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International real estate investment trust founded in the United States
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls , outlet centers , and community/lifestyle centers . It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana . Worldwide, it owns interests in 232 properties[3]
History
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20th century
[ edit ] Simon Property Group's corporate headquarters in Indianapolis
Simon Property Group dates to 1960, when brothers Melvin Simon and Herbert Simon began developing strip malls in Indianapolis, Indiana. In December 1993, they took their interests public as Simon Property Group in the largest initial public offering of a real estate investment trust to date.[4] Edward J. DeBartolo Sr. , in 1996 to form Simon DeBartolo Group.[5] [6] hostile takeover .[7] Macerich , the company acquired 12 malls from IBM 's pension plan for $974.5 million.[8] Corporate Property Investors and was renamed Simon Property Group.[9] [10] [11]
In 1999, the company acquired 14 shopping centers from New England Development for $725 million.[12]
21st century
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In 2002, in partnership with Westfield Group and The Rouse Company , the company acquired 13 properties from Rodamco North America including Copley Place , Houston Galleria , and SouthPark Mall .[13] King of Prussia , for $300 million.[14] outlet mall business in 2004 with the acquisition of Chelsea Property Group Inc. for $3.5 billion.[15]
In April 2007, Simon and Farallon Capital acquired the Mills Corporation .[16] [17] General Growth Properties .[18] bankruptcy protection.[19] [20] (Young v. Bucksbaum) against the company's board of directors for rejecting Simon's bid, alleging breach of fiduciary duty.[21] Paulson & Co. [22] [23] Brookfield Asset Management .[24]
In May 2010, Simon acquired Prime Retail 's Prime Outlets-Puerto Rico in Barceloneta, Puerto Rico In August 2010, Simon acquired an additional 21 outlet malls, including locations in Williamsburg, Virginia , San Marcos, Texas and Hagerstown, Maryland for a total of $2.3 billion.[25] [26] Southdale Center in Edina, Minnesota .[27]
In August 2013, Toronto Premium Outlets opened in Halton Hills , Ontario , Canada.[28] Premium Outlets Montreal , the second in Canada, opened.[29] Premium Outlet Collection YEG opened at Edmonton International Airport .[30] corporate spin-off of Washington Prime Group , headed by Mark Ordan, the final CEO of Mills Corporation .[31] [32] Glimcher Realty Trust and was renamed WP Glimcher . As part of the deal, Simon acquired Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas , while WP Glimcher acquired Brunswick Square in East Brunswick, New Jersey from Simon.[33] Macerich ; however the offer was rejected and withdrawn in April 2015.[34] [35] Authentic Brands Group and GGP Inc. , the company acquired Aéropostale .[36] Forever 21 .[37]
On March 18, 2020, the company announced the closure of its U.S. shopping malls until March 29, due to the COVID-19 pandemic .[38] [39] [40] [41] Amazon .[42] [43] Brooks Brothers and Lucky Brand Jeans .[44] Taubman Centers for $3.4 billion.[45] J.C. Penney in partnership with Brookfield Asset Management .[46] Kohl's .[47] Jamestown , a real estate developer, in October 2022.[48]
Legal record
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In 2007, the company was sued for banning the use of Segways , which the plaintiff claimed was in violation of the Americans with Disabilities Act .[49] racial discrimination for allegedly blocking its main entrance since the majority of its clientele were black.[50]
In 2011, the company was sued for allegedly firing a woman because she was pregnant.[51] Equal Employment Opportunity Commission that Latino janitors working for the company were subjected to daily verbal attacks because of their national origin.[52]
See also
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References
[ edit ]
^ Liz Brumer-Smith (November 22, 2021). "How Risky Is Simon Property Group?" . nasdaq.com . Retrieved December 21, 2021 . Its presence is massive, having ownership or interest in 196 indoor and outdoor malls across North America and 36 malls in Europe and Asia.
^ Miller, Stephen; Hudson, Kris (September 17, 2009). "He Built America's First Megamall" . The Wall Street Journal
^ Kumer, Ken (March 27, 1996). "SIMON, DEBARTOLO MALL PROPERTY GROUPS JOIN FORCES" . Seattle Daily Journal of Commerce Associated Press .
^ Bryant, Adam (March 27, 1996). "Simon Property To Acquire DeBartolo for $1.5 Billion" The New York Times
^ WAHBA, PHIL (December 2, 2016). "Simon Property Group Fights to Reinvent the Shopping Mall" Fortune
^ "Simon DeBartolo, Macerich to buy 12 malls Firms form joint venture for $974.5 million buy from IBM pension fund; Commercial real estate" . The Baltimore Sun Bloomberg News . December 30, 1997.
