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 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.