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 JC Penny (with partner Brookfield) and Authentic Brands Group (with partner SPARC). 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. In 1Q24, Simon sold its remaining interest in ABG brands, which included Aeropostale, Reebok, Nautica, Izod, and Forever 21. Additionally, the company has an 84% interest in the Taubman Group and a 22% interest in Klepierre, a Paris-based real estate firm. SPG also operates Simon Brand Ventures, which offers appraisals and real estate services. Simon owns or has interests in 233 properties with about 190 million square feet of leasable space. This includes 39 international properties. Joint Ventures accounted for about 60% of 2023 revenues. After 2H24, U.S. malls and outlets account for approximately 72% of NOI and international assets account for about 9%. Properties in California, Florida, and Texas account for about 43% of U.S. NOI. Recen