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Investing22 Dec 2023
A Crash Course in REITs
There are several reasons an investor might choose to invest in a REIT rather than in physical real estate.
Simon Property Group
Simon Property Group (SPG) investor relations material
Simon Property Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Feb, 2026
Executive summary
Achieved record Real Estate FFO of $4.8 billion ($12.73/share) for 2025, with net income of $4.624 billion ($14.17/share), and returned $3.5 billion to shareholders via dividends and repurchases.
Executed over 17 million sq. ft. of leases, completed more than 20 major redevelopments, opened a new Premium Outlet in Indonesia, and acquired $2 billion in retail properties, including the remaining Taubman Realty Group interest.
Q4 2025 saw record leasing activity and robust operational performance, capping a year of significant acquisitions and redevelopments.
Financial highlights
Q4 2025 Real Estate FFO was $1.328 billion ($3.49/share), up 4.2% year-over-year; full-year Real Estate FFO reached $4.812 billion ($12.73/share), up 4.0% year-over-year.
Q4 2025 net income attributable to common stockholders was $3.048 billion ($9.35/share), up from $667.2 million ($2.04/share) in Q4 2024, driven by a $2.89 billion non-cash gain from the Taubman Realty Group acquisition.
Domestic property NOI grew 4.4% year-over-year in 2025; portfolio NOI (including international) rose 4.7%.
Occupancy at year-end was 96.4%, with base minimum rent per sq. ft. up 4.7% to $60.97; retailer sales per sq. ft. increased 8.1% to $799.
Malls and premium outlets ended 2025 at 96.4% occupancy; mills at 99.2%.
Outlook and guidance
2026 Real Estate FFO guidance is $13.00–$13.25/share (midpoint $13.13), with net income guidance of $6.87–$7.12/share, assuming at least 3% domestic property NOI growth and higher net interest expense.
Expect about $30 million NOI contribution in 2026 from projects completing in late 2025 or 2026, mostly back-end weighted to Q4.
Announced Q1 2026 dividend of $2.20/share, up 4.8% year-over-year.
Upward opportunity in occupancy expected across platforms in 2026.
Debt covenant headroom analysis
Future FFO impact from TRG acquisition gain?
Sales per sq ft growth impact on future rents?
Tariff impact on retailer credit and bankruptcies?
Future NOI from $4B development pipeline?
Saks/Neiman: Strategic value of Simon's position?
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Next Simon Property Group earnings date
Q1 202611 May, 2026
Simon Property Group
Next Simon Property Group earnings date
Q1 202611 May, 2026
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Frequently asked questions
Simon Property Group Inc is a real estate investment trust specializing in the ownership, development, and management of retail real estate properties. Its portfolio includes shopping malls, premium outlets, and lifestyle centers across North America, Europe, and Asia. The company primarily serves retailers, entertainment providers, and commercial tenants. Simon Property Group Inc is headquartered in Indianapolis, Indiana, and its shares are listed on the NYSE.
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