Simon Property Group (SPG) Q3 2025 Financial Results Summary

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Simon Property Group (SPG) Q3 2025 Financial Results Summary

Release Date: November 3, 2025

Simon Property Group, a leading real estate investment trust that operates premier shopping, dining, entertainment, and mixed-use destinations, has published its financial results for the third quarter of 2025, ending September 30. The company displayed noteworthy performance across various metrics, reflecting positive growth in its operational and financial aspects.

Summary of Financial Results

Key Financial Metrics for Q3 2025

  • Net Income:

  • $606.2 million, or $1.86 per diluted share (up from $475.2 million or $1.46 per diluted share in Q3 2024) – Growth: 27.6%

  • Funds From Operations (FFO):

  • $1.228 billion, or $3.25 per diluted share (compared to $1.067 billion or $2.84 per diluted share in the previous year) – Growth: 14.4%

  • Real Estate Funds From Operations (Real Estate FFO):

  • $1.215 billion, or $3.22 per diluted share (up from $1.144 billion or $3.05 per diluted share in Q3 2024) – Growth: 5.6%

  • Net Operating Income (NOI):

  • Domestic property NOI increased 5.1% from Q3 2024, totaling $1.430 billion.
  • Portfolio NOI increased 5.2% to $1.522 billion compared to the same quarter in 2024.

Key Financial Metrics for the Year-to-Date, as of September 30, 2025

  • Net Income:

  • $1.576 billion, or $4.83 per diluted share (down from $1.700 billion or $5.22 per diluted share in the first nine months of 2024) – Decrease: 7.0%

  • FFO:

  • $3.421 billion, or $9.07 per diluted share (down from $3.488 billion or $9.30 per diluted share in 2024) – Decrease: 2.5%

  • Real Estate FFO:

  • $3.484 billion, or $9.24 per diluted share (up from $3.335 billion or $8.90 per diluted share in the prior year) – Growth: 3.8%

  • Domestic property NOI:

  • Increased 4.2% year-over-year, totaling $4.190 billion.
  • Portfolio NOI increased 4.5% to $4.458 billion from the previous year.

Acquisition Activity

  • Acquisition of The Taubman Realty Group:
  • Completed the acquisition of the remaining 12% interest for 5.06 million limited partnership units in Simon Property Group, L.P.

Capital Markets and Balance Sheet Liquidity

  • Conducted 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%.
  • Completed 33 secured loan transactions totaling approximately $5.4 billion at a weighted average interest rate of 5.38% in the first nine months of the year.
  • As of September 30, 2025, Simon Property Group held approximately $9.5 billion in liquidity, which includes $2.1 billion in cash and $7.4 billion available under revolving credit facilities.

Dividends and Share Repurchase

  • Dividend Declaration:
  • A quarterly common stock dividend of $2.20 was declared for Q4 2025, representing an increase of 4.8% year-over-year from $2.10.
  • An additional quarterly dividend for the Series J Cumulative Redeemable Preferred Stock of $1.046875 per share was also declared.

Occupancy and Leasing Statistics

  • Occupancy Rate:

  • Maintained a solid occupancy of 96.4%, a slight increase from 96.2% the previous year.

  • Base Minimum Rent per Square Foot:

  • Increased to $59.14 from $57.71 in Q3 2024, indicating a 2.5% growth.

Future Guidance

  • The company has increased its Real Estate FFO per share guidance to a range of $12.60 to $12.70 for the year ended December 31, 2025.

These results indicate Simon Property Group’s resilience and continued growth in a competitive market environment. The increases in FFO and dividends signify the company’s commitment to providing returns to shareholders while enhancing its operational performance.

Simon Property Group, Inc. Unaudited Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

For the Three Months Ended For the Nine Months Ended
September 30, 2025 2024 September 30, 2025 2024
REVENUE:
Lease income $1,452,930 $1,339,824 $4,199,812 $3,958,236
Management fees and other revenues $36,925 $33,461 $108,648 $96,103
Other income $111,717 $107,425 $264,583 $327,227
Total revenue $1,601,572 $1,480,710 $4,573,043 $4,381,566
EXPENSES:
Property operating $149,811 $141,114 $426,447 $398,520
Depreciation and amortization $338,639 $320,365 $1,005,748 $937,749
Real estate taxes $115,400 $93,999 $328,168 $299,848
Repairs and maintenance $25,595 $23,019 $81,975 $73,272
Advertising and promotion $38,645 $34,138 $109,211 $101,046
Home and regional office costs $64,282 $53,351 $186,912 $164,556
General and administrative $16,091 $9,171 $43,018 $29,141
Other $40,195 $37,784 $106,837 $120,384
Total operating expenses $788,658 $712,941 $2,288,316 $2,124,516
OPERATING INCOME BEFORE OTHER ITEMS $812,914 $767,769 $2,284,727 $2,257,050
OTHER ITEMS
Interest expense ($242,790) ($226,424) ($702,509) ($678,382)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net ($8,871) — $71,636 $414,769
Income and other tax expense ($15,114) ($2,605) ($42,584) ($55,170)
Income from unconsolidated entities $143,916 $58,504 $297,150 $66,375
Unrealized gains (losses) $2,243 ($49,345) ($84,977) ($54,132)
Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net $10,398 ($1,228) $794 $6,752
CONSOLIDATED NET INCOME $702,696 $546,671 $1,824,237 $1,957,262
Net income attributable to noncontrolling interests $95,688 $70,676 $245,728 $254,431
Preferred dividends $834 $834 $2,503 $2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $606,174 $475,161 $1,576,006 $1,700,328
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders $1.86 $1.46 $4.83 $5.22

Simon Property Group, Inc. Unaudited Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

September 30, 2025 December 31, 2024
ASSETS:
Investment properties, at cost $42,619,293 $40,242,392
Less–accumulated depreciation $20,335,226 $19,047,078
$22,284,067 $21,195,314
Cash and cash equivalents $1,552,577 $1,400,345
Tenant receivables and accrued revenue, net $819,487 $796,513
Investment in TRG, at equity $2,895,019 $3,069,297
Investment in Klépierre, at equity $1,489,548 $1,384,267
Investment in other unconsolidated entities, at equity $2,590,008 $2,670,739
Right-of-use assets, net $529,116 $519,607
Deferred costs and other assets $1,442,365 $1,369,609
Total assets $33,602,187 $32,405,691
LIABILITIES:
Mortgages and unsecured indebtedness $25,789,055 $24,264,495
Accounts payable, accrued expenses, intangibles, and deferred revenues $1,648,577 $1,712,465
Cash distributions and losses in unconsolidated entities, at equity $1,747,430 $1,680,431
Dividend payable $2,386 $2,410
Lease liabilities $529,708 $520,283
Other liabilities $910,495 $626,155
Total liabilities $30,627,651 $28,806,239
Commitments and contingencies
Limited partners’ preferred interest in the Operating Partnership and noncontrolling redeemable interests $244,965 $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 $40,531 $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 $11,618,355 $11,583,051
Accumulated deficit -$6,934,926 -$6,382,515
Accumulated other comprehensive loss -$281,298 -$193,026
Common stock held in treasury, at cost, 16,598,627 and 16,675,701 shares, respectively -$2,093,084 -$2,106,396
Total stockholders’ equity $2,349,611 $2,941,925
Noncontrolling interests $379,960 $472,798
Total equity $2,729,571 $3,414,723
Total liabilities and equity $33,602,187 $32,405,691

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