Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I like businesses we can understand on the back of an envelope. Simon Property Group is not complicated, but it is large. Simon is the largest publicly traded retail REIT in the United States, organized as an Indiana umbrella partnership REIT (UPREIT) in which Simon Property Group, Inc. owns ~85.3% of Simon Property Group, L.P., the operating partnership that holds substantially all assets and incurs all debt. As of March 31, 2026, Simon owned interests in 212 U.S. income-producing properties (108 malls, 69 Premium Outlets®, 16 The Mills®, 6 lifestyle centers, 13 other retail) across 38 states and Puerto Rico, plus 42 international properties primarily in Asia, Europe, and Canada. The company also owns: 20.7% of Klépierre SA, the Paris-listed European mall operator, carried at $1.36B.
Recent filings analysed: 8-K/A (2026-05-15), 8-K/A (2026-05-15), 8-K (2026-05-15), 8-K (2026-05-11).
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