• Simon Property average gross margin for 2023 was 81.34%, a 0.58% increase from 2022.
• Simon Property average gross margin for 2022 was 80.87%, a 0.2% increase from 2021.
• Simon Property average gross margin for 2021 was 81.03%, a 0.52% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.