Simon Property Group (SPG) Q4 2024 earnings summary

Executive summary

• Achieved record total funds from operations (FFO) of $4.9 billion, or $12.99 per share, and real estate FFO of $4.6 billion, or $12.24 per share, up 3.9% year-over-year.

• Returned over $3 billion to shareholders in cash dividends, with a historical total of $45 billion paid.

• Completed the acquisition of two luxury outlet centers in Italy and opened a new fully leased premium outlet in Tulsa, Oklahoma.

• Completed 16 significant redevelopment projects and saw record leasing, retail sales, and occupancy gains.

• Strengthened balance sheet and increased quarterly dividend by 7.7% year-over-year.

Financial highlights

• 2024 net income attributable to common stockholders was $2.368 billion ($7.26 per diluted share), up from $2.280 billion ($6.98 per diluted share) in 2023.

• 2024 FFO was $4.877 billion ($12.99 per diluted share), up from $4.686 billion ($12.51 per diluted share) in 2023.

• Real Estate FFO rose 3.9% year-over-year to $4.597 billion ($12.24 per diluted share).

• Fourth quarter real estate FFO was $3.35 per share, up 3.7% from $3.23 in the prior year.

• Domestic NOI increased 4.7% for the year; portfolio NOI grew 4.6% for the year.

Outlook and guidance

• 2025 net income guidance: $6.95–$7.20 per diluted share.

• 2025 real estate FFO guidance is $12.40–$12.65 per share.

• Guidance assumes at least 3% domestic property NOI growth and increased net interest expense of $0.25–$0.30 per share.

• Catalyst Brands guidance is excluded for now; expected to generate positive EBITDA and break-even FFO in 2025.