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SPG

Simon Property Group, Inc.

SPG

Simon Property Group, Inc. • NYSE
$186.32 ▲ 0.41% (+0.76)
Market Cap $60.83 B
52w High $190.14
52w Low $136.34
Dividend Yield 8.45%
P/E 27.08
Volume 506.24K
Outstanding Shares 326.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.602B ▲ $523.448M ▼ $594.367M ▲ 37.111% ▼ $1.82 ▲ $1.044B ▼
Q2-2025 $1.498B ▲ $539.272M ▲ $556.967M ▲ 37.169% ▲ $1.7 ▲ $1.279B ▲
Q1-2025 $1.473B ▼ $470.981M ▼ $414.533M ▼ 28.142% ▼ $1.27 ▼ $1.053B ▼
Q4-2024 $1.582B ▲ $474.712M ▲ $668.065M ▲ 42.223% ▲ $2.04 ▲ $1.328B ▲
Q3-2024 $1.481B $454.809M $475.995M 32.146% $1.46 $1.118B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.553B ▲ $33.602B ▲ $30.628B ▲ $2.35B ▼
Q2-2025 $1.231B ▼ $33.296B ▲ $30.205B ▲ $2.452B ▼
Q1-2025 $1.38B ▼ $32.501B ▲ $29.234B ▲ $2.606B ▼
Q4-2024 $1.4B ▼ $32.406B ▼ $28.806B ▼ $2.942B ▲
Q3-2024 $2.47B $33.276B $29.954B $2.713B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $766.023M ▲ $890.26M ▼ $-150.274M ▲ $-418.846M ▲ $321.14M ▲ $1.364B ▲
Q2-2025 $643.681M ▲ $1.215B ▲ $-710.557M ▼ $-653.346M ▼ $-148.571M ▼ $971.308M ▲
Q1-2025 $477.86M ▼ $827.218M ▼ $-377.866M ▼ $-469.689M ▲ $-20.337M ▲ $597.017M ▼
Q4-2024 $771.759M ▲ $1.086B ▲ $8.82M ▼ $-1.864B ▼ $-769.757M ▼ $867.679M ▲
Q3-2024 $546.671M $892.852M $811.335M $-768.518M $935.669M $706.48M

Revenue by Products

Product Q1-2025Q2-2025
Real Estate Segment
Real Estate Segment
 $1.40Bn ▲$1.41Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Simon Property Group’s income statement shows a steady, healthy recovery and then growth over the last five years. Revenue has moved up each year since the pandemic, and profits have grown faster than sales, which means margins have improved. Operating income and net income both trend upward, suggesting better pricing power, solid rent collections, and good cost control. Earnings per share have climbed consistently, reflecting both stronger business performance and a relatively disciplined share count. Overall, this looks like a mature, high-margin, cash-generative landlord with measured, not explosive, growth and fairly stable profitability through different retail conditions.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, property-heavy business financed with significant debt, which is typical for a major real estate investment trust. Total assets have stayed broadly stable, showing that Simon is managing and upgrading an existing premier portfolio rather than rapidly expanding it. Debt levels are high relative to equity but have been nudging down over time, signaling gradual de‑leveraging rather than aggressive borrowing. Cash on hand is moderate, but combined with recurring rental income and strong access to capital markets, it appears adequate for day-to-day needs and planned projects. The key risk is that the capital structure leans heavily on debt, so interest rates and credit conditions matter a lot, even though the overall asset base is robust.

Cash Flow

Cash Flow Cash flow is a clear strength. Operating cash flow has been consistently strong and has grown since the pandemic slump, indicating resilient tenant payments and stable occupancy. Free cash flow has been comfortably positive every year after funding redevelopment and maintenance projects, which leaves room for dividends, debt service, and selective investments. Capital spending has been meaningful but controlled, pointing to a focus on targeted redevelopments and mixed-use projects rather than large speculative expansions. The pattern suggests a business that converts a high share of its accounting profits into real cash, an important trait for a REIT that returns a lot of cash to shareholders.

Competitive Edge

Competitive Edge Simon Property Group sits at the top tier of retail real estate with a powerful competitive position. It owns many of the best malls and outlet centers in high-traffic, affluent locations, which tends to attract stronger tenants and helps keep occupancy high. Its scale brings cost advantages in marketing, operations, and financing that smaller landlords struggle to match. Long-standing relationships with major retailers, plus a curated mix of luxury, mainstream, and entertainment tenants, support resilient rent levels. The company is actively repositioning properties into mixed-use destinations—adding residential, hotel, office, and entertainment—which deepens its moat by making centers harder to replicate and less dependent on pure retail. Risks remain from e‑commerce growth, shifting consumer behavior, and retailer health, but Simon’s asset quality, brand recognition, and global footprint give it a defensive edge versus many other mall owners.

Innovation and R&D

Innovation and R&D For a real estate company, Simon is unusually active in innovation. On the digital side, it is building an ecosystem around the Simon+ loyalty program, an online marketplace, and search tools that link in‑person and online shopping, aiming to capture more customer data and keep shoppers engaged across channels. Behind the scenes, it is using artificial intelligence and data analytics for smarter property management, such as predictive maintenance and more targeted marketing. On the physical side, its push into mixed-use developments—integrating apartments, hotels, offices, fitness, and entertainment—turns traditional malls into multi-purpose community hubs with more stable and diversified traffic. The company is also leaning into sustainability improvements, which can reduce operating costs and appeal to tenants and consumers focused on environmental impact. The main execution challenge is delivering these large, complex projects on time and on budget while keeping properties vibrant through retail cycles.

Summary

Overall, Simon Property Group looks like a mature, dominant retail REIT with solid growth in revenue and earnings, strong and reliable cash generation, and a large but gradually slimming debt load supported by high-quality real estate. Its competitive strength comes from premier locations, scale advantages, and deep tenant relationships, reinforced by a strategic shift toward mixed-use, experience-rich destinations that are harder for online retail to displace. Innovation is focused on two fronts: digital tools that tie together physical and online shopping, and property redevelopment that densifies and diversifies each site’s uses. The main areas to watch are interest rates and credit markets (given the reliance on debt), the health of key retail tenants, and execution on large redevelopment and mixed-use projects. Within that context, the company’s financial profile and strategic positioning both point to resilience, but also to ongoing exposure to broader consumer and real estate cycles.

NEWS

November 24, 2025 · 1:47 PM UTC

Holidays Start @TheMall™

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November 18, 2025 · 10:00 AM UTC

Simon® Acquires Phillips Place in Charlotte

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November 17, 2025 · 8:00 AM UTC

LEAP, SIMON & SHOPIFY COLLABORATE TO ACCELERATE BOMBAS EXPANSION INTO PHYSICAL RETAIL WITH NEW TEXAS STORE

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November 12, 2025 · 8:55 AM UTC

Simon® Debuts Simon+™: A New Loyalty Program Connecting Retailers and Shoppers

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November 4, 2025 · 8:00 AM UTC

Simon® to Bring Sagefield™, A Curated Blend of Bespoke Retail, Culinary Artistry, and Design Excellence, to South Nashville

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