Simon Property Group Indianapolis-based Simon Property Group Inc. is North America's largest publicly traded REIT, with a total market capitalization of approximately $17 billion. Through its subsidiaries, Simon owns, develops, manages, leases, acquires and expands income-producing retail properties that dominate their respective markets. At year-end 1999, Simon owned or had an interest in 259 properties in 36 states and five assets in Europe. The properties include regional malls, community shopping centers, and specialty and mixed-use properties that together total 185 million sq. ft. of GLA.
In 1999, Simon opened six shopping centers in Georgia, Florida, North Carolina and Texas, with the most significant opening being the 1.6 million sq. ft. super-regional Mall of Georgia in fast-growing Gwinnett County on metro Atlanta's northeast side. Simon also acquired 50% of the ownership of Mall of America in Bloomington, Minn. And, in another large purchase last year, Simon acquired the 14 regional malls in New England Development Co.'s portfolio as a 49% partner in the acquiring entity, a limited liability company made up of J.P. Morgan Investment Management's Strategic Property Fund and two major pension funds.
Bruce Tobin, senior vice president leasing, accepted on behalf of Simon Property Group.