David Simon, who through the decades built a global retail giant that became the nation's biggest mall landlord, has died of cancer at age 64.
The death of the chairman, CEO and president of Indianapolis-based Simon Property Group on Sunday came as he was surrounded by his family, the real estate investment trust said Monday. The company's board appointed his son, Eli Simon, as its CEO and president effective immediately. Eli Simon will also continue in his roles as chief operating officer and director.
David Simon was one of the industry's biggest proponents of brick-and-mortar retail, both physical stores and malls themselves, despite the naysayers. On his watch, the REIT navigated the seismic change the retail industry underwent, including the rise of online shopping.
Simon Property spent billions of dollars to redevelop and reimagine its malls to evolve them to the next stage, as mixed-use destinations that would include housing, hotels, and more entertainment and dining venues. The goal was to "densify" those retail properties, drive foot traffic to them and to offer experiences patrons couldn't get online.
He also led the REIT through the global financial crisis of 2008 to 2009 as well as the worldwide pandemic in 2020, which shuttered Simon's properties across the nation and the globe.
The Simon family issued a statement on David's passing: "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."
Over more than three decades, David Simon transformed a regional family real estate business into a global retail powerhouse. He joined Simon Property's predecessor, Melvin Simon & Associates, as chief financial officer in 1990, bringing with him the analytical training of a Wall Street investment banker first honed at First Boston Corp. and then at Wasserstein Perella & Co.
In 1993, at 31 years old, he spearheaded Simon Property's initial public offering on the New York Stock Exchange — raising nearly $1 billion in what was then the largest real estate public stock offering in history.
Named CEO in 1995 at the age of 33, he became one of the youngest CEOs of a major publicly traded company in America.
"Under his leadership, Simon Property Group delivered a cumulative total shareholder return of more than 4,500% since its IPO — a record that places David among the most successful value creators in the history of public markets, in any industry," the REIT said in a statement.
He orchestrated a series of major acquisition, including that of DeBartolo Realty Corp., Corporate Property Investors, Chelsea Property Group, Mills Corp. and Taubman Centers, expanding Simon Property's footprint.
At the time of his passing, the REIT has owned or held interests in more than 250 properties comprising over 200 million square feet across North America, Europe and Asia, generating billions in annual revenue.