• Simon Property average operating margin for 2023 was 49.09%, a 3% increase from 2022.
• Simon Property average operating margin for 2022 was 47.66%, a 5.54% increase from 2021.
• Simon Property average operating margin for 2021 was 45.16%, a 3.71% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.