Simon Property Group confirmed that its Chairman, CEO and President David Simon died at age 64 after a battle with cancer. Eli Simon, who had served as Chief Operating Officer and Director, will continue as CEO and President, while Larry Glasscock will become Non‑Executive Chairman of the Board. The transition follows a long‑planned succession strategy that has guided the company for decades.
David Simon’s tenure transformed Simon Property Group from a regional family business into the world’s largest and most admired retail real‑estate company. He led the 1993 IPO, the largest real‑estate offering at the time, and steered the firm to a cumulative total shareholder return of more than 4,500% since that debut. His leadership built a portfolio of high‑profile malls and a disciplined investment approach that has underpinned the company’s resilience in a shifting retail landscape.
Eli Simon joined the company in 2019 and has held key roles in investment strategy, property performance, new development and strategic acquisitions. His promotion to CEO and President reflects the board’s confidence in his operational expertise and his deep understanding of the company’s portfolio and growth opportunities. The succession plan, announced in advance, was designed to preserve continuity and maintain investor confidence.
Larry Glasscock, a long‑time director since 2010 and Lead Independent Director since 2014, will serve as Non‑Executive Chairman. His experience in healthcare and finance, combined with his long‑standing relationship with the Simon family, positions him to provide independent oversight while honoring the company’s legacy.
In the quarter ending December 31, 2025, Simon Property Group reported revenue up 13.2% year‑over‑year to $4.39 billion, driven by strong demand in core mall segments and a favorable mix of high‑margin properties. Earnings per share of $3.49 beat consensus estimates of $3.47, a $0.02 or 0.6% beat, largely due to disciplined cost management and operational leverage that preserved a net margin of 72.71% and a return on equity of 124.12%. The high margin reflects the company’s ability to maintain pricing power and efficient cost structures even as it expands its portfolio.
For fiscal 2026, the company has guided earnings per share to a range of $13.00–$13.25, a slight upward revision that signals confidence in continued revenue growth and margin stability. Simon Property Group has also authorized a $2.00 billion share‑repurchase program and declared a quarterly dividend of $2.20, underscoring its commitment to returning capital to shareholders while investing in portfolio growth.
The Simon family issued a heartfelt statement: “Our family is deeply grateful for the tremendous outpouring of love and support we have received from across the globe. Our beloved husband, father, grandfather and brother poured his heart and soul into building Simon Property Group. He was most proud of his family, his wife of over 40 years Jackie, and their five children: Eli, Rebecca, Hannah, Sam and Noah, and seven grandchildren. We ask for privacy as we grieve our great loss.” Larry Glasscock added, “On behalf of the entire board of directors, we extend our deepest and most heartfelt condolences to the Simon family. David Simon was, quite simply, the finest leader in the history of the retail real‑estate industry. His extraordinary intellect, relentless drive for excellence, and unmatched strategic vision transformed a privately held family business into an esteemed global institution, creating billions of dollars in value for shareholders along the way.” The board also stated, “The Board expresses its full confidence in Eli’s leadership skills and abilities to guide the Company forward. The Board is also confident with the forward vision, strength, depth, and capability of the executive management team that Eli will lead, and which he has garnered their unwavering respect and support.”
The leadership transition, while significant, is part of a well‑executed succession plan that has been in place for years. The company’s recent financial performance—strong revenue growth, high margins, and a robust capital‑return program—provides a solid foundation for Eli Simon to build upon. Investors can view the transition as a continuation of a proven strategy rather than a disruptive event, and the company’s guidance signals confidence in sustaining growth and delivering shareholder value in the coming year.
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