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4. Simon Property Group, Inc. (NYSE:SPG)

Number of Hedge Fund Holders: 45

Simon Property Group, Inc. (NYSE:SPG) is engaged in the business of retail real estate and is the largest mall operator globally. With headquarters in Indianapolis, the company has a stake in 232 properties across the globe and employs 5500 people in the U.S. The company has several acquisitions and expansion plans in the pipeline and acquired many new malls in its latest aggressive expansion strategy.

On October 11, 2022, Simon Property Group, Inc. (NYSE:SPG) announced a strategic partnership with Jamestown, which will close after regulatory approvals at the end of 2022. After the commencement of the partnership, Simon Property Group, Inc. (NYSE:SPG) will acquire a 50% stake in Jamestown. The company’s stock is down 36.9% as of October 24, 2022, and currently is offering an excellent dividend yield of 6.93%.

Here’s what Baron Funds said about Simon Property Group, Inc. (NYSE:SPG) in its Q1 2022 investor letter:

Following a share price gain of more than 97% in 2021, we recently trimmed the Fund’s holdings in Simon Property Group, Inc. (NYSE:SPG), the largest and premier mall operator in the U.S. Though we are also tempered by the expectation for modest earnings growth in 2022, we remain optimistic about the company’s long-term prospects. Simon owns A-quality malls in A-quality geographic locations. We expect Simon to benefit from the ongoing economic recovery and believe management is well positioned to acquire real estate assets given its strong balance sheet and low cost of capital.