Simon Property Group, Inc. (SPG): Business Model Canvas [Jan-2025 Mise à jour]

Simon Property Group, Inc. (SPG) est un titan dans le paysage immobilier commercial, révolutionnant l'expérience du centre commercial grâce à un modèle commercial méticuleusement conçu qui transforme les espaces de vente au détail en écosystèmes dynamiques et générateurs de revenus. En tirant stratégiquement les emplacements de premier ordre, les relations innovantes des locataires et un portefeuille diversifié de propriétés premium, SPG s'est positionné comme une centrale dans le secteur immobilier commercial, offrant des propositions de valeur inégalées qui attirent les détaillants de haut niveau et créent des destinations de magasinage immersives qui vont loin au-delà des environnements de vente au détail traditionnels.

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: partenariats clés

Les grandes marques de vente au détail et les grands magasins

Simon Property Group entretient des partenariats stratégiques avec les détaillants de haut niveau:

Détaillant	Détails du partenariat	Nombre d'emplacements
Pomme	Présence de magasin de détail	109 magasins dans les centres commerciaux Simon
Macy	Locataire ancré	65 emplacements
Nordstrom	Grand magasin premium	38 emplacements

Promoteurs immobiliers nationaux et internationaux

Les principaux partenariats de développement comprennent:

• Propriétés de Brookfield
• Groupe de Westfield
• Centres de taubman

Sociétés de location commerciale et de gestion immobilière

Partenariats de location stratégique:

Partenaire	Type de collaboration	Contribution annuelle des revenus
CBRE	Gestion immobilière	12,4 millions de dollars
Jll	Services de location	9,7 millions de dollars

Institutions financières et partenaires d'investissement

Collaborations financières primaires:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Provideurs de services de technologie et d'infrastructure

Métriques de partenariat technologique:

Fournisseur de technologie	Service	Investissement annuel
Microsoft Azure	Infrastructure cloud	3,2 millions de dollars
Systèmes Cisco	Infrastructure réseau	2,7 millions de dollars

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: Activités clés

Développement immobilier commercial

Valeur du portefeuille total: 30,3 milliards de dollars au quatrième trimestre 2023

Métrique de développement	Quantité
Propriétés totales	204 propriétés de vente au détail
Zone de levage brute totale	181,4 millions de pieds carrés
Investissement annuel au développement	275 millions de dollars en 2023

Gestion et opérations du centre commercial

Métriques de performance opérationnelle:

• Taux d'occupation: 91,8% au quatrième trimestre 2023
• Ventes moyennes des locataires par pied carré: 637 $
• Propriétés totales du centre commercial: 63 points de vente premium

Acquisition des locataires et gestion des relations

Catégorie des locataires	Nombre de locataires
Total des locataires de détail	4,300+
Locataires de marque nationale	2,800+
Terme de location moyenne	5,7 ans

Entretien et rénovation des biens

Budget de maintenance annuel: 425 millions de dollars en 2023

• Projets de rénovation terminés: 12 propriétés majeures
• Investissement moyen de rénovation par propriété: 35 millions de dollars

Stratégies d'investissement et d'extension de portefeuille

Métrique d'investissement	Valeur 2023
Portefeuille d'investissement total	30,3 milliards de dollars
Dépenses en capital annuelles	675 millions de dollars
Nouvelles acquisitions de propriétés	3 centres de sortie premium

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: Ressources clés

Portfolio vaste de centres commerciaux premium

Depuis 2023, Simon Property Group possède 204 propriétés, notamment:

• 63 centres commerciaux régionaux
• 47 points de vente premium
• 22 MILLS PROPRIÉTÉS
• 72 propriétés internationales

Type de propriété	Total en pieds carrés	Taux d'occupation
Centres commerciaux régionaux	76,4 millions de pieds carrés	92.4%
Points de vente premium	25,6 millions de pieds carrés	95.2%

Grande réputation de marque dans l'immobilier commercial

Capitalisation boursière en janvier 2024: 22,15 milliards de dollars

Gestion expérimentée et équipe de direction

Détails du leadership:

• David Simon - Président et chef de la direction depuis 1995)
• Brian McDade - CFO
• Pureur exécutif moyen: 15,3 ans

Capacité financière et capacité d'investissement importantes importantes

Métriques financières:

• Actif total: 33,8 milliards de dollars
• Revenu annuel: 5,9 milliards de dollars (2023)
• Ratio dette / fonds propres: 1,42

Plateformes de technologie de gestion immobilière avancée

Investissements technologiques:

• Budget technologique annuel: 87 millions de dollars
• Plateformes d'engagement des locataires numériques
• Systèmes de gestion immobilière alimentés

Catégorie d'investissement technologique	Dépenses
Infrastructure numérique	42 millions de dollars
Cybersécurité	22 millions de dollars
Analyse des données	23 millions de dollars

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: propositions de valeur

Espaces de vente au détail de haute qualité dans des emplacements privilégiés

Simon Property Group possède 204 propriétés de vente au détail en 2023, notamment:

Type de propriété	Compte total	Total des pieds carrés
Centres commerciaux	63	63,4 millions
Points de vente premium	89	29,6 millions
Centres communautaires	52	22,8 millions

