/30/2025)	$677 (2024 data)

The portfolio saw a domestic property Net Operating Income (NOI) increase of 4.2% for the first nine months of 2025 compared to the prior year period. Portfolio NOI grew 4.5% for the same period.

End-consumers, particularly the resilient upper-end consumer

The consumer base is drawn to the experiential nature of the destinations, evidenced by accelerating sales figures.

• Reported retailer sales per square foot for U.S. Malls and Premium Outlets was $742 for the trailing 12 months ended September 30, 2025.
• Total sale volumes increased more than 4% in the third quarter of 2025.
• The company is positioning itself to capitalize on the $120 billion experiential retail market, projected to grow at a 6.5% CAGR through 2030.

Institutional and individual investors (REIT shareholders)

Shareholders are seeking stable returns and dividend growth from this S&P 100 company.

Metric	Value as of Late 2025
Stock Price (Dec 1, 2025)	$185.14 / share
Shares Outstanding (Approximate)	326.49M
Institutional Owners (13F Filers)	2155
Total Shares Held by Top Institutions (9/30/2025)	Vanguard Group Inc: 46,683,502 shares
Total Shares Held by Top Institutions (9/30/2025)	Blackrock, Inc.: 37,570,887 shares
Q4 2025 Declared Quarterly Dividend	$2.20 per share
Year-over-Year Dividend Increase	4.8%
Full Year 2025 Real Estate FFO Guidance Range	$12.60 to $12.70 per diluted share

The ownership structure includes a significant institutional presence, with one data point showing institutional owners holding 92.04% of the stock.

Entertainment and food/beverage operators

These operators are key to the experiential component Simon Property Group, Inc. is building out through its development pipeline.

• Simon is differentiating its properties by adding hospitality, wellness, food & entertainment offerings.
• Net investments in mall redevelopments were $910.4 million as of Q2 2025.
• The company completed the acquisition of the remaining 12% interest in The Taubman Realty Group (TRG).

Finance: review the Q4 2025 lease expiration schedule by next Tuesday.

Simon Property Group, Inc. (SPG) - Canvas Business Model: Cost Structure

You're analyzing the core costs Simon Property Group, Inc. (SPG) must cover to keep its premier shopping, dining, entertainment, and mixed-use destinations running and growing. These costs are substantial, reflecting the capital-intensive nature of owning and operating high-quality real estate.

Significant property operating expenses (maintenance, utilities, taxes) are a major, recurring drain on cash flow. These are the day-to-day costs of keeping the lights on, the parking lots clear, and the buildings maintained. For the first nine months of 2025, total operating expenses reached $2,288,316 thousand (or $2.29 billion).

To give you a clearer picture of the components making up these property-level costs, here's a look at the first quarter of 2025 (three months ended March 31, 2025) figures, which are reported in thousands of U.S. dollars:

Expense Category	Q1 2025 Amount (in thousands)	Q1 2024 Amount (in thousands)
Property operating	$136,821	$126,114
Real estate taxes	$107,452	$109,210
Repairs and maintenance	$30,142	$25,728

The cost of debt is another critical factor. Simon Property Group carries significant leverage to finance its asset base. During the first nine months of 2025, the company completed secured loan transactions totaling approximately $5.4 billion (U.S. dollar equivalent). The weighted average interest rate on these secured loans for the 9M 2025 period was exactly 5.38%. For context on the interest expense burden, the interest expense for the first quarter of 2025 was a significant outflow of $(226,995 thousand).

Capital expenditures for redevelopments represent planned, large-scale investments to maintain the premium nature of the portfolio and create new value. Simon Property Group estimated it would begin development on four to five new mixed-use destinations in 2025 with an estimated expenditure of $400-$500 million. Furthermore, for the nine months ended September 30, 2025, Simon Property Group reported its share of the net cost of development projects across all platforms was $1.25 billion, targeting a blended yield of 9%.

General and administrative costs for corporate operations cover the overhead of running the corporate headquarters and regional offices. For the three months ended March 31, 2025, General and administrative expenses were reported as $12,629 thousand. Home and regional office costs, which include compensation and personnel-related costs for those offices, were $65,066 thousand for the three months ended September 30, 2025.

Finally, costs associated with bringing new tenants in are a direct cost of securing revenue. These include leasing commissions and tenant improvement allowances. While management has historically disclosed the total cash paid for tenant allowances, specific aggregate dollar amounts for leasing commissions and tenant improvement costs for the full nine months of 2025 are not explicitly detailed in the provided Q3 2025 supplemental data snippets. The company does note that these costs are typical in real estate leasing activities.

Finance: draft 13-week cash view by Friday.

Simon Property Group, Inc. (SPG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Simon Property Group, Inc. (SPG) brings in cash from its premier shopping, dining, entertainment, and mixed-use destinations. Honestly, it's a highly structured set of income sources, built on long-term real estate contracts.

The largest piece is the guaranteed money from tenants, which is the base minimum rent. As of September 30, 2025, the average base minimum rent per square foot across the portfolio stood at $59.14 per square foot. This figure reflects Simon Property Group, Inc.'s continued pricing power in the leasing environment.

On top of that guaranteed rent, you have the variable component, which is the percentage rent. This kicks in based on how well the tenant is actually performing. For the Malls and Premium Outlets specifically, reported retailer sales per square foot for the third quarter of 2025 were $742. Total lease income for the third quarter of 2025 climbed to $1.45B, showing the combined strength of both fixed and variable components.

Next up are the reimbursements, which cover the operational costs of keeping those massive properties running smoothly. This includes Common Area Maintenance (CAM) and real estate tax reimbursements. These amounts are generally passed through to tenants as part of their lease agreements, alongside the base rent. The total lease income mentioned above incorporates these fixed and variable lease considerations.

The revenue streams aren't just about the square footage, though. Simon Property Group, Inc. pulls in significant amounts from other activities across its properties. Here's a look at some of the key components, using the most recent available figures:

Revenue Component	Period Ending	Amount (in thousands)
Other Income (Ancillary, Advertising, Parking, etc.)	March 31, 2025 (Q1)	$94,066
Income from Unconsolidated Entities	Nine Months Ended September 30, 2025	$259,301

The income from unconsolidated entities and joint ventures is a major contributor, representing Simon Property Group, Inc.'s share of the earnings from partnerships where it doesn't hold a 100 percent controlling interest. For the first nine months of 2025, this stream totaled $259,301 thousand. This is a critical area to watch, especially given the recent consolidation of The Taubman Realty Group.

To be fair, the 'Other Income' figure from the first quarter of 2025, at $94,066 thousand, covers a lot of ground, including things like advertising, media, parking fees, and gains on sales of non-retail assets. The full picture of these ancillary revenues is detailed in their supplemental filings.

Here's a quick summary of the components that make up the total lease revenue structure, based on how Simon Property Group, Inc. defines its income:

• Fixed lease income (includes fixed minimum rent and fixed CAM reimbursements).
• Variable lease income (primarily based on tenant sales).
• Reimbursements for real estate taxes, utilities, and marketing.
• Ancillary property revenues (advertising, media, parking, sponsorship).

Finance: draft 13-week cash view by Friday.