10-KPeriod: FY2025

SIMON PROPERTY GROUP INC. Annual Report, Year Ended Dec 31, 2025

Filed February 25, 2026For Securities:SPGSPG-PJ

Summary

Simon Property Group, Inc. (SPG) reported strong performance in its 2025 10-K filing. The company's dual-listed structure with Simon Property Group, L.P. is detailed, showing Simon Property Group, Inc. as the REIT parent and Simon Property Group, L.P. as the operating partnership. The filing highlights an 85.4% ownership interest by Simon Property Group, Inc. in the Operating Partnership. The report indicates solid operational fundamentals and growth, with diluted earnings per share and unit increasing significantly year-over-year, driven by improved operating performance, strategic acquisitions like the TRG acquisition, and increased lease income. The company also emphasizes its commitment to returning capital to shareholders through dividends and a robust share repurchase program. The company maintains a strong balance sheet with significant liquidity through its credit facilities and commercial paper program. SPG's extensive portfolio of malls, Premium Outlets, and The Mills, both domestically and internationally, is detailed, showcasing high occupancy rates and growth in average base minimum rents. The report also touches upon the company's sustainability initiatives and its preparedness for cybersecurity risks. Investors can find detailed information on the company's property portfolio, debt structure, and financial performance across various segments.

Financial Highlights

32 data points
Beta

Revenue

$6.36B

Net Income

$4.62B

72.7% Net Margin

EPS (Diluted)

$14.17

Total Assets

$40.61B

Cash & Equivalents

$823.15M

Free Cash Flow

$4.14B

Financial Statements
Beta
Revenue$6.36B
Operating Expenses$3.19B
Operating Income$3.18B
Interest Expense$974.84M
Net Income$4.62B
EPS (Basic)$14.17
EPS (Diluted)$14.17
Shares Outstanding (Basic)326.37M
Shares Outstanding (Diluted)326.37M

Key Highlights

  • 1Diluted earnings per share and unit increased significantly in 2025, reaching $14.17, driven by improved operating performance and strategic acquisitions.
  • 2The acquisition of the remaining 12% interest in The Taubman Realty Group (TRG) for approximately $0.9 billion was completed in October 2025, consolidating 11 additional properties.
  • 3Simon Property Group, Inc. declared a quarterly cash dividend of $2.20 per share for Q1 2026, maintaining its commitment to shareholder returns.
  • 4The company has a substantial and well-managed debt portfolio with a total consolidated debt face amount of $28.6 billion as of December 31, 2025, with a weighted average interest rate of 3.87% on fixed-rate debt.
  • 5Ending occupancy for U.S. Malls and Premium Outlets remained strong at 96.4%, with average base minimum rent per square foot increasing to $60.97.
  • 6Simon Property Group, Inc. authorized a new $2.0 billion common stock repurchase program for the period ending February 29, 2028.
  • 7The company's portfolio comprises 212 income-producing properties in the U.S. and 42 properties internationally as of December 31, 2025.

Frequently Asked Questions

Simon Property Group, Inc. operates as a self-administered and self-managed Real Estate Investment Trust (REIT). It owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, primarily consisting of malls, Premium Outlets, and The Mills properties.

Simon Property Group, Inc. is the REIT parent, and its majority-owned subsidiary, Simon Property Group, L.P. (the Operating Partnership), conducts substantially all of the business operations and owns the real estate assets. Simon Property Group, Inc. consolidates the Operating Partnership for financial reporting.

The acquisition of the remaining 12% interest in The Taubman Realty Group (TRG) on October 31, 2025, resulted in the consolidation of 11 additional properties. This transaction led to a non-cash gain of $2.9 billion in 2025 due to the remeasurement of the previously held noncontrolling equity interest to fair value. The acquisition aligns with the company's strategy of owning high-quality assets.

Simon Property Group, Inc. must pay a minimum amount of dividends to maintain its REIT status. Future dividends are determined by the Board of Directors based on financial condition, liquidity, results of operations, cash availability, and REIT distribution requirements. For the fourth quarter of 2025, a dividend of $2.20 per share was declared.