RVBA-SPGReal Estate & REITs

Simon Property Group — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (3/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news· 3 ESG-tagged · GDELT

tagged categories: climate · governance · controversy · M&A · regulatory

Source: GDELT 2.0 DOC API · ESG-keyword filtered · 3-month trailing window.

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

annual report ↗

Governance

audit assurance climate levelⓘ	0scale 0-2
esg linked executive pay yn	0boolean

P&L highlights (USD)

Headcount (FTE)	3,600people
Revenue	6.4B
Cost of revenue	(909.1M)
Gross profit	5.5B
Operating expenses (S&M + G&A)	(2.3B)
Operating income	3.2B
Net income	4.6B

Balance sheet highlights (USD)

Property, plant & equipment	31B
Total assets	40.6B
Total debt	28.4B
Cash & equivalents	823.1M
Minority interest	1.5B

Market & shares

Market cap (FY-end)	60.3B
Shares outstanding	326M

Events 2025· 5

Acquired The Mall Luxury Outlets (Italy)

Acquired 100% interest in two luxury outlet destinations in Italy (Florence and Sanremo) for €350 million.

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Acquired remaining 12% of TRG (Taubman Realty Group)

On October 31, 2025, Simon acquired the remaining 12% interest in TRG it did not previously own in exchange for ~5.06 million OP units. TRG holds interests in 22 regional/super-regional/outlet malls. Resulted in $2.9 billion non-cash gain on remeasurement of previously held equity interest. 11 TRG properties now consolidated, 11 accounted for under equity method.

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Acquired remaining interest in Brickell City Centre

Acquired remaining 75% interest in retail component and 100% of parking component of Brickell City Centre for $497.7 million.

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Acquired Phillips Place

Acquired 100% interest in Phillips Place, a 132,805 sq ft center in Charlotte, NC, for $143.8 million.

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Acquired The Mall Luxury Outlets in Italy

On January 30, 2025, completed the acquisition of a 100% interest in two luxury outlet destinations in Italy (Leccio near Florence, and Sanremo). Acquisition price was €350.0 million.

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2024

annual report ↗sustainability report ↗

Social

workforce board female pct

29%

Governance

audit assurance climate levelⓘ

0level

P&L highlights (USD)

Headcount (FTE)	3,000people
Revenue	6B
Cost of revenue	(1B)
Gross profit	4.9B
Operating expenses (S&M + G&A)	(1.8B)
Operating income	3.1B
Net income	2.4B

Balance sheet highlights (USD)

Property, plant & equipment	519.6M
Right-of-use (leased) assets	519.6M
Total assets	32.4B
Total debt	24.2B
Cash & equivalents	1.4B
Minority interest	657.5M

Market & shares

Market cap (FY-end)	56.2B
Shares outstanding	326.1M

Events 2024· 8

Acquired additional 4% interest in TRG (now 88%)

In Q4 2024, acquired an additional 4% ownership in TRG for approximately $266.7 million by issuing 1,572,500 OP units, bringing noncontrolling interest in TRG to 88%.

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Sold remaining interest in Authentic Brands Group

In Q1 2024, sold all remaining interest in ABG for cash proceeds of $1.2 billion, resulting in a pre-tax gain of $414.8 million.

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Acquired additional 4% in Taubman Realty Group (TRG)

In Q4 2024 acquired an additional 4% ownership in TRG for approximately $266.7 million by issuing 1,572,500 OP units, bringing noncontrolling interest in TRG to 88%.

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TCFD-aligned climate risk disclosures

Simon states climate-related risk disclosures are aligned with the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD) established by the Financial Stability Board.

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Other-than-temporary impairment of JV development project

In Q4 2024, recorded $57.0 million other-than-temporary impairment charge representing pre-development costs associated with an unconsolidated joint venture development project.

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J.C. Penney/SPARC merger forms Catalyst Brands

On December 19, 2024, J.C. Penney acquired the retail operations of SPARC Group, renamed Catalyst Brands. Recognized $100.5M non-cash pre-tax gain. SPG now holds 31.3% noncontrolling interest in Catalyst.

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Sold remaining ABG stake for $1.2B

In Q1 2024, sold all of remaining interest in Authentic Brands Group (ABG) for cash proceeds of $1.2 billion, resulting in a pre-tax gain of $414.8 million.

