• We continue to carefully assess new development opportunities, such as our recently announced potential ground-up project in Nashville, Tennessee. REDEVELOPMENT AND EXPANSIONS INCLUDING THE ADDITION OF MIXED-USE COMPONENTS • We completed fifteen redevelopment and expansion projects across all our platforms in the U.S. during the year. • We opened 31 anchor/specialty tenants in 2024 and expect to open at least 60 over the next two years. • By repurposing and redeveloping former department store spaces, we added dynamic new offerings such as Dick’s House of Sport, Kowalski’s Market, Primark and Scheels. • We continue to add mixed-use components to our market-leading real estate. More than 320 hotel and residential units opened in 2024 and another approximately 1,200 units are to open in 2025 and 2026 at high-quality centers such as Northgate Station in Seattle, Washington, and Briarwood Mall ® in Ann Arbor, Michigan; with entitlements for more than 1,000 units/keys to be added over the next few years at Brea Mall ® in Brea, California and Roosevelt Field ® on Long Island. • With tenant demand outpacing supply, our portfolio is well- positioned for growth and further redevelopment and expansion. We have the financial strength to invest in these opportunities. INTERNATIONAL • Our international business has been a very important component of our profitability. • We are excited about our recently completed acquisition of The Mall Luxury Outlets (“The Mall”) in Italy.
The Mall includes two stunning retail centers, one in Leccio, near Florence, and the other in Sanremo, on the Italian Riviera. These centers are unique retail environments with exciting growth opportunities. • Our international portfolio includes 24 Premium Outlets and 12 Designer Outlets in 14 countries, The Mall Outlets in Italy, a 22.4% interest in Klépierre (which owns more than 130 properties in 14 European countries), where I have been the Chairman of the Supervisory Board for 13 years. Klépierre has continued to outperform its peers in Europe. We also own four mall properties in Asia. • We opened a significant expansion in South Korea at the highly productive Busan Premium Outlets. • We recently opened Jakarta Premium Outlets, ® our first Premium Outlet Center in Indonesia, which is the fourteenth country to be home to our Premium Outlets brand. LEASING • We executed approximately 5,500 leases totaling over 21 million square feet (record) . • We continued the expansion of luxury and highly desirable fashion houses across our portfolio as we executed multiple deals with many of the world’s leading brands. During 2024, we opened locations with Alexander McQueen, Balenciaga, BOSS Hugo Boss, Burberry, Chanel, David Yurman, Dior, Dolce & Gabbana, Etro, Gucci, Hermès, Loewe, Prada, Tory Burch, Van Cleef & Arpels, and Versace, among others. • Brick-and-mortar stores are essential to any retailer’s success. Exciting new growth brands continue to select our properties for expansion, including Alo Yoga, BYLT, Edikted, fever, Gorjana, Gymshark, Mango, Marine Layer, Mejuri, On Running, Princess Polly, Reformation, Rothy’s, Rowan, SKIMS, Tecovas, Vuori, and Yeti.
The Mall Sanremo, Sanremo, Italy
La Plaza, McAllen, TX
Simon Property Group IV
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