Simon Property Group owns and operates shopping malls and premium outlet centers across the United States and internationally, one of the largest mall real estate investment trusts. As a real estate investment trust, the company distributes most of its taxable income to shareholders as dividends, generating revenue from retail tenant rental income across its portfolio of owned shopping centers. Simon's portfolio concentrates on higher-quality, well-performing malls and premium outlet centers, properties that have generally weathered the broader retail industry's challenges better than lower-tier shopping centers facing more significant tenant vacancies and store closures. The company's rental income and property values are sensitive to overall retail spending trends and the ongoing shift of some retail activity toward e-commerce, though premium malls have generally proven more resilient than lower-quality retail properties facing greater competitive pressure from online shopping.