Simon Property Group Inc., based in Indianapolis, is a retail REIT that is one of the largest owners of high-end malls, outlet centers, and lifestyle destinations in North America, Asia, and Europe. In 2016, the company had expanded its profile by investing in the retail operations of several well-known retail brands, including Reebok, Aeropostale, Nautica, and Forever 21 through its partnerships, including SPARC and ABG. The investments were reconsidered after the pandemic, once consumers began to return to outdoor retail spaces. In 2023, the company began to sell its interest in retail brands, and in 2024, Simon sold its remaining interest in ABG. In 2025, the REIT purchased the remaining interest in Taubman Realty Group, so it is now wholly owned. Simon also has an interest in international malls and has a 22.4% interest in Klepierre, a Paris-based real estate firm that owns 14 centers in Europe. SPG also operates Simon Brand Ventures, which offers appraisals and real estate services. Revenues in 2025 were $6.4 billion, of which $3.6 billion was from joint venture properties. At the beginning of 2026, SPG owned or had an interest in 254 properties, or 206 million square feet of space. About 90% of NOI was from domestic properties, including The Mills. Of domestic NOI, over 43% is from properties in portfolio-heavy Texas, California, and Florida. SPG is a member of the S&P 500 and has a market cap of $76.3 billion.

The big earnings news this week comes from Nvidia and Walmart, and follows worries at the end of last week about renewed inflation and rising yields. Last week, the Dow Jones Industrial Average fell 0.2%, while the S&P 500 rose 0.1%, and the Nasdaq gained 0.1%. Year to date, all three indices remain in positive territory, with the DJIA up 3%, the S&P 500 up 8%, and the Nasdaq up 13%. On the earnings calendar, highlights include Home Depot, Toll Brothers, and CAVA Group on Tuesday; Nvidia, TJX, Lowe's, and Target on Wednesday; Walmart, Deere, Ralph Lauren on Thursday; and Williams-Sonoma on Friday. Some 91% of S&P 500 companies have reported so far, and overall earnings are up 28% from last quarter. Information Technology, up 53%, and Communication Services, up 51%, are leading the pack. At the bottom are Healthcare, down 3%, and Energy, down 1%, according to LSEG I/B/E/S. The economic calendar is light this week. The minutes of the Fed's last rate meeting in May will be released on Wednesday; data on Housing Starts and Building Permits on Thursday; and an update on Consumer Sentiment on Friday. Turning to economic data and forecasts, gas prices are rose another five cents last week and are now at an average of $4.50 per gallon for regular gas. The Atlanta Fed GDPNow forecasts 4.0% GDP growth for 2Q, which compares to the 2% actual reading for 1Q. The Cleveland Fed Inflation Nowcast forecast for CPI in May is 4.2%, compared to the 3.8% print for April and 3.3% in March. Mortgage rates remained essentially flat last week, down one basis point, with the average 30-year fixed-rate mortgage now at 6.36%, according to FreddieMac. The next Federal Open Market Committee (FOMC) meeting is on June 17. Odds are at 1% for a rate cut. Kevin Warsh now officially holds the top job at the Federal Reserve, while outgoing Chairman Jerome Powell will remain on the as a governor. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 6% year to date. The leading emerging market ETF (EEM) is up 19% year to date. U.S. growth stocks are up 4% year to date when looking at ETF IWF, while value stocks (IWD) are up 10%. Crude oil prices continue to be volatile. On Friday, oil was at $101 per barrel and up 75% for the year so far. In other asset classes for the year t -date, AGG bonds are down 2%, gold is up 4%, and Bitcoin is down 10%. The U.S. dollar is up 1%, tracking DXY. The VIX volatility index was about 18 on Friday, below its historical average of 20.

Simon Property Group is the largest retail real estate investment trust in the United States. Its portfolio includes an interest in 254 properties: 114 traditional malls, 108 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and 12 other retail properties. Simon's portfolio averaged $736 in sales per square foot over the trailing 12 months. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 14 countries.

Simon Property Group is the largest retail real estate investment trust in the United States. Its portfolio includes an interest in 254 properties: 114 traditional malls, 108 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and 12 other retail properties. Simon's portfolio averaged $736 in sales per square foot over the trailing 12 months. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 14 countries.