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J.C. Penney + SPARC merger forms Catalyst Brands

Dec 19, 2024: J.C. Penney acquired retail operations of SPARC Group, renamed Catalyst Brands. Simon recognized $100.5M non-cash pre-tax gain; now holds 31.3% noncontrolling interest in Catalyst plus 33.3% in SPARC Holdings.

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2023

P&L highlights (USD)

Headcount (FTE)	3,000people
Revenue	5.7B
Cost of revenue	(1B)
Gross profit	4.6B
Operating expenses (S&M + G&A)	(1.8B)
Operating income	2.8B
Net income	2.3B

Balance sheet highlights (USD)

Property, plant & equipment	484.1M
Right-of-use (leased) assets	484.1M
Total assets	34.3B
Total debt	26B
Cash & equivalents	1.2B
Minority interest	664.8M

Market & shares

Market cap (FY-end)	46.6B
Shares outstanding	326.8M

2022

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	18,403
Scope 2 (market-based)	108,065
Scope 3	975,362
Cat 6 · Business travel	2,368
Cat 7 · Employee commuting	4,915
Cat 13 · Downstream leased	359,624
Gross carbon footprint	1.1M
Net carbon footprint	1.1M

Nature

water withdrawal m3	10.8Mm^3
waste recycled t	123,401US tons
waste landfill t	308,105US tons
waste generated t	468,251US tons

Social

workforce female pct	45%
workforce management female pct	33%
training hours per employee	2hours
community investment amount	2.9MUSD

Governance

workforce board female pct	30%
board independence pct	77%
audit assurance climate levelⓘ	1level
esg linked executive pay yn	1yes/no

P&L highlights (USD)

Headcount (FTE)	3,360people
Revenue	5.3B
Cost of revenue	(1B)
Gross profit	4.3B
Operating expenses (S&M + G&A)	(1.7B)
Operating income	2.6B
Net income	2.1B

Balance sheet highlights (USD)

Property, plant & equipment	496.9M
Total assets	33B
Total debt	24.9B
Cash & equivalents	621.6M
Minority interest	685.4M

Market & shares

Market cap (FY-end)	38.5B
Shares outstanding	327.8M

Events 2022· 5

Water reduction target: 15% by 2030

New target to reduce water consumption for comparable centers by 15% by 2030 against a 2022 base year. A prior target of 20% reduction by 2025 (2013 baseline) was already exceeded with a 26% reduction.

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LRQA limited assurance over GHG inventory and environmental data

LRQA provided limited assurance over Scope 1, 2, and selected Scope 3 categories (3, 4, 5, 6, 7, 13), water, waste and energy data for CY2022 against ISO 14064-3 and GHG Protocol.

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Refrigerant emissions GWP correction noted by assurer

LRQA assurance noted refrigerant emissions were overreported due to incorrect/inconsistent GWP application; some site electricity data missing; CH4/N2O from mobile fuels excluded. Impacts described as immaterial.

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Scope 3 baseline updated from 2005 to 2013

GRI disclosures updated base year for Scope 3 emissions from 2005 to 2013 to align with SBTi-validated targets and improved data coverage.

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Water reduction target: 15% by 2030 vs 2022 baseline

New water reduction target set: reduce water consumption for comparable centers by 15% by 2030, base year 2022.

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2021

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	17,162
Scope 2 (market-based)	111,076
Scope 3	852,639
Cat 13 · Downstream leased	792,096
Gross carbon footprint	980,877
Net carbon footprint	980,877

Nature

water withdrawal m3	11.2Mm^3
waste recycled t	137,089US tons
waste landfill t	272,953US tons

P&L highlights (USD)

Headcount (FTE)	3,368people
Revenue	5.1B
Cost of revenue	(971.1M)
Gross profit	4.1B
Operating expenses (S&M + G&A)	(1.7B)
Operating income	2.4B
Net income	2.2B

Balance sheet highlights (USD)

Property, plant & equipment	504.1M
Right-of-use (leased) assets	512.9M
Total assets	33.8B
Total debt	25.3B
Cash & equivalents	533.9M
Minority interest	1B

Market & shares

Market cap (FY-end)	52.5B
Shares outstanding	328.6M

Events 2021· 3

First-time inclusion of REC purchases in market-based Scope 2

In 2021 reporting, Simon took credit for reducing market-based emissions by incorporating renewable energy certificates (RECs) and power offtake from Texas renewable sources for the first time. RECs equivalent to abatement of approximately 79,399 mT CO2e.

