Simon Property Group (SPG) Q4 2025 earnings summary

Executive summary

• Achieved record Real Estate FFO of $4.8 billion ($12.73/share) for 2025, with robust leasing, over 17 million sq ft of leases, and $2 billion in retail property acquisitions, including the remaining Taubman Realty Group interest.

• Returned $3.5 billion to shareholders via stock repurchases and dividends, with a historical total of $48 billion in dividends paid.

• Net income for 2025 was $4.624 billion ($14.17/diluted share), up from $2.368 billion ($7.26/share) in 2024.

• Opened a new Premium Outlet in Indonesia and completed over 20 major redevelopment projects.

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 was $4.812 billion ($12.73/share), up 4.0%.

• 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 4.8% year-over-year in Q4 and 4.4% for the year; portfolio NOI (including international) rose 5.1% in Q4 and 4.7% for the year.

• Malls and premium outlets ended 2025 at 96.4% occupancy; mills at 99.2%.

• Average base minimum rents for malls and premium outlets increased 4.7% year-over-year to $60.97; retailer sales per sq ft for malls and premium outlets were $799, up 8.1% year-over-year.

Outlook and guidance

• 2026 Real Estate FFO guidance is $13.00–$13.25/share (midpoint $13.13), assuming at least 3% domestic property NOI growth and higher net interest expense.

• 2026 net income guidance: $6.87–$7.12 per diluted share.

• 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.