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 ended June 30, 2025.
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“We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution,” said David Simon, Chairman, Chief Executive Officer and President. “Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.”
Results for the Quarter
— Net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, as compared to $493.5 million, or $1.51 per diluted share in 2024.
— Real Estate Funds From Operations (“FFO”) was $1.154 billion, or $3.05 per diluted share as compared to $1.100 billion, or $2.93 per diluted share in the prior year, an increase of 4.1%.
— FFO was $1.189 billion, or $3.15 per diluted share as compared to $1.088 billion, or $2.90 per diluted share in the prior year.
— Domestic property Net Operating Income (“NOI”) increased 4.2% and portfolio NOI increased 4.7% compared to the prior year period.
Results for the Six Months
— Net income attributable to common stockholders was $969.8 million, or $2.97 per diluted share, as compared to $1.225 billion, or $3.76 per diluted share in 2024.
— Real Estate FFO was $2.268 billion, or $6.01 per diluted share as compared to $2.191 billion, or $5.84 per diluted share in the prior year.
— FFO was $2.194 billion, or $5.82 per diluted share as compared to $2.421 billion, or $6.46 per diluted share in the prior year.
— Domestic property NOI increased 3.8% and portfolio NOI increased 4.2% compared to the prior year period.
U.S. Malls and Premium Outlets Operating Statistics
— Occupancy at June 30, 2025 was 96.0%, a 0.4% increase compared to 95.6% at June 30, 2024.
— Base minimum rent per square foot was $58.70 at June 30, 2025, compared to $57.94 at June 30, 2024, an increase of 1.3%.
— Reported retailer sales per square foot was $736 for the trailing 12 months ended June 30, 2025.
Acquisition Activity On June 27, 2025, the Company acquired its partner's interest in the retail and parking facilities at Brickell City Centre, located in Miami, Florida. Simon now wholly-owns and manages the asset.
Capital Markets and Balance Sheet Liquidity During the first six months, the Company completed 21 secured loan transactions totaling approximately $3.8 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.84%.
As of June 30, 2025, Simon had approximately $9.2 billion of liquidity consisting of $1.8 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities.
Dividends Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.15 for the third quarter of 2025. This is an increase of $0.10, or 4.9% year-over-year. The dividend will be payable on September 30, 2025 to shareholders of record on September 9, 2025.
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 September 30, 2025 to shareholders of record on September 16, 2025.
2025 Guidance The Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2025 are included in the table below and are reconciled in the Company's supplemental information. The Company is increasing its outlook for Real Estate FFO to $12.45 to $12.65 per diluted share.
Low High End EndEstimated net income attributable to common stockholdersper diluted share $6.63 $6.83Estimated Real Estate FFO per diluted share $12.45 $12.65
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 Daylight Time, Monday, August 4, 2025. 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 August 11, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13754744.
Supplemental Materials and Website Supplemental information on our second 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 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; reducing emissions of greenhouse gases; environmental liabilities; natural 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 Six Months Ended June 30, Ended June 30, 2025 2024 2025 2024REVENUE:Lease income $ 1,379,454 $ 1,315,740 $ 2,746,882 $ 2,618,412Management fees and other revenues 37,931 33,186 71,723 62,642Other income 81,074 109,340 152,867 219,802Total revenue 1,498,459 1,458,266 2,971,472 2,900,856EXPENSES:Property operating 139,816 131,292 276,637 257,406Depreciation and amortization 339,058 310,016 667,109 617,384Real estate taxes 105,315 96,640 212,768 205,849Repairs and maintenance 26,238 24,524 56,380 50,253Advertising and promotion 36,310 38,828 70,566 66,909Home and regional office costs 57,564 50,481 122,630 111,204General and administrative 14,298 10,839 26,927 19,970Other 35,663 41,545 66,641 82,600Total