Simon Property Group is the largest retail real estate owner in the US, owning, operating, and developing shopping centers across three formats: enclosed malls (108 domestic properties), Premium Outlets open-air outlet centers (70 domestic properties), and The Mills, a large-format hybrid combining outlet, off-price, and entertainment retail (16 properties). Simon leases space to retailers — ranging from fast fashion chains to luxury brands like Chanel and Gucci — through a large in-house leasing organization. Simon's scale across 254 properties gives it relevance in retailer expansion planning, allowing Simon to offer space across multiple locations simultaneously. Simon makes money primarily through base rent (fixed contractual rent per square foot) and percentage rent (rent tied to tenant sales above a threshold). NOI growth is driven by occupancy improvement and rising rent per square foot as Simon replaces underperforming tenants with more productive ones. Beyond leasing, Simon earns ancillary income from parking, specialty leasing, and brand partnerships. Simon also holds a 22.2% stake in Klépierre, a European shopping center REIT with properties across 13 countries. Simon's Other Platform Investments include roughly 39% of Catalyst Brands (JCPenney and several apparel brands) and roughly 45% of ShopSimon, an e-commerce marketplace. Simon's growth strategy centers on same-property NOI improvement, mixed-use redevelopment of obsolete anchor spaces, and selective acquisitions of high-quality assets. Simon operates as a REIT with an active development pipeline exceeding $4B.