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
- Net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, as compared to $667.2 million, or $2.04 per diluted share in 2024.
- Net income for the fourth quarter of 2025 includes a non-cash gain of $2.89 billion primarily related to our acquisition of the remaining interest in Taubman Realty Group, resulting from the remeasurement of our previously held equity interest to fair value.
- Real Estate Funds From Operations ("Real Estate FFO") was $1.328 billion, or $3.49 per diluted share as compared to $1.261 billion, or $3.35 per diluted share in the prior year, an increase of 4.2%.
- Funds From Operations ("FFO") was $1.242 billion, or $3.27 per diluted share as compared to $1.389 billion, or $3.68 per diluted share in the prior year.
- FFO in the fourth quarter of 2025 includes: contribution of $55.5 million, or $0.15 per diluted share from the Company's Other Platform Investments; a one-time after-tax loss of $120.7 million, or $0.31 per diluted share primarily related to Catalyst Brands restructuring costs and valuation adjustment for certain cost method investments; and a non-cash loss of $21.1 million, or $0.06 per diluted share due to an unrealized mark-to-market in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.
- Domestic property Net Operating Income ("NOI") increased 4.8% and portfolio NOI increased 5.1% compared to the prior year period.
Results for the Year
- Net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, as compared to $2.368 billion, or $7.26 per diluted share in 2024.
- Real Estate FFO was $4.812 billion, or $12.73 per diluted share as compared to $4.597 billion, or $12.24 per diluted share in the prior year, an increase of 4.0%.
- FFO was $4.663 billion, or $12.34 per diluted share as compared to $4.877 billion, or $12.99 per diluted share in the prior year.
- Domestic property NOI increased 4.4% and portfolio NOI increased 4.7% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
- Occupancy at December 31, 2025 was 96.4%, compared to 96.5% at December 31, 2024.
- Base minimum rent per square foot was $60.97 at December 31, 2025, compared to $58.26 at December 31, 2024, an increase of 4.7%.
- Reported retailer sales per square foot was $799 for the trailing 12 months ended December 31, 2025, compared to $739 at December 31, 2024, an increase of 8.1%.
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 For the Twelve Months Ended December
31, 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.
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