The Simon brothers' first developments were small, open-air plazas, usually including a grocery store or drug store as an anchor. Petitioning his brothers for assistance, Simon founded Melvin Simon & Associates (MSA) and began his career as a developer. Soon, he realized that there was a promising future in developing retail shopping centers. After his military discharge, he remained in the Indianapolis area, took a job as a leasing agent, and set about learning the real estate business. Army and been stationed at Fort Benjamin Harrison's Army Finance Center near Indianapolis, Indiana. With a degree in accounting from the City College of New York, Simon had enlisted in the U.S. The shopping mall empire that is Simon Property Group began in 1960, when Melvin Simon, a leasing agent for an Indiana real estate firm, asked his brothers Herbert and Fred to leave New York and join him in Indiana. Since its initial public offering (IPO) in the early 1990s, the company's revenues have grown exponentially. Simon's properties include traditional enclosed shopping malls, outlet malls, and lifestyle centers, which offer a combination of specialty retail stores, entertainment, and sit-down restaurants, often in an open-air setting. Simon has ownership or interest in more than 280 properties in the United States -as well as dozens in Europe, a handful in Japan, and one in Mexico -and boasts a total market capitalization of $46 billion. Simon is a self-administered, self-managed real estate investment trust (REIT), which is a company that must distribute more than 90 percent of its taxable income to its shareholders each year. is the largest mall developer in the United States. NAIC: 525930 Real Estate Investment Trusts Incorporated: 1960 as Melvin Simon & Associates
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