type public traded as nyse spg s & p 100 component industry real estate investment trusts genre shopping malls lifestyle centers founded 1993 founder melvin simon herbert simon fred simon headquarters indianapolis indiana u.s. number of locations united states canada japan mexico south korea puerto rico malaysia key people david e. simon chairman and ceo revenue usd 5.171 billion 2014 net income usd 1.32 billion 2014 total assets usd 33.325 billion 2014 number of employees 5 000 2010 1 subsidiaries simon malls premium outlets the mills kravco 80 % kl pierre 29.8 % website simon.com simon property group inc. is an american commercial real estate company in the united states as the largest real estate investment trust . the company is a fully integrated real estate company which operates from five retail real estate platforms regional malls premium outlet centers the mills community lifestyle centers and international properties . it currently owns or has an interest in more than 325 2 properties comprising approximately 241 000 000 square feet 22 400 000 m2 of gross leasable area in north america and asia . the company is headquartered in indianapolis indiana and employs more than 5 000 people worldwide . it is publicly traded on the nyse under the symbol spg and is part of the s & p 100 . 3 simon property group has been the subject of several lawsuits and investigations regarding civil rights and discrimination . 4 5 6 7 contents 1 history 2 recent acquisition offers 2.1 general growth properties 2.2 prime outlets 2.3 capital shopping centres 2.4 premium outlets expansion into canada 3 references 4 external links history edit simon property group was formed in 1993 8 when the majority of the shopping center interests of melvin simon & associates became a publicly traded company . melvin simon & associates owned by brothers melvin simon and herbert simon was founded in 1960 in indianapolis indiana and had long been one of the top shopping center developers in the united states . in 1996 simon debartolo group was created when simon property merged with former rival debartolo realty corp. 9 this was shortly after debartolo realty became a publicly traded company encompassing the shopping mall interests of the edward j. debartolo sr. family another leading developer . simon debartolo rapidly acquired assets in the then fragmented industry . notable acquisitions included the retail property trust and a group of properties held by ibm s pension plan in 1997 and corporate property investors cpi in 1998 . following the cpi acquisition in 1998 the company announced it was reverting to its original name simon property group as the debartolo family was resuming its private real estate development operation while retaining their interest in simon . simon property group headquarters opened in 2007 simon continued to be a prolific acquirer of shopping centers including a portfolio from new england development in 1999 ; several prime properties from rodamco north america in 2002 including houston galleria in houston texas and southpark mall in charlotte north carolina ; several high profile properties such as dadeland mall fashion valley mall copley place fashion centre at pentagon city and stanford shopping center ; and in 2004 chelsea premium outlets now simply named premium outlets . in 2003 simon became a co owner of the kravco company which became kravco simon . on april 3 2007 a partnership including simon agreed to acquire the mills corporation . 10 in june 2011 simon property group entered into a partnership with nintendo to provide complimentary 3ds wi fi hotspots at nearly 200 of its malls . 11 the wi fi only works for nintendo 3ds systems . it will not work on pc mac ios or android . simon property group logo in use until may 2014 in december 2013 simon announced it would form a reit of its smaller malls and community shopping centers called washington prime group initially to be named spinco . the spin off was created in may 2014 and was headed by mark ordan who was the final ceo of the simon bought mills corporation . the regional malls in wpg were still managed by simon and flagged as simon properties on websites and inside their malls until early 2016 while washington prime managed the strip centers of the portfolio in house . 12 in september 2014 wpg announced to acquire glimcher realty trust and its properties in which washington prime group would be renamed wp glimcher when the deal was made . 13 the deal was completed in january 2015 . as part of the deal simon acquired jersey gardens renamed to the mills at jersey gardens and added to the mills portfolio 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 . recent acquisition offers edit general growth properties edit on november 19 2009 financial times reported that simon may have attempted to acquire its failing rival general growth properties which was operating under chapter 11 bankruptcy protection . should ggp have been acquired in its entirety such deal would be worth up to 30 billion at the time . 14 simon hired property investment firm cohen & steers j.p. morgan as well as the lazard investment bank and the wachtell lipton rosen & katz law firm to explore the possibility of acquiring ggp . on february 16 2010 simon announced that it placed a bid on february 8 to acquire general growth properties in a deal worth 10 billion . 15 however the bid was rejected by general growth twice during the week it was announced . on february 19 2010 one ggp shareholder filed suit young v. bucksbaum against the company s board of directors for rejecting simon s bid accusing chairman john bucksbaum and six other board members of breaching their fiduciary duty to ggp s investors . 