Simon Property Group, Inc. (SPG): Business Model Canvas [Dec-2025 Updated]

You're looking at how the largest mall owner in the U.S. keeps its fortress balance sheet intact while pivoting to experiential retail; honestly, it's a masterclass in real estate finance. Simon Property Group, Inc.'s model hinges on owning premier, high-productivity locations, evidenced by their 96.4% occupancy in U.S. Malls/Outlets as of Q3 2025, all while sitting on about $9.5 billion in liquidity. They aren't just collecting rent-they are actively redeveloping assets and managing a complex web of major tenants and joint ventures to deliver stable, growing dividends, like the $2.20 per share expected for Q4 2025. Dive below to see the nine building blocks that keep this REIT's engine running, from their $59.14 per square foot average rent to their capital structure.

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

You're looking at the critical relationships Simon Property Group, Inc. (SPG) locks in to keep its massive portfolio running and growing. These aren't just vendors; they are strategic anchors for capital, customer experience, and global reach.

Major National and International Retail Tenants

The relationship with top-tier retailers is foundational, driving foot traffic and setting the quality standard for Simon Property Group, Inc.'s assets. The leasing velocity shows strong demand for their space.

For the first nine months of 2025, Simon Property Group, Inc. signed 819 new leases and 1,383 renewal leases across its U.S. Malls and Premium Outlets portfolio, covering roughly 8.3 million SF in total. The overall portfolio health reflects this tenant strength.

Metric	Value as of September 30, 2025
Ending Occupancy (Total Portfolio)	96.4%
Base Minimum Rent Per Square Foot (Total Portfolio)	$59.14
Reported Retailer Sales Per Square Foot (Trailing 12 Months)	$742

Leasing activity remains robust, which is key to maintaining the premium nature of the properties.

Joint Venture Partners in International Properties

Simon Property Group, Inc. uses joint ventures to expand its footprint, especially internationally, sharing risk and leveraging local expertise. Revenue from these partnerships was substantial last year.

Revenue from joint ventures accounted for 60% of Simon Property Group, Inc.'s total revenue in the prior year. Simon Property Group, Inc. holds a 22% interest in Klépierre, which has shopping center investments across 14 countries. Furthermore, Simon Property Group, Inc. holds joint-venture interests in 33 premium outlets across 14 countries.

A major recent move was the consolidation of the Taubman Realty Group (TRG) partnership. Simon Property Group, Inc. closed on the acquisition of the remaining 12% interest in TRG in October 2025, in exchange for 5.06 million limited partnership units in Simon Property Group, L.P.. At the time of the transaction, TRG reported operating metrics including:

• Occupancy: 94.2%
• Average Base Minimum Rent per Square Foot: $72.36
• Retailer Sales per Square Foot: approximately $1,200

Financial Institutions for Debt Financing and Liquidity

Access to capital markets and maintaining strong liquidity are non-negotiable for a real estate investment trust of this scale. You need to know where the dry powder is sitting.

As of the end of the third quarter of 2025, Simon Property Group, Inc. reported approximately $9.5 billion in liquidity. This liquidity is composed of $2.1 billion in cash on hand (including joint venture cash) and $7.4 billion in available capacity under its revolving credit facilities. The total long-term debt stood at $25.789B as of September 30, 2025.

In August 2025, Simon Property Group, Inc. executed a significant debt transaction:

• Total Senior Notes Issued: $1.5 billion
• Debt Refinanced: $1.1 billion maturing next month
• Weighted-Average Term of New Notes: 7.8 years
• Blended Coupon Rate on New Notes: 4.8%

The company also completed 33 secured loan transactions totaling approximately $5.4 billion in the first nine months of 2025, carrying a weighted average interest rate of 5.38%.

Electrify America for Expanding EV Charging Infrastructure

This partnership directly addresses modern consumer needs, integrating essential services into the shopping experience. The scale of deployment is significant.

As of early December 2025, the alliance between Simon Property Group, Inc. and Electrify America has deployed over 500+ individual Hyper-Fast chargers across 105 stations. This network spans 27 states and two Canadian provinces.

EV Infrastructure Metric	Cumulative Achievement (Since Launch)
Hyper-Fast Chargers Deployed	500+
Total Stations Operational	105
Energy Dispensed	189+ gigawatt-hours
EV Miles Powered	549+ million

The hardware deployed supports charging speeds up to 350 kW, allowing compatible vehicles to charge in as little as 20 minutes.