operating expenses 754,262 704,165 1,499,658 1,411,575OPERATING INCOME BEFORE OTHER ITEMS 744,197 754,101 1,471,814 1,489,281Interest expense (232,724) (221,338) (459,720) (451,960)Gain due to disposal, exchange, or revaluation of equity interests, net 104,499 – 80,507 414,769Income and other tax expense (35,107) (4,961) (27,470) (52,564)Income from unconsolidated entities 122,875 42,214 153,234 7,872Unrealized (losses) gains in fair value of publicly traded equity instruments andderivative instrument, net (50,455) 2,405 (87,220) (4,787)(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on,assets and interests in unconsolidated entities and impairment, net (9,604) (2,986) (9,604) 7,980CONSOLIDATED NET INCOME 643,681 569,435 1,121,541 1,410,591Net income attributable to noncontrolling interests 86,714 75,136 150,040 183,755Preferred dividends 834 834 1,669 1,669NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 556,133 $ 493,465 $ 969,832 $ 1,225,167BASIC AND DILUTED EARNINGS PER COMMON SHARE:Net income attributable to common stockholders $ 1.70 $ 1.51 $ 2.97 $ 3.76
Simon Property Group, Inc.Unaudited Consolidated Balance Sheets(Dollars in thousands, except share amounts) June 30, December 31, 2025 2024ASSETS:Investment properties, at cost $ 42,353,405 $ 40,242,392Less – accumulated depreciation 20,017,666 19,047,078 22,335,739 21,195,314Cash and cash equivalents 1,231,437 1,400,345Tenant receivables and accrued revenue, net 777,538 796,513Investment in TRG, at equity 2,952,066 3,069,297Investment in Klépierre, at equity 1,534,383 1,384,267Investment in other unconsolidated entities, at equity 2,613,543 2,670,739Right-of-use assets, net 515,455 519,607Deferred costs and other assets 1,335,441 1,369,609Total assets $ 33,295,602 $ 32,405,691LIABILITIES:Mortgages and unsecured indebtedness $ 25,401,250 $ 24,264,495Accounts payable, accrued expenses, intangibles, and deferred revenues 1,630,964 1,712,465Cash distributions and losses in unconsolidated entities, at equity 1,746,426 1,680,431Dividend payable 2,057 2,410Lease liabilities 516,065 520,283Other liabilities 907,770 626,155Total liabilities 30,204,532 28,806,239Commitments and contingenciesLimited partners' preferred interest in the Operating Partnership and noncontrollingredeemable interests 243,504 184,729EQUITY:Stockholders' EquityCapital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000shares 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 40,614 40,778Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,060,687 and342,945,839 issued and outstanding, respectively 33 33Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000issued and outstanding – -Capital in excess of par value 11,593,787 11,583,051Accumulated deficit (6,837,606) (6,382,515)Accumulated other comprehensive loss (256,308) (193,026)Common stock held in treasury, at cost, 16,575,924 and 16,675,701 shares, respectively (2,089,012) (2,106,396)Total stockholders' equity 2,451,508 2,941,925Noncontrolling interests 396,058 472,798Total equity 2,847,566 3,414,723Total liabilities and equity $ 33,295,602 $ 32,405,691
Simon Property Group, Inc.Unaudited Joint Venture Combined Statements of Operations(Dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024REVENUE:Lease income $ 757,888 $ 741,887 $ 1,507,695 $ 1,493,917Other income 112,941 94,773 207,008 185,764Total revenue 870,829 836,660 1,714,703 1,679,681OPERATING EXPENSES:Property operating 165,960 162,138 332,607 323,183Depreciation and amortization 159,675 158,107 318,687 317,921Real estate taxes 58,606 61,104 117,398 124,284Repairs and maintenance 18,204 18,142 38,967 37,634Advertising and promotion 22,474 21,532 44,623 43,195Other 61,308 53,630 118,155 108,510Total operating expenses 486,227 474,653 970,437 954,727OPERATING INCOME BEFORE OTHER ITEMS 384,602 362,007 744,266 724,954Interest expense (174,995) (179,359) (345,363) (356,110)NET INCOME $ 209,607 $ 182,648 $ 398,903 $ 368,844Third-Party Investors' Share of Net Income $ 107,651 $ 92,849 $ 204,248 $ 187,219Our Share of Net Income 101,956 89,799 194,655 181,625Amortization of Excess Investment (A) (13,871) (14,463) (28,336) (29,160)Income from Unconsolidated Entities (B) $ 88,085 $ 75,336 $ 166,319 $ 152,465Note: The above financial presentation does not include any information related to our investments in Klépierre S.A.(“Klépierre”), The Taubman Realty Group (“TRG”) and other platform investments. For additional information, see footnote B.
