SpinCo's mission will be to own stable, quality strip centers and malls that effectively serve the communities in which they are located. In December, the company announced a plan to spin off all of its strip center business and smaller enclosed malls into an independent, publicly traded REIT ("SpinCo"). In October 2013, the company opened a newly redeveloped The Shops at Nanuet outdoor mall in Rockland County, NY. The company reported 95.3% occupancy at its properties at the end of 2012. In 2012, Simon Property reported revenues of $4.8 billion and net income of $1.43 billion. The Company is headquartered in Indianapolis, IN and employs more than 5,500 people worldwide.Īdditionally, Simon has a 29% interest in Klépierre, a publicly-traded Paris-based real estate company, which owns shopping centers in 13 European countries. More than 2.8 billion shopping visits occur at Simon properties in the U.S. Simon malls include the Stanford (CA) Shopping Center, South Shore Plaza in Massachusetts, Franklin Mills in Philadelphia and The Forum Shops at Caesars in Las Vegas. It currently owns or has an interest in 325 retail properties comprising 242 million square feet of gross leasable area in North America, Europe and Asia. Simon operates from five retail real estate platforms: regional malls, Premium Outlet Centers, The Mills, community/lifestyle centers and international properties. Simon Property Group is the largest public U.S.
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