Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 229 properties: 134 traditional malls, 70 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), 6 lifestyle centers, and 5 other retail properties. Simon's portfolio averaged $739 in sales per square foot in 2024. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 11 countries.

Simon Property Group is the second-largest real estate investment trust in the United States. Its portfolio includes an interest in 229 properties: 134 traditional malls, 70 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), 6 lifestyle centers, and 5 other retail properties. Simon's portfolio averaged $739 in sales per square foot in 2024. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 11 countries.

Value stocks -- a market segment that includes high-yield stocks -- outperformed growth stocks in 2022 and have taken an early lead in 2025. That's a recent rarity, as for the past decade-plus, the performance record has favored growth. But the rollout of COVID-19 vaccines gave a lift to some of the cyclical companies (energy and regional banks) that had lagged, and value stocks outpaced growth stocks that year. While growth stocks have retaken the lead since 2023, the Federal Reserve continues to keep interest rates high to fend off inflation. This could possibly cap multiple expansion for growth companies in coming quarters. In any event, the value sector is the place to achieve income.

Simon Property Group Inc., based in Indianapolis, is a retail REIT that is one of the largest owners of high-end malls, outlet centers, and lifestyle destinations in North America, Asia, and Europe. In 2016, the company had expanded its profile by investing in the retail operations of several well-known retail brands, including Reebok, Aeropostale, Nautica, and Forever 21 through its partnerships, including SPARC and ABG. The investments were reconsidered after the pandemic, once consumers began to return to outdoor retail spaces. In 2023, the company began to sell its interest in retail brands and in 2024, Simon sold its remaining interest in ABG brands. The company still has active joint venture interests including an 84% interest in the Taubman Group, a 22% interest in Klepierre, a Paris-based real estate firm, and SPARC. SPG also operates Simon Brand Ventures, which offers appraisals and real estate services. At the end of 2024, Simon owned or had interests in about 233 properties with about 12 million square feet of international leasable space and 170 million square feet of domestic space. Last year, revenues were just under $6 billion, of which about 60% were from joint venture interest. At year-end 2024, about 82% of portfolio NOI was from U.S properties including The Mills. Of domestic NOI, about 40% is from properties in portfolio-heavy Texas, California, and Florida. The REIT has a varied tenant base. Beginning 2025, its largest domestic tenants are Gap Inc., Tapestry, and Knitwell, although the GAP only accounts for less than 3% of total base minimum rent. SPG is a member of the S&P 500 and has a market cap is about $50 billion.