^ "Simon buys: Simon DeBartolo Group Inc. will buy Corporate" . Chicago Tribune
^ BAGLI, CHARLES V. (February 20, 1998). "Simon DeBartolo Wins Fight For a Prime Group of Malls" The New York Times
^ "Simon Property Group 1998 Annual Report" .
^ Martinez, Barbara (February 26, 1999). "Simon Property Agrees to Acquire 14 Shopping Malls for $725 Million" The Wall Street Journal
^ "Simon Property Group Announces Completion of Rodamco Acquisition" . Simon Property Group. May 6, 2002.
^ Kostelni, Natalie (November 10, 2003). "K of P mall to be sold" . American City Business Journals
^ Schouten, Cory (December 8, 2009). "Simon buying Prime Outlets in $2.3B deal" . Indianapolis Business Journal
^ "Simon Property Group and Farallon Capital Management Complete Acquisition of The Mills Corporation" (Press release). Simon Property Group. April 6, 2007.
^ "Simon, Farallon close acquisition of Southridge owner" . American City Business Journals
^ "Simon Tried to Buy GGP Malls" . National Real Estate Investor
^ DE LA MERCED, MICHAEL J. (February 16, 2010). "Simon Bids $10 Billion for General Growth Properties" . The New York Times
^ Pisani, Bob (February 16, 2010). "Pisani: Simon Property's $10 Billion Bid on General Growth" . CNBC
^ Marshall, Jim (February 20, 2010). "General Growth sued by shareholder-report" . Reuters
^ "Simon Property Group Offers to Invest $2.5 Billion in General Growth Reorganization Plan at Same Per Share Price as Existing Brookfield-Sponsored Proposal" (Press release). PR Newswire . April 14, 2010.
^ Jonas, Ilaina (April 14, 2010). "Simon still interested in buying General Growth: source" . Reuters
^ "Simon Property Group Withdraws Acquisition and Recapitalization Proposals for General Growth Properties" (Press release). Simon Property Group. May 7, 2010.
^ "Simon Property Group Completes Prime Outlets Transaction" (Press release). PR Newswire . August 30, 2010.
^ Barwell, Tim; Louis, Brian (January 11, 2011). "Simon Property Abandons Offer for Capital Shopping" . Bloomberg News
^ "New owner Simon Properties hopes to turn around Southdale" . St. Paul Pioneer Press
^ Shum, David (August 1, 2013). "Toronto Premium Outlets open in Halton Hills - Toronto" . Global News
^ Friede, Eva (October 29, 2014). "Premium Outlets opens discount mecca at Mirabel" . Montreal Gazette
^ "Premium Outlet Collection Edmonton International Airport Celebrates Its Grand Opening" (Press release). PR Newswire . May 2, 2018.
^ "Simon Property Group Announces Completion Of Spin-Off Of Washington Prime Group" (Press release). PR Newswire . May 28, 2014.
^ Karr, Arnold J. (December 13, 2013). "Simon Plans Spin-off of Smaller Properties" . Women's Wear Daily
^ "Washington Prime Group Inc. to Acquire Glimcher Realty Trust for $4.3 Billion in Stock and Cash Including the Assumption of Debt" (Press release). PR Newswire . September 16, 2014.
^ Gara, Antoine (April 1, 2015). "Simon Property Withdraws $95.50 A Share Macerich Takeover Bid" Forbes
^ MASUNAGA, SAMANTHA (April 1, 2015). "Simon gives up after Macerich rejects second bid" Los Angeles Times
^ "Aéropostale Consortium Finalizes Acquisition" (Press release). Business Wire . September 15, 2016.
^ "Acquisition Of Forever 21 Finalized" (Press release). Business Wire . February 19, 2020.
^ "Simon Property Group Temporarily Closes All Domestic Properties" (Press release). PR Newswire . March 18, 2020.
^ Tyko, Kelly (March 18, 2020). "Simon Property Group closes all of its U.S. malls due to coronavirus. See the list of closed locations" . USA Today
^ Snouwaert, Jessica (March 18, 2020). "The biggest mall operator in the US is closing all locations for 12 days to slow the spread of COVID-19" . Business Insider
^ Thomas, Lauren (March 24, 2020), This department store is still open for business despite coronavirus CNBC
^ Fung, Esther; Herrera, Sebastian (August 9, 2020). "Amazon and Mall Operator Look at Turning Sears, J.C. Penney Stores Into Fulfillment Centers" The Wall Street Journal
^ Thomas, Lauren (August 10, 2020). "Simon shares jump on reported talks with Amazon. But converting stores to warehouses may face hurdles" . CNBC
^ Bhattarai, Abha (August 26, 2020). "Mall giant Simon snapping up bankrupt retailers to outdo its rivals" . The Washington Post
^ "Simon Property Group Completes Acquisition Of Taubman Centers, Inc" (Press release). PR Newswire . December 29, 2020.
