Simon Property Group Elevates Eli Simon to Chief Operating Officer
Eli will work directly with David Simon, chairman, chief executive officer and president, who is also Eli's father, on all aspects of the business, including property performance, new development projects, the company's strategic investments, and brand strategy.
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The promotion, revealed Thursday, puts the 37-year-old Eli Simon squarely in line as the potential successor to his 63-year-old father, who has been undergoing treatment for cancer for several months.
Asked if Eli's promotion represents succession, Simon Property Group provided WWD with a statement that read: 'The board made this appointment. The board is always focused on succession planning and evaluating the talent available and roles to be filled.'
The position of chief operating officer has been vacant since Richard S. Sokolov moved up to his current role as vice chairman in 2019.
Eli Simon joined the company in 2019, leading the company's investment strategy for both real estate and non-real estate investments, including new business sourcing, strategic corporate investments, and the execution of various real estate transactions. Before joining the company, he was the principal and head of North American Lodging at Och-Ziff Capital Management and Och-Ziff Real Estate, where he oversaw all lodging related investments, including asset and portfolio acquisitions, operating company investments, and lending opportunities.
Simon also said that Jonathan Murphy and Eric Sadi have been named copresidents, North American Real Estate. They will oversee Simon's North American real estate portfolio and all three of the company's platforms — Malls, Mills and Premium Outlets. They will also be responsible for asset management and leasing strategies. Murphy and Sadi, respectively, joined the Indianapolis-based company in 2010 and 2006, and have served in various capacities throughout their tenures. Since 2020 they have been copresidents of Simon's Mall Platform, overseeing the revenue stream, occupancy, and merchandise mix for the company's malls.
'One of the hallmarks of Simon's success is the strength and depth of our management team,' David Simon said in a statement. 'As we work to further advance our growth, I am pleased with these leadership appointments. Our culture of innovation will continue to be a strategic asset for us.'
Larry Glasscock, lead independent director, said in his statement, 'These executive appointments position Simon to continue to deliver long-standing industry-leading results by delivering an exceptional product and environment for our consumers and retailers.'
This week, Simon, a real estate investment trust, posted a solid second-quarter financial report, with David Simon characterizing business as remaining 'robust' and the demand for retail space as 'unabated.'
'There's a lot of geopolitical stuff going on, obviously, and a lot of domestic political stuff going on. Tariffs swing back and forth. There's interest rate uncertainty. You name it. However, you have unbelievable stores that are able to manage that, and retail demand is really unabated,' said CEO Simon during Monday's conference call with investors and industry analysts. 'The physical shopping environment continues to be the place to be…So we're quite bullish about what we've done, what we are doing, and where we are going, despite all the headlines that are out there.'
Among Simon's most major properties are the Roosevelt Field mall in Garden City, N.Y.; King of Prussia mall in Pennsylvania; Sawgrass Mills in Sunrise, Fla., and Woodbury Common Premium Outlets in Central Valley, N.Y.
Second-quarter net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, compared to $493.5 million, or $1.51 per diluted share, in 2024. Industry analysts expected $1.55 a share.
Real estate funds from operations (FFO) were $1.15 billion, or $3.05 per diluted share, as compared to $1.1 billion, or $2.93 per diluted share, in the prior year, an increase of 4.1 percent. Occupancy as of June 30 was 96 percent, a 0.4 percent gain compared to 95.6 percent on June 30, 2024.Best of WWD
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