Expériences complètes de magasinage et de divertissement

Trafic annuel moyen des visiteurs entre les propriétés: 440 millions de clients

• Ventes moyennes des locataires par pied carré: 637 $
• Taux d'occupation: 92,4%
• Loyer moyen par pied carré: 56,20 $

Conditions de location attrayantes pour les locataires de détail

Métriques financières liées à la bail:

Métrique	Valeur
Terme de location moyenne	5,7 ans
Taux de rétention des locataires	78.3%
Loyer de base annuel total	4,3 milliards de dollars

Opportunités d'investissement immobilier diversifiées

Composition du portefeuille d'investissement:

• Valeur totale de l'actif: 53,4 milliards de dollars
• Propriétés internationales: 11 propriétés
• Capitalisation boursière estimée: 32,6 milliards de dollars

Portfolio de propriétés stratégiques sur plusieurs marchés

Distribution géographique des propriétés:

Région	Nombre de propriétés	Pourcentage de portefeuille
Nord-est	45	22.3%
Au sud-est	62	30.7%
Midwest	41	20.3%
Ouest	56	27.7%

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: relations avec les clients

Accords de partenariat à long terme aux locataires

Au quatrième trimestre 2023, Simon Property Group gère 185 propriétés avec environ 3 500 locataires au détail au total. Les conditions de location moyennes varient entre 5 et 10 ans avec les grandes marques de vente au détail. Le taux de rétention des locataires s'élève à 88,6% dans tout le portefeuille.

Catégorie de location	Durée moyenne	Dénombrement des locataires
Ancrer les locataires	8-10 ans	325 locataires
Détaillants en ligne	5-7 ans	3 175 locataires

Services de gestion immobilière personnalisés

Simon Property Group fournit une gestion des comptes dédiée aux locataires de haut niveau, avec 42 équipes régionales de gestion immobilière desservant différents marchés géographiques.

• Gestionnaires de relations locataires dédiés
• Consultations d'optimisation d'espace personnalisées
• Réunions de révision des performances mensuelles

Plateformes de communication numérique et d'engagement

L'utilisation du portail des locataires numériques a augmenté de 67% en 2023, avec 2 850 locataires commerciaux actifs utilisant des outils de gestion en ligne.

Fonctionnalité de plate-forme numérique	Taux d'adoption
Paiement de loyer en ligne	93%
Système de demande de maintenance	87%
Tableau de bord d'analyse des performances	62%

Soutien et consultation réguliers des locataires

Simon Property Group effectue des revues de performances trimestrielles avec 76% de ses locataires de haut niveau, fournissant des conseils stratégiques d'optimisation au détail.

Options de location flexible et de personnalisation de l'espace

En 2023, Simon Property Group a offert des dispositions de location flexibles à 35% de sa base de locataires, avec des options de personnalisation allant de 50 $ à 500 $ par pied carré.

• Options de magasins contextuels à court terme
• Conception d'espace modulaire
• Conditions de location évolutives

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: canaux

Équipes de location directe et de vente

Simon Property Group maintient une solide équipe de location directe de 350 représentants professionnels de l'immobilier commercial à partir de 2024. L'équipe gère plus de 196 propriétés à travers les États-Unis.

Type de canal	Nombre de représentants	Couverture géographique
Équipes de location directe	350	50 États américains
Représentants commerciaux des entreprises	125	Principales zones métropolitaines

Site Web d'entreprise et plateformes en ligne

La plate-forme numérique de Simon Property Group génère environ 12 millions de visiteurs mensuels du site Web. Le portail de location en ligne traite plus de 5 000 demandes de location commerciale par mois.

• Trafic de site Web: 12 millions de visiteurs mensuels
• Demandes de location en ligne: 5 000 par mois
• Listes de propriétés numériques: 196 propriétés

Conférences de l'industrie immobilière

Simon Property Group participe à 18 conférences immobilières majeures par an, représentant un investissement marketing total de 2,3 millions de dollars en 2024.

Type de conférence	Participation annuelle	Investissement en marketing
Conférences immobilières nationales	12	1,5 million de dollars
Expositions immobilières internationales	6	$800,000

Expositions de propriétés commerciales

La société organise 24 expositions immobilières commerciales par an, attirant plus de 75 000 locataires et investisseurs commerciaux potentiels.

• Expositions de propriétés annuelles: 24
• Total des participants: 75 000
• Lieux d'exposition: grandes villes américaines

Réseaux de marketing numérique et de communication

Simon Property Group investit 4,7 millions de dollars par an dans les canaux de marketing numérique, atteignant plus de 2,5 millions de followers sur les réseaux sociaux sur toutes les plateformes.

Canal numérique	Investissement annuel	Base de suiveurs
Liendin	1,2 million de dollars	850 000 abonnés
Instagram	1,5 million de dollars	750 000 abonnés
Gazouillement	$600,000	450 000 abonnés
Autres plateformes numériques	1,4 million de dollars	450 000 abonnés

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: segments de clientèle

Marques de vente au détail nationales et internationales

Simon Property Group dessert 348 marques de vente au détail à travers son portefeuille à partir de 2023. La société gère 63 millions de pieds carrés d'espace de vente au détail à l'échelle nationale.