16 the general growth board favored an investment offer from brookfield asset management worth 2.6 billion . on april 14 2010 simon property group announced a 2.5 billion equity investment offer which equaled the price per share of brookfield s offer . 17 simon claimed that the deal was more favorable to ggp and its equity holders than brookfield s offer stating that it would eliminate the highly dilutive warrants that ggp would issue to brookfield pershing square and fairholme capital . simon s offer also includes a co investment commitment by paulson & co worth 1 billion . however simon property group had not ruled out a full takeover of general growth ; simon claims that their investment offer would give them more time to work out their differences concerning antitrust issues . 18 on may 7 2010 simon property group decided to withdraw its acquisition and recapitalization proposals for general growth properties . 19 prime outlets edit on december 8 2009 simon property group was offered the sale prime retail s prime outlets portfolio for 2.24 billion that includes centers at williamsburg virginia san marcos texas and hagerstown maryland . in may 2010 simon surprisingly acquired prime outlets puerto rico in barceloneta in which was renamed puerto rico premium outlets . however at the time simon did not acquire the whole portfolio excluding prime outlet centers at st. augustine florida where simon s premium outlet mall is already located . the deal was expected to finalize in summer 2010 but there is no word if the remaining prime outlet centers would be renamed as premium outlets once the transaction is completed . 20 finally on august 30 2010 simon officially acquired the prime retail portfolio of twenty one outlet malls including the barceloneta puerto rico location acquired in may 2010 . three properties are not included which are the indoor st. augustine florida property and developments at grand prairie texas and livermore valley california . 21 the acquired properties received premium outlet branding just after the completion of the deal . the developments at grand prairie texas and livermore valley california were acquired in 2012 just months after their openings and were rebranded as premium outlets . capital shopping centres edit at the end of 2010 simon property group attempted to acquire uk based retail investment group capital shopping centres cscg after cscg agreed a deal with peel group to acquire the trafford centre . 22 this offer was later declined by capital shopping centres shareholders in an egm with their shareholders many of whom are south african voting instead for the deal with the peel group . 23 premium outlets expansion into canada edit on august 1 2013 toronto premium outlets opened in halton hills ontario canada . 24 25 premium outlets montreal which is the second premium outlet center located in canada opened in october 2014 . 26 references edit simon property group inc. . hoovers.com . 2010 10 21 . retrieved 2011 12 17 . simon investor relations corporate overview . investors.simon.com . retrieved 2013 11 05 . simon property group reports first quarter results . yahoo finance . retrieved 3 may 2012 . meritz darren 2009 07 29 . lawsuit says cielo vista mall owners not providing safe access for disabled people . el paso times . retrieved 2014 12 12 . u.s. equal employment opportunity commission about eeoc newsroom press releases 2011 11 08 . simon property group to pay 125 000 to settle eeoc national origin discrimination lawsuit . retrieved 2014 12 12 . dungan jesse 2011 02 23 . woman sues stanford shopping center for alleged pregnancy discrimination . san jose mercury news . retrieved 2014 12 12 . finnegan amanda 2009 03 12 . poetry nightclub discrimination lawsuit moves forward . las vegas sun . retrieved 2014 12 12 . company milestones . simon.com . retrieved 2013 11 05 . kumer ken 1996 03 27 . simon debartolo mall property groups join forces . djc.com . seattle daily journal and djc.com . retrieved 2007 10 08 . simon property group inc spg nyse reuters . accessed september 17 2007 . on april 3 2007 spg fcm ventures llc a joint venture between an entity owned by simon property and funds managed by farallon capital management completed the acquisition of the mills corporation . frank cifaldi gamasutra . new partnership pushes 3ds wi fi hotspots over 25k . june 2 2011 . retrieved june 3 2011 . karr arnold j. 13 december 2013 . simon plans spin off of smaller properties . wwd . retrieved 13 december 2013 . 1 . september 18 2014 . retrieved september 19 2014 . sender henny 2009 11 19 . simon eyes general growth s mall portfolio . ft.com . retrieved 2011 12 17 . simon property group bids 10b for general growth properties . mortgageorb.com . retrieved 2011 12 17 . general growth board sued for rejecting simon bid update1 . businessweek.com . retrieved 2011 12 17 . simon property group offers to invest 2.5 billion in general growth reorganization plan at same per share price as existing brookfield sponsored proposal . phx.corporate ir.net . 2010 04 14 . retrieved 2011 12 17 . jonas ilaina 2010 04 14 . simon still interested in buying general growth source . reuters.com . retrieved 2011 12 17 . simon investor relations press release . phx.corporate ir.net . 2010 05 07 . retrieved 2011 12 17 . simon investor relations press release . phx.corporate ir.net . 2009 06 30 . retrieved 2011 12 17 . simon malls more choices . press room press release . phx.corporate ir.net . 2010 08 30 . retrieved 2011 12 17 . propertymall.com http www.propertymall.com press article 24001 propertymall http www.propertymall.com press article 24347 shum david 2013 08 01 . toronto premium outlets open in halton hills toronto . globalnews.ca . retrieved 2013 08 19 . 04 10 2012 11 28 am updated 04 25 2012 4 13 pm 2012 04 25 . toronto outlet mall to be first upscale centre of its