Simon® Reports Fourth Quarter and Full Year 2025 Results
INDIANAPOLIS, Feb. 2, 2026 /PRNewswire/ -- Simon ®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter and twelve months ended December 31, 2025.
"I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our Company," said David Simon, Chairman, Chief Executive Officer and President. "In 2025, we generated record Real Estate Funds From Operations of $4.8 billion and returned a remarkable $3.5 billion to our shareholders. We executed over 17 million square feet of leases, opened a new Premium Outlet in Indonesia, completed 23 significant redevelopment projects, and acquired $2 billion of high-quality retail properties. We remain focused on disciplined, value-creating investment activity and operational excellence that will drive sustainable growth in cash flow, FFO, and dividends per share."
Results for the Quarter
Results for the Year
U.S. Malls and Premium Outlets Operating Statistics
Capital Markets and Balance Sheet Liquidity
The Company was active in both the secured and unsecured credit markets in 2025.
The Company completed a two tranche senior notes offering totaling $1.5 billion, with a weighted-average term of 7.8 years and a coupon rate of 4.775%. In addition, the Company completed 46 secured loan transactions totaling approximately $7.0 billion (U.S. dollar equivalent), with a weighted average interest rate of 5.43%.
As of December 31, 2025, Simon had approximately $9.1 billion of liquidity consisting of $1.4 billion of cash on hand, including its share of joint venture cash, and $7.7 billion of available capacity under its revolving credit facilities.
Subsequent to year-end, the Company completed an $800 million offering of 5-year, 4.300% senior notes. The proceeds were used to repay the $800 million outstanding principal amount of its 3.300% notes at maturity on January 15, 2026.
Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.20 for the first quarter of 2026. This is an increase of $0.10, or 4.8% year-over-year. The dividend will be payable on March 31, 2026 to shareholders of record on March 10, 2026.
Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on March 31, 2026 to shareholders of record on March 17, 2026.
2026 Guidance
The Company currently estimates net income to be within a range of $6.87 to $7.12 per diluted share and Real Estate FFO to be within a range of $13.00 to $13.25 per diluted share for the year ending December 31, 2026.
The following table provides the GAAP to non-GAAP reconciliation for the expected range of estimated net income attributable to common stockholders per diluted share to estimated Real Estate FFO per diluted share:
Low
High
End
End
Estimated net income attributable to common stockholders per diluted share
$6.87
$7.12
Depreciation and amortization including Simon's share of unconsolidated entities
6.13
6.13
Estimated Real Estate FFO per diluted share
$13.00
$13.25
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Monday, February 2, 2026. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until February 9, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13758027.
Supplemental Materials and Website
Supplemental information on our fourth quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry, the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon ® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
For the Twelve Months
Ended December 31,
Ended December 31,
2025
2024
2025
2024
REVENUE:
Lease income
$ 1,639,349
$ 1,431,524
$ 5,839,160
$ 5,389,760
Management fees and other revenues
35,777
37,147
144,426
133,250
Other income
116,336
113,561
380,919
440,788
Total revenue
1,791,462
1,582,232
6,364,505
5,963,798
EXPENSES:
Property operating
154,528
131,233
580,975
529,753
Depreciation and amortization
420,675
327,591
1,426,423
1,265,340
Real estate taxes
122,959
108,792
451,128
408,641
Repairs and maintenance
37,940
31,748
119,915
105,020
Advertising and promotion
46,615
43,504
155,826
144,551
Home and regional office costs
64,835
58,721
251,748
223,277
General and administrative
17,870
15,602
60,888
44,743
Other
35,371
29,295
142,206
149,677
Total operating expenses
900,793
746,486
3,189,109
2,871,002
OPERATING INCOME BEFORE OTHER ITEMS
890,669
835,746
3,175,396
3,092,796
Interest expense
(272,327)
(227,414)
(974,835)
(905,797)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
(157,755)
36,403
(86,119)
451,172