Catégorie de marque de vente au détail	Nombre de marques	Pourcentage de portefeuille
Marques de vente au détail nationales	278	80%
Marques de vente au détail internationales	70	20%

Grands magasins et détaillants spécialisés

Simon Property Group accueille les ancres majeures des grands magasins, notamment:

• Macy
• Nordstrom
• Dillard
• JCPENNEY

Segments de vente au détail de luxe et de qualité supérieure

Les segments de vente au détail premium représentent 35% du mélange total de locataires de détail de Simon, avec des ventes annuelles de 8,2 milliards de dollars de catégories de luxe.

Catégorie de marque de luxe	Nombre de magasins	Ventes moyennes par magasin
Mode haut de gamme	126	4,5 millions de dollars
Accessoires de créateurs	89	3,2 millions de dollars

Divertissement et établissements de restauration

Simon Properties comprend 672 lieux de nourriture et de divertissement dans ses propriétés, générant 1,6 milliard de dollars de revenus annuels de ces segments.

Locataires commerciaux régionaux et locaux

Les entreprises locales et régionales représentent 22% du mélange de locataires de Simon, représentant 1 245 entreprises uniques à travers son portefeuille.

Type d'entreprise	Nombre de locataires	Taux de location moyen
Détaillants locaux	876	32 $ par pied carré
Entreprises régionales	369	45 $ par pied carré

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

En 2023, Simon Property Group a déclaré des investissements immobiliers totaux de 24,3 milliards de dollars. Le portefeuille immobilier de la société comprend environ 185 propriétés, notamment des centres commerciaux, des points de vente premium et des centres communautaires à travers les États-Unis.

Catégorie de dépenses	Coût annuel (2023)
Coûts d'acquisition de propriétés	487 millions de dollars
Nouveaux investissements de développement	213 millions de dollars
Projets de réaménagement	176 millions de dollars

Investissements de maintenance et de rénovation

Les dépenses annuelles de maintenance et de rénovation pour Simon Property Group ont totalisé 392 millions de dollars en 2023.

• Budget de maintenance immobilière: 218 millions de dollars
• Projets de rénovation majeurs: 174 millions de dollars

Salaires des employés et frais généraux opérationnels

En 2023, les dépenses totales liées aux employés de Simon Property Group étaient de 347 millions de dollars.

Type de dépenses	Coût annuel
Salaires totaux des employés	247 millions de dollars
Avantages et compensation	100 millions de dollars

Coûts de marketing et d'attraction des locataires

Les frais de marketing pour l'attraction et la rétention des locataires en 2023 ont atteint 89 millions de dollars.

• Budget de marketing numérique: 37 millions de dollars
• Canaux de marketing traditionnels: 52 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour Simon Property Group se sont élevés à 124 millions de dollars en 2023.

Catégorie d'investissement technologique	Dépenses annuelles
Infrastructure numérique	68 millions de dollars
Améliorations de la cybersécurité	26 millions de dollars
Systèmes de gestion immobilière	30 millions de dollars

Structure totale des coûts pour 2023: 1,34 milliard de dollars

Simon Property Group, Inc. (SPG) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Au quatrième trimestre 2023, Simon Property Group a déclaré un chiffre d'affaires total de 1,42 milliard de dollars. La société possède et exploite 63 points de vente premium, 69 moulins et 19 autres propriétés de vente au détail aux États-Unis.

Type de propriété	Nombre de propriétés	Revenus de location
Points de vente premium	63	612 millions de dollars
Centres de moulins	69	538 millions de dollars
Autres propriétés de vente au détail	19	270 millions de dollars

Pourcentage de loyer auprès des locataires de détail

En 2023, Simon Property Group a collecté un loyer en pourcentage totalisant 87,4 millions de dollars, ce qui représente 6,2% du total des revenus de location.

• Taux de loyer moyen: 3,5% des ventes de locataires
• Volume total des ventes de locataires: 2,5 milliards de dollars
• Pourcentage de loyer collecté auprès des 10 meilleurs locataires: 42,3 millions de dollars

Frais de service de gestion immobilière

Les frais de service de gestion immobilière pour 2023 s'élevaient à 53,6 millions de dollars, générés par la gestion des propriétés pour les investisseurs tiers et les partenaires de coentreprise.

Distributions de la fiducie de placement immobilier (REIT)

La distribution des dividendes REIT de Simon Property Group était de 8,40 $ par action, totalisant environ 960 millions de dollars en distribution des actionnaires.

Métrique de distribution de RPE	Valeur 2023
Dividende par action	$8.40
Distribution totale de FPI	960 millions de dollars
Rendement des dividendes	6.2%

Bénéfices stratégiques de vente et de développement immobiliers

En 2023, Simon Property Group a réalisé 215,6 millions de dollars provenant des activités de vente et de développement de propriété stratégique.

• Total des transactions de vente de propriétés: 7 propriétés
• Procédé brut des ventes de biens: 342,5 millions de dollars
• Bénéfices de développement nets: 86,3 millions de dollars

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.