Simon Property Group, Inc.Unaudited Joint Venture Combined Balance Sheets(Dollars in thousands) June 30, December 31, 2025 2024Assets:Investment properties, at cost $ 18,556,864 $ 18,875,241Less – accumulated depreciation 8,961,791 8,944,188 9,595,073 9,931,053Cash and cash equivalents 1,149,366 1,270,594Tenant receivables and accrued revenue, net 494,651 533,676Right-of-use assets, net 121,280 113,014Deferred costs and other assets 559,208 531,059Total assets $ 11,919,578 $ 12,379,396Liabilities and Partners' Deficit:Mortgages $ 13,630,447 $ 13,666,090Accounts payable, accrued expenses, intangibles, and deferred revenue 970,489 1,037,015Lease liabilities 112,587 104,120Other liabilities 344,860 363,488Total liabilities 15,058,383 15,170,713Preferred units 67,450 67,450Partners' deficit (3,206,255) (2,858,767)Total liabilities and partners' deficit $ 11,919,578 $ 12,379,396Our Share of:Partners' deficit $ (1,240,860) $ (1,180,960)Add: Excess Investment (A) 1,008,071 1,077,204Our net Investment in unconsolidated entities, at equity $ (232,789) $ (103,756)Note: The above financial presentation does not include any information related to our investments in Klépierre,TRG and other platform investments. 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 Six Months Ended June 30, June 30, 2025 2024 2025 2024Consolidated Net Income (D) $ 643,681 $ 569,435 $ 1,121,541 $ 1,410,591Adjustments to Arrive at FFO: Depreciation and amortization from consolidated properties 335,157 306,318 659,479 609,990 Our share of depreciation and amortization from unconsolidated entities, including Klépierre, TRG and other corporate investments 207,587 216,257 416,551 421,235 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 9,604 2,986 9,604 (7,980) Net (gain) loss attributable to noncontrolling interest holders in properties (26) (785) 1,266 685 Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties, and loss (gain) on disposal of properties (6,346) (5,087) (12,339) (10,598) Preferred distributions and dividends (1,126) (1,266) (2,252) (2,532)FFO of the Operating Partnership $ 1,188,531 $ 1,087,858 $ 2,193,850 $ 2,421,391FFO allocable to limited partners 159,806 141,733 295,091 315,537FFO allocable to common stockholders $ 1,028,725 $ 946,125 $ 1,898,759 $ 2,105,854FFO of the Operating Partnership $ 1,188,531 $ 1,087,858 $ 2,193,850 $ 2,421,391 Gain due to disposal, exchange, or revaluation of equity interests, net of tax (78,374) – (60,381) (311,077) Other platform investments, net of tax (6,594) 15,008 47,591 75,784 Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net 50,455 (2,405) 87,220 4,787Real Estate FFO $ 1,154,018 $ 1,100,461 $ 2,268,280 $ 2,190,885Diluted net income per share to diluted FFO per share reconciliation:Diluted net income per share $ 1.70 $ 1.51 $ 2.97 $ 3.76 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 1.42 1.38 2.82 2.72 Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net 0.03 0.01 0.03 (0.02)Diluted FFO per share $ 3.15 $ 2.90 $ 5.82 $ 6.46 Gain due to disposal, exchange, or revaluation of equity interests, net of tax (0.21) – (0.16) (0.83) Other platform investments, net of tax (0.02) 0.04 0.12 0.20 Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net 0.13 (0.01) 0.23 0.01Real Estate FFO per share $ 3.05 $ 2.93 $ 6.01 $ 5.84 4.1% 2.9%Details for per share calculations:FFO of the Operating Partnership $ 1,188,531 $ 1,087,858 $ 2,193,850 $ 2,421,391Diluted FFO allocable to unitholders (159,806) (141,733) (295,091) (315,537)Diluted FFO allocable to common stockholders $ 1,028,725 $ 946,125 $ 1,898,759 $ 2,105,854Basic and Diluted weighted average shares outstanding 326,487 326,039 326,401 325,975Weighted average limited partnership units outstanding 50,714 48,844 50,727 48,843Basic and Diluted weighted average shares and units outstanding 377,201 374,883 377,128 374,818Basic and Diluted FFO per Share $ 3.15 $ 2.90 $ 5.82 $ 6.46Percent Change 8.6% -9.9%
Simon Property Group, Inc.Footnotes to Unaudited Financial InformationNotes:(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, TRG and other platform investments. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments. 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 $1.2 million and $0.0 million for the three months ended June 30, 2025 and 2024, respectively, and $1.2 million and $7.5 million for the six months ended June 30, 2025 and 2024, respectively.- Straight-line adjustments increased (decreased) income by $3.7 million and ($4.2) million for the three months ended June 30, 2025 and 2024, respectively, and $5.9 million and ($8.8) million for the six months ended June 30, 2025 and 2024, respectively.- Amortization of fair market value of leases increased income by $0.3 million and $0.1 million for the three months ended June 30, 2025 and 2024, respectively, and $0.6 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.
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