Income and other tax benefit (expense)
6,796
31,908
(35,788)
(23,262)
Income from unconsolidated entities
206,938
140,947
504,088
207,322
Unrealized (losses) gains in fair value of publicly traded equity instruments and
derivative instrument, net
(21,105)
36,740
(106,082)
(17,392)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
2,886,666
(82,570)
2,887,460
(75,818)
CONSOLIDATED NET INCOME
3,539,882
771,760
5,364,120
2,729,021
Net income attributable to noncontrolling interests
490,779
103,695
736,508
358,125
Preferred dividends
834
834
3,337
3,337
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 3,048,269
$ 667,231
$ 4,624,275
$ 2,367,559
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$ 9.35
$ 2.04
$ 14.17
$ 7.26
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
December 31,
December 31,
2025
2024
ASSETS:
Investment properties, at cost
$ 50,946,067
$ 40,242,392
Less - accumulated depreciation
20,701,510
19,047,078
30,244,557
21,195,314
Cash and cash equivalents
823,147
1,400,345
Tenant receivables and accrued revenue, net
934,077
796,513
Investment in other unconsolidated entities, at equity
4,362,339
2,670,739
Investment in Klépierre, at equity
1,505,377
1,384,267
Investment in TRG, at equity
-
3,069,297
Right-of-use assets, net
755,934
519,607
Deferred costs and other assets
1,981,035
1,369,609
Total assets
$ 40,606,466
$ 32,405,691
LIABILITIES:
Mortgages and unsecured indebtedness
$ 28,430,175
$ 24,264,495
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,954,402
1,712,465
Cash distributions and losses in unconsolidated entities, at equity
1,739,418
1,680,431
Dividend payable
2,723
2,410
Lease liabilities
756,539
520,283
Other liabilities
1,017,816
626,155
Total liabilities
33,901,073
28,806,239
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling
redeemable interests
233,306
184,729
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000
shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized,
796,948 issued and outstanding with a liquidation value of $39,847
40,451
40,778
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and
342,945,839 issued and outstanding, respectively
33
33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000
issued and outstanding
-
-
Capital in excess of par value
12,347,192
11,583,051
Accumulated deficit
(4,608,136)
(6,382,515)
Accumulated other comprehensive loss
(251,361)
(193,026)
Common stock held in treasury, at cost, 17,844,817 and 16,675,701 shares, respectively
(2,319,911)
(2,106,396)
Total stockholders' equity
5,208,268
2,941,925
Noncontrolling interests
1,263,819
472,798
Total equity
6,472,087
3,414,723
Total liabilities and equity
$ 40,606,466
$ 32,405,691
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
2025
2024
2025
2024
REVENUE:
Lease income
$ 923,287
$ 803,654
$ 3,189,131
$ 3,060,755
Other income
122,944
107,089
440,052
385,004
Total revenue
1,046,231
910,743
3,629,183
3,445,759
OPERATING EXPENSES:
Property operating
187,806
165,794
687,216
660,004
Depreciation and amortization
182,089
162,824
653,488
636,218
Real estate taxes
64,360
50,876
231,945
231,843
Repairs and maintenance
25,560
19,155
88,091
74,172
Advertising and promotion
31,132
25,400
96,718
88,693
Other
77,565
137,912
257,799
299,645
Total operating expenses
568,512
561,961
2,015,257
1,990,575
OPERATING INCOME BEFORE OTHER ITEMS
477,719
348,782
1,613,926
1,455,184
Interest expense
(198,994)
(178,710)
(719,938)
(711,402)
Gain (loss) on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net
22,648
(36,536)
23,865
(36,536)
NET INCOME
$ 301,373
$ 133,536
$ 917,853
$ 707,246
Third-Party Investors' Share of Net Income
$ 164,861
$ 69,275
$ 479,160
$ 360,792
Our Share of Net Income
136,512
64,261
438,693
346,454
Amortization of Excess Investment (A)
(37,180)
(14,599)
(79,338)
(58,163)
Our Share of loss due to disposal, exchange, or revaluation of equity interests, net in the Consolidated Financial Statements
-
36,470
-
36,470
Our Share of loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net
-
18,236
(722)
18,236
Income from Unconsolidated Entities (B)
$ 99,332
$ 104,368
$ 358,633
$ 342,997
Note: The above financial presentation does not include any information related to our investments in Klépierre S.A. ("Klépierre"), our other platform investments,
and our previously held equity investment in The Taubman Realty Group ("TRG") up to the October 31, 2025 transaction. For additional information, see footnote B.