Real Estate Developers for Mixed-Use and Redevelopment Projects

Simon Property Group, Inc. partners with others to execute its development pipeline, focusing on creating high-value, mixed-use destinations. The capital commitment to this strategy is measured in the billions.

For 2025, Simon Property Group, Inc. projected starting development on four to five mixed-use destinations with an estimated total expenditure of $400-$500 million. On development across all platforms, the company's share of the net cost was $1.25 billion, targeting a blended yield of 9%.

Recent examples of strategic acquisitions involving partners include:

• Acquisition of Brickell City Centre partner's interest for $512 million in June 2025.
• Joint purchase with Turnberry of The Abbey at Aventura, a 219K SF open-air center, for $131M.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine that drives Simon Property Group, Inc. (SPG) right now, late in 2025. These aren't just things they do; these are the high-value, high-frequency actions that keep the cash flowing and the portfolio premium.

Active leasing and property management for 254 properties

The day-to-day grind is managing a massive, high-quality portfolio. Simon Property Group, Inc. boasts interests in 254 properties across North America, Europe, and Asia, which is the foundation of their revenue generation. This activity is all about maximizing occupancy and rent on existing square footage.

Leasing activity remained robust through the third quarter of 2025. The company signed over 1,000 leases, covering approximately 4 million square feet during that quarter alone. About 30% of that leasing activity represented brand new deals, showing continued tenant demand.

Here's the breakdown of that operational footprint as of late 2025:

Property Type	Count
Traditional Malls	114
Premium Outlets	108
The Mills Centers	14
Lifestyle Centers	6
Other Retail Properties	12

Performance metrics reflect this focus on premium locations. Occupancy for the combined U.S. Malls and Premium Outlets segment reached 96.4% as of September 30, 2025. To be fair, The Mills segment was even tighter, hitting 99.4% occupancy.

The pricing power is evident in the rent growth:

• Base minimum rent per square foot (Malls/Outlets) as of September 30, 2025: $59.14.
• This represents a 2.5% increase compared to September 30, 2024.
• Reported retailer sales per square foot (Malls/Outlets) for the trailing 12 months ended September 30, 2025: $742.

This operational excellence translated directly to the bottom line, with Domestic property Net Operating Income (NOI) increasing 5.1% and total portfolio NOI growing 5.2% for the nine months ended September 30, 2025, compared to the prior year period.

Strategic acquisitions and dispositions of premium assets

Simon Property Group, Inc. actively consolidates ownership in its highest-performing assets. This is about increasing their direct stake in trophy locations.

A key move in the second quarter of 2025 involved acquiring the partner's interest in the retail and parking components of Brickell City Centre in Miami, Florida, resulting in Simon wholly-owning and managing that asset as of June 27, 2025.

Later in the year, on October 31, 2025, the company completed the acquisition of the remaining 12% interest in The Taubman Realty Group (TRG). Management noted the overall cap rate for this transaction was over 7.25%, not factoring in expected operational efficiencies. The TRG assets themselves boasted strong metrics, including $1,200 per square foot in retailer sales.

Redevelopment of malls into mixed-use, experiential destinations

The company is putting capital to work on future cash flow through development. They are transforming properties into true experiential hubs.

As of late 2025, Simon's share of the net cost of development projects across all platforms stood at $1.25 billion, targeting a blended yield of 9%. This pipeline activity is focused on creating the next generation of destinations.

A concrete example of this forward-looking activity is the planned Nashville Premium Outlets in Thompson's Station, Tennessee. Construction on this approximately 325,000 square foot mixed-use center is slated to begin in 2026.

Capital management and maintaining an A-rated balance sheet

Maintaining an A-rated balance sheet is a stated key activity, positioning Simon Property Group, Inc. for sustained growth even amid macro pressures. This requires active management of debt and liquidity.

For the third quarter of 2025, the company secured funding by completing a $1.5 billion senior notes offering with a weighted-average coupon rate of 4.775%. As of the end of the third quarter, Simon reported approximately $9.5 billion in liquidity.

