Simon Property Group is a real estate investment trust, or REIT. A REIT generally pays no federal corporate income tax as long as it distributes at least all of its taxable income to shareholders. Simon owns, develops and manages shopping, dining, entertainment and mixed-use destinations, mainly malls, Premium Outlets and The Mills.
At the end of 2025 it owned or held an interest in 212 properties in the United States, including 108 malls, 70 Premium Outlets and 16 Mills, in 38 states and Puerto Rico. It also had interests in 42 properties abroad, mostly in Asia, Europe and Canada, and a stake in Klepierre, a Paris-based owner of shopping centers in Europe.
Simon earns money mainly from rent paid by retail tenants. It also has other investments, including Catalyst Brands, an e-commerce business called Rue Gilt Groupe, and Jamestown, a real estate investment and management firm. On October 31, 2025 it bought the rest of The Taubman Realty Group that it did not already own.