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
December 31,
December 31,
2025
2024
Assets:
Investment properties, at cost
$ 22,077,749
$ 18,875,241
Less - accumulated depreciation
9,020,481
8,944,188
13,057,268
9,931,053
Cash and cash equivalents
1,264,619
1,270,594
Tenant receivables and accrued revenue, net
605,756
533,676
Right-of-use assets, net
108,349
113,014
Deferred costs and other assets
572,826
531,059
Total assets
$ 15,608,818
$ 12,379,396
Liabilities and Partners' Deficit:
Mortgages
$ 16,374,773
$ 13,666,090
Accounts payable, accrued expenses, intangibles, and deferred revenue
1,117,855
1,037,015
Lease liabilities
99,837
104,120
Other liabilities
334,246
363,488
Total liabilities
17,926,711
15,170,713
Preferred units
67,450
67,450
Partners' deficit
(2,385,343)
(2,858,767)
Total liabilities and partners' deficit
$ 15,608,818
$ 12,379,396
Our Share of:
Partners' deficit
$ (1,247,554)
$ (1,180,960)
Add: Excess Investment (A)
2,773,173
1,077,204
Our net Investment in unconsolidated entities, at equity
$ 1,525,619
$ (103,756)
Note: The above financial presentation does not include any information related to our investments in Klépierre, our other platform investments,
and our previously held equity investment in TRG up to the October 31, 2025 transaction. For additional information, see footnote B.
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO and Real Estate FFO
For the Three Months Ended
For the Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
Consolidated Net Income (D)
$ 3,539,882
$ 771,760
$ 5,364,120
$ 2,729,021
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated
properties
416,707
323,858
1,410,595
1,250,440
Our share of depreciation and amortization from
unconsolidated entities, including Klépierre, TRG and other corporate investments
185,527
217,727
811,690
848,188
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
(2,886,666)
82,570
(2,887,460)
75,818
Net (gain) loss attributable to noncontrolling interest holders in
properties
(4,849)
(92)
(4,815)
1,641
Noncontrolling interests portion of depreciation and amortization
(7,563)
(5,950)
(26,322)
(23,367)
Preferred distributions and dividends
(1,126)
(1,125)
(4,503)
(4,897)
FFO of the Operating Partnership
$ 1,241,912
$ 1,388,748
$ 4,663,305
$ 4,876,844
FFO of the Operating Partnership
$ 1,241,912
$ 1,388,748
$ 4,663,305
$ 4,876,844
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
120,708
(75,340)
66,981
(386,417)
Other platform investments, net of tax
(55,474)
(15,187)
(24,590)
88,902
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
21,105
(36,740)
106,082
17,392
Real Estate FFO
$ 1,328,251
$ 1,261,481
$ 4,811,778
$ 4,596,721
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$ 9.35
$ 2.04
$ 14.17
$ 7.26
Depreciation and amortization from consolidated properties
and our share of depreciation and amortization from unconsolidated
entities, including Klépierre, TRG and other corporate investments, net of noncontrolling
interests portion of depreciation and amortization
1.55
1.42
5.81
5.53
(Gain) loss on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
(7.63)
0.22
(7.64)
0.20
Diluted FFO per share
$ 3.27
$ 3.68
$ 12.34
$ 12.99
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
0.31
(0.20)
0.18
(1.03)
Other platform investments, net of tax
(0.15)
(0.04)
(0.07)
0.23
Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net
0.06
(0.09)
0.28
0.05
Real Estate FFO per share
$ 3.49
$ 3.35
$ 12.73
$ 12.24
4.2 %
4.0 %
Details for per share calculations:
FFO of the Operating Partnership
$ 1,241,912
$ 1,388,748
$ 4,663,305
$ 4,876,844
Diluted FFO allocable to unitholders
(176,053)
(186,158)
(636,189)
(640,886)
Diluted FFO allocable to common stockholders
$ 1,065,859
$ 1,202,590
$ 4,027,116
$ 4,235,958
Basic and Diluted weighted average shares outstanding
326,180
326,278
326,367
326,097
Weighted average limited partnership units outstanding
54,039
50,713
51,558
49,338
Basic and Diluted weighted average shares and units outstanding
380,219
376,991
377,925
375,435
Basic and Diluted FFO per Share
$ 3.27
$ 3.68
$ 12.34
$ 12.99
Percent Change
-11.1 %
-5.0 %
Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
Notes:
(A)
Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.
(B)
The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG up to the October 31, 2025 transaction. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG up to the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.
(C)
This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D)
Includes our share of:
-
Gain on land sales of $6.8 million and $6.6 million for the three months ended December 31, 2025 and 2024, respectively, and $26.5 million and $21.9 million for the twelve months ended December 31, 2025 and 2024, respectively.
-
Straight-line adjustments increased income by $10.3 million and $7.3 million for the three months ended December 31, 2025 and 2024, respectively, and $32.2 million and $2.2 million for the twelve months ended December 31, 2025 and 2024, respectively.
-
Amortization of fair market value of leases increased income by $0.3 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively, and $1.2 million and $0.8 million for the twelve months ended December 31, 2025 and 2024, respectively.
SOURCE Simon