Key financial health indicators as of September 2025:

• Interest Coverage Ratio: 3.35x.
• Debt to Revenue Ratio: 4.11.
• Full-year 2025 Real Estate FFO guidance raised to a range of $12.60 to $12.70 per share.
• The declared Q4 2025 common stock dividend was $2.20 per share, representing a 4.8% year-over-year increase.

The company's management explicitly cites the A-rated balance sheet as a key driver for their successful quarter and raised guidance.

Exporting the Premium Outlets model internationally

The successful domestic Premium Outlets model is leveraged globally through strategic partnerships. This activity diversifies risk and captures international consumer spending.

Simon Property Group, Inc. holds a 22% interest in Klépierre, which operates shopping centers across 14 countries in Europe. Furthermore, Simon holds joint-venture interests in 33 Premium Outlets located across 14 countries.

International operations are a measurable contributor to growth; domestic and international operations combined contributed $0.26 of growth per share in the third quarter of 2025.

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

You're looking at the core assets Simon Property Group, Inc. (SPG) relies on to generate cash flow and maintain its market position as of late 2025. These aren't just buildings; they are high-demand platforms for retail and experience.

Portfolio of 254 premier retail and mixed-use properties forms the physical foundation. This portfolio is strategically diversified across property types, with U.S. Malls and Premium Outlets contributing 70.6% of Net Operating Income (NOI), The Mills at 11.2%, The Taubman Realty Group (TRG) at 8.2% post-consolidation, and International properties at 10.0% as of Q3 2025.

The operational strength of this portfolio is evident in its leasing metrics. Occupancy for U.S. Malls and Premium Outlets stood at a high 96.4% as of September 30, 2025, up 0.2% from the prior year. Base minimum rent per square foot for these core assets increased 2.5% year-over-year to $59.14 at September 30, 2025.

Strong liquidity position of approximately $9.5 billion as of Q3 2025 gives Simon Property Group, Inc. significant financial flexibility. This liquidity comprised $2.1 billion in cash on hand, which includes their share of joint venture cash, and $7.4 billion in available capacity under its revolving credit facilities as of September 30, 2025. This strong position was bolstered during the first nine months of 2025 by completing 33 secured loan transactions totaling approximately $5.4 billion.

The quality of the tenant base is a critical resource, directly reflected in sales performance. Reported retailer sales per square foot for Malls and Premium Outlets reached $742 for the trailing 12 months ended September 30, 2025. This metric shows tenants are performing well on the physical footprint Simon Property Group, Inc. provides. Total sales volumes increased more than 4% in the third quarter of 2025.

Here's a quick look at some key operating and financial metrics supporting the resource base:

Metric	Value (as of Q3 2025)	Period/Notes
Retailer Sales per Square Foot	$742	TTM ended September 30, 2025
Liquidity	$9.5 billion	As of September 30, 2025
Cash on Hand (including JV cash)	$2.1 billion	As of September 30, 2025
Available Credit Capacity	$7.4 billion	As of September 30, 2025
U.S. Malls & Premium Outlets Occupancy	96.4%	As of September 30, 2025
Base Minimum Rent per Sq. Ft. (Malls/Outlets)	$59.14	As of September 30, 2025
Q4 2025 Declared Common Dividend	$2.20 per share	Year-over-year increase of 4.8%

Investment-grade credit rating and access to capital markets is a direct result of disciplined financial management. S&P Global Ratings affirmed Simon Property Group, Inc.'s ratings, including an issuer credit rating of 'A-' in February 2025, with the outlook revised to positive, and later mentioned as an 'A' rating in September 2025. This standing allows for favorable financing terms, such as the $1.5 billion two-tranche senior notes offering completed in Q3 2025, which had a weighted-average coupon rate of 4.8%.

The experienced management team and operational expertise, led by Chairman, CEO, and President David Simon and COO Eli Simon, translate into tangible results. This expertise is demonstrated by the 4.2% increase in Domestic Property NOI and 4.5% growth in total portfolio NOI for the first nine months of 2025 compared to the prior year period. Their ability to execute strategic moves, like the full acquisition of The Taubman Realty Group, is a testament to this operational skill.

• Portfolio NOI increased 5.2% year-over-year for Q3 2025.
• Full-year 2025 Real Estate FFO guidance was raised to a range of $12.60 to $12.70 per diluted share.
• The team completed 33 secured loan transactions totaling approximately $5.4 billion in the first nine months of 2025.

Finance: draft 13-week cash view by Friday.

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.