^ Halkias, Maria (December 7, 2020). "J.C. Penney sale to landlords Simon and Brookfield is completed" . The Dallas Morning News
^ Stein, Sanford. "Simon and Brookfield Pursue Kohl's to Join Rival J.C. Penney" . Forbes . Retrieved May 11, 2022 .
^ Wong, Natalie (October 11, 2022). "Mall Giant Simon Buying 50% of Real Estate Investor Jamestown" . Bloomberg . Retrieved October 11, 2022 .
^ Antonacci, Sarah (October 8, 2007). "Springfield mall sued over Segway ban" . The Daily Register
^ Finnegan, Amanda (March 12, 2009). "Poetry nightclub discrimination lawsuit moves forward" . Las Vegas Sun
^ Dungan, Jesse (February 23, 2011). "Woman sues Stanford Shopping Center for alleged pregnancy discrimination" . The Mercury News
^ "Simon Property Group To Pay $125,000 To Settle EEOC National Origin Discrimination Lawsuit" (Press release). Equal Employment Opportunity Commission . November 8, 2011.
External links
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Simon Property Group malls in the southern United States
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Premium Outlets and Factory Stores outlet centers in the eastern United States
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Premium Outlets and Factory Stores outlet centers in the western United States
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Premium Outlets and Factory Stores outlet centers in Canada
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R e t r i e v e d f r o m " https://en.wikipedia.org/w/index.php?title=Simon_Property_Group&oldid=1217404480 " C a t e g o r i e s : ● S i m o n P r o p e r t y G r o u p ● 1 9 9 3 e s t a b l i s h m e n t s i n I n d i a n a ● A m e r i c a n c o m p a n i e s e s t a b l i s h e d i n 1 9 9 3 ● C o m p a n i e s b a s e d i n I n d i a n a p o l i s ● C o m p a n i e s l i s t e d o n t h e N e w Y o r k S t o c k E x c h a n g e ● F i n a n c i a l s e r v i c e s c o m p a n i e s e s t a b l i s h e d i n 1 9 9 3 ● R e a l e s t a t e c o m p a n i e s e s t a b l i s h e d i n 1 9 9 3 ● R e a l e s t a t e i n v e s t m e n t t r u s t s o f t h e U n i t e d S t a t e s ● S h o p p i n g c e n t e r m a n a g e m e n t f i r m s H i d d e n c a t e g o r i e s : ● P a g e s w i t h n o n - n u m e r i c f o r m a t n u m a r g u m e n t s ● A r t i c l e s w i t h s h o r t d e s c r i p t i o n ● S h o r t d e s c r i p t i o n i s d i f f e r e n t f r o m W i k i d a t a ● U s e m d y d a t e s f r o m J u l y 2 0 2 3 ● C o m m o n s c a t e g o r y l i n k i s o n W i k i d a t a ● O f f i c i a l w e b s i t e d i f f e r e n t i n W i k i d a t a a n d W i k i p e d i a ● A r t i c l e s w i t h F A S T i d e n t i f i e r s ● A r t i c l e s w i t h V I A F i d e n t i f i e r s ● A r t i c l e s w i t h L C C N i d e n t i f i e r s
● T h i s p a g e w a s l a s t e d i t e d o n 5 A p r i l 2 0 2 4 , a t 1 6 : 4 6 ( U T C ) . ● T e x t i s a v a i l a b l e u n d e r t h e C r e a t i v e C o m m o n s A t t r i b u t i o n - S h a r e A l i k e L i c e n s e 4 . 0 ;
a d d i t i o n a l t e r m s m a y a p p l y . B y u s i n g t h i s s i t e , y o u a g r e e t o t h e T e r m s o f U s e a n d P r i v a c y P o l i c y . W i k i p e d i a ® i s a r e g i s t e r e d t r a d e m a r k o f t h e W i k i m e d i a F o u n d a t i o n , I n c . , a n o n - p r o f i t o r g a n i z a t i o n . ● P r i v a c y p o l i c y ● A b o u t W i k i p e d i a ● D i s c l a i m e r s ● C o n t a c t W i k i p e d i a ● C o d e o f C o n d u c t ● D e v e l o p e r s ● S t a t i s t i c s ● C o o k i e s t a t e m e n t ● M o b i l e v i e w
US$5.66 billion (2023)
