David Simon, chairman, CEO, and president of Simon Property Group, Inc. (NYSE: SPG), and a past chair of Nareit, has died at the age of 64. A central figure in the evolution of the modern retail experience, Simon’s leadership helped shape both the trajectory of his company and the broader real estate investment landscape over more than three decades.
Born in 1961 in Indianapolis, Simon built a foundation in finance and business that would later define his career. He earned a B.S. in business from Indiana University in 1983 and an MBA from Columbia Business School in 1985. He began his career as an investment banker, working from 1985 to 1990 on mergers and acquisitions and leveraged buyouts at two Wall Street firms before joining his family’s real estate business.
In 1990, Simon became CFO of Melvin Simon & Associates, the predecessor to Simon Property Group. Just three years later, he led the company’s landmark initial public offering, raising nearly $1 billion in what was then the largest real estate stock offering in history. The IPO marked a pivotal moment not only for the company, but also for the broader REIT industry, which was entering a new era of growth and institutional relevance.
Simon became CEO in 1995, chairman in 2007, and president in 2019, guiding the company through periods of expansion, disruption, and reinvention. Under his leadership, Simon Property Group grew into the largest owner of retail destinations in the U.S. and one of the most prominent publicly traded real estate companies in the world. In 2023, the company marked 30 years as a public REIT, a milestone reflecting decades of disciplined growth, strategic acquisitions, and operational excellence.
Throughout his tenure, Simon emphasized a philosophy that blended public company discipline with entrepreneurial thinking. In a 2013 interview with Nareit, he highlighted the importance of maintaining an ownership mindset and a willingness to innovate.
“We still have all the discipline that is required in being public,” Simon said. “On the other hand, I think we’re very entrepreneurial, because I don’t think companies today can really be leaders in their industries unless they have an entrepreneurial flair.”
That mindset, he noted, was deeply influenced by his father, Melvin Simon, co-founder of the company. “You really don’t want to lose that entrepreneurial focus, because entrepreneurs have created the most value in this country,” he said. “I don’t want us to ever lose that hallmark.”
Simon also stressed the importance of decision-making rooted in ownership. “You never want to separate that thinking as an owner, as opposed to just a manager,” he said. “Managing is important, but you have to make decisions as if you’re a 100% owner of the business. Sticking to that philosophy has helped us grow in a smart fashion.”
His leadership style and performance earned widespread recognition. Harvard Business Review named him one of the world’s best-performing CEOs in 2010 and 2013, and Barron’s included him among the World’s Best CEOs in 2013. Simon also served on the board of Apollo Global Management and Klépierre, a publicly traded, Paris-based retail real estate company, reflecting his broader influence across the global investment community.
Within Nareit, Simon played a key leadership role, serving as chair in 2005 and receiving the Nareit Industry Leadership Award in 2007. Nareit President and CEO Steve Wechsler described him as “dynamic, decisive, and demanding,” as well as a “stalwart supporter of the REIT industry” and a “longtime leader of the REIT and retail real estate investment community.”
Simon’s tenure coincided with a period of profound change in retail, from the rise of e-commerce to shifting consumer behaviors. Through it all, he remained focused on evolving retail real estate to meet new demands, investing in properties, partnerships, and strategies that kept Simon Property Group at the forefront of the industry.
His legacy is reflected not only in the scale and success of the company he led, but also in the enduring impact he had on the REIT industry—helping to advance its growth, credibility, and role in global capital markets.