Simon Property Group completed the acquisition of the remaining 12% interest in The Taubman Realty Group Limited Partnership on November 3, 2025, in exchange for 5.06 million limited partnership units in Simon Property Group L.P., giving the REIT full ownership of the partnership.
The transaction finalizes a strategy that began in December 2020 when SPG acquired an 80% stake in Taubman Realty Group for approximately $3.4 billion. The Taubman family retained a 20% interest until this transaction, after which Robert and Billy Taubman will become significant SPG shareholders.
Full ownership allows SPG to streamline governance, eliminate partnership fees, and fully realize operational synergies across the portfolio, which includes premium malls, outlets, and international properties. Management highlighted that the integration is expected to be accretive to earnings and to increase net operating income from the partnership’s assets.
SPG’s Q3 2025 earnings are scheduled for release on the same day. Analysts project earnings per share of $3.09 and revenue of $1.53 billion, an increase from the $3.05 EPS and $1.50 billion revenue reported in Q2 2025. In Q3 2024, SPG reported net income of $475.2 million and FFO of $1.144 billion, while Q3 2023 earnings included a net income of $594.1 million and FFO of $1.2 billion.
Management noted that the acquisition strengthens SPG’s competitive position amid headwinds such as rising interest rates, shifting consumer spending, and the continued growth of e‑commerce. The company also emphasized opportunities for cost efficiencies and enhanced leasing momentum in its premium destinations.
The move aligns with SPG’s broader strategy of consolidating ownership of high‑quality assets and unlocking operational synergies, reinforcing its focus on premium retail destinations and a diversified portfolio that spans traditional malls, lifestyle centers, and international properties.
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