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Restatement of prior-year GHG figures (2019, 2020, 2021)

Report was revised on September 19, 2022 with corrections to: reduction of emissions from RECs (p.37), direct energy consumption and baseline emissions by scope (p.43), Scope 1 emissions for 2019, market-based Scope 2 for 2019-2021, Scope 3 for 2019-2021, and base year emissions.

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Lucideon limited assurance of Scope 1, 2, and 3 emissions

Lucideon CICS performed independent third-party limited assurance of Simon's 2021 GHG assertion for Scopes 1, 2, and 3 per ISO 14064-3, with 5% materiality threshold met. Positive verification opinion provided.

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2020

annual report ↗sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	14,735
Scope 2 (market-based)	99,811
Scope 3	832,120
Gross carbon footprint	946,666
Net carbon footprint	946,666

Nature

water withdrawal m3	9Mm^3
waste recycled t	125,950US tons
waste landfill t	255,539US tons

Governance

audit assurance climate levelⓘ

0level

P&L highlights (USD)

Headcount (FTE)	3,300people
Revenue	4.6B
Cost of revenue	(887.2M)
Gross profit	3.7B
Operating expenses (S&M + G&A)	(1.7B)
Operating income	2B
Net income	1.1B

Balance sheet highlights (USD)

Property, plant & equipment	512.9M
Right-of-use (leased) assets	514.7M
Total assets	34.8B
Total debt	26.7B
Cash & equivalents	1B
Minority interest	618.8M

Market & shares

Market cap (FY-end)	26.3B
Shares outstanding	308.7M

Events 2020· 17

SBTi-validated targets: 68% Scope 1+2 and 20.9% Scope 3 by 2035

Simon set Science-Based Targets approved by SBTi in 2020: reduce absolute Scope 1+2 GHG emissions by 68% by 2035 (2019 baseline) and Scope 3 downstream leased assets by 20.9% by 2035 (2018 baseline).

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COVID-19 reduced operational footprint in 2020

In 2020 Simon centers were closed for approximately 13,500 days due to government restrictions, leading to a sharp decline in energy and emissions. 2021 metrics increased as business returned toward pre-pandemic operations (energy +13% vs 2020, but still -14% vs 2019).

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SBTi-validated 2035 GHG reduction targets

In 2020, Simon adopted Science Based Target Initiative (SBTi) approved 2035 GHG emissions targets: reduce Scope 1 and 2 emissions by 68% (2019 baseline) and Scope 3 emissions by 20.9% (2018 baseline).

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SBTi-aligned target: 20.9% Scope 3 downstream leased assets reduction by 2035

Simon set a 2035 target to reduce absolute Scope 3 carbon emissions for downstream leased assets by 20.9%, in alignment with a two-degree scenario reduction. Tenant emissions are the dominant footprint contributor.

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SBTi-aligned target: 68% Scope 1+2 reduction by 2035

Simon committed to reduce absolute Scope 1 and 2 GHG emissions by 68% by 2035, from a 2019 base year, in support of the Science Based Targets initiative (SBTi). New target announced in 2020 sustainability strategy refresh.

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Baseline year updated from 2003/2005 to 2013

GHG baseline year for Scope 1, 2 and 3 updated to 2013 (previously 2003 for Scope 2 and 2005 for Scope 3) to be more representative of portfolio footprint and data coverage.

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SBTi-approved targets: 68% Scope 1+2 and 20.9% Scope 3 reduction by 2035

Simon committed to Science Based Targets initiative with absolute reduction of Scope 1 and 2 GHG emissions by 68% by 2035 (vs 2019 baseline) and Scope 3 downstream leased assets by 20.9% by 2035 (vs 2018 baseline). Approved by SBTi in 2020.

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SBTi-approved 68% Scope 1+2 and 21% Scope 3 reduction targets by 2035

Simon committed to SBTi-approved targets: reduce absolute scope 1 and 2 GHG emissions by 68% by 2035 from 2019 base year, and reduce absolute scope 3 (downstream leased assets) emissions by 20.9% by 2035 from 2018 base year.

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100% EV charging stations target

Simon committed to install EV charging stations at 100% of properties where EV providers are available and Simon has operational control. Currently 816 stations at 115 centers (56.6% of domestic properties).

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Acquired 80% interest in Taubman Realty Group (TRG)

Completed acquisition of 80% ownership interest in TRG for approximately $3.45 billion, adding 24 regional, super-regional, and outlet malls in the U.S. and Asia to the portfolio.

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see 7 more events →