Companies /Real Estate
Simon Property Group Inc
NYSE: SPG Reit - Retail
$200.65
▼ $0.76 (−0.38%) today
Markets closed · 8:15pm ET

Simon Property Group (SPG) Q2 2025 Earnings

Reported Aug 4, 2025, 4:08pm ET · SEC source
$1.70
Beat +9.18%
EPS · est. $1.56
$1.5B
Beat +7.95%
Revenue · est. $1.4B
+4.6%
Beating market
SPG vs S&P since report
1 quarter
Consecutive EPS beats

How Did SPG Stock React to Q2 2025 Earnings?

% change · around the report
−2%0+2%Aug 4Aug 5report 4:08pm ETearnings−0.5%+2.6%
−2%0+2%Aug 4Aug 5earnings−0.5%+2.6%
SPG +2.6%S&P 500 −0.5%
−2%0+2%Aug 4Aug 5report 4:08pm ETearnings−0.8%+2.6%
−2%0+2%Aug 4Aug 5earnings−0.8%+2.6%
SPG +2.6%NASDAQ −0.8%
0+2%+4%Aug 4Aug 12report 4:08pm ETearnings+1.7%+3.2%
0+2%+4%Aug 4Aug 12earnings+1.7%+3.2%
SPG +3.2%S&P 500 +1.7%
0+2%+4%Aug 4Aug 12report 4:08pm ETearnings+2.7%+3.2%
0+2%+4%Aug 4Aug 12earnings+2.7%+3.2%
SPG +3.2%NASDAQ +2.7%
+3.28%
Day of report
−1.05%
Next session
−0.05%
One week
+7.64%
30 days

S&P 500 over the same 30 days: +3.07%.

Did SPG Beat Earnings? Q2 2025 Results

Yes. Simon Property Group reported Q2 2025 earnings of $1.70 a share on Aug 4, 2025, beating the $1.56 consensus estimate by 9.2%. Revenue was $1.5B against a $1.4B estimate.

Simon Property Group posted a standout second quarter, with earnings per share of $1.70 beating the $1.56 consensus estimate by 9.18% and revenue of $1.50 billion topping expectations by 7.95%, representing 2.8% growth year over year. The mall giant's outperformance was anchored by continued strength across its domestic portfolio, where U.S. Malls and Premium Outlets occupancy climbed to 96.0% from 95.6% a year ago and domestic property NOI grew 4.2%, reflecting unabated retailer demand for high-quality space. Real Estate FFO, the REIT's key operating metric, rose 4.1% to $3.05 per diluted share, reinforcing the underlying health of the business. Management responded with a raised full-year 2025 Real Estate FFO guidance range of $12.45 to $12.65 per diluted share and lifted the quarterly dividend 4.9% to $2.15 per share. The quarter also carried notable leadership news, with Eli Simon elevated to Chief Operating Officer, adding a succession dimension to an already eventful reporting period.

Key Takeaways
  • U.S. Malls and Premium Outlets occupancy increased to 96.0% from 95.6% year-over-year
  • Base minimum rent per square foot increased 1.3% to $58.70
  • Domestic property NOI increased 4.2% and portfolio NOI increased 4.7%
  • The Mills occupancy reached 99.3%, up from 98.2%
  • Trailing 12-month retailer sales per square foot of $736

“We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution. Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.”

Simon Property Group CEO, on the earnings call

What Was Simon Property Group's Outlook in Q2 2025?

Simon raised its full-year 2025 Real Estate FFO guidance to $12.45–$12.65 per diluted share. Estimated net income attributable to common stockholders is guided at $6.63–$6.83 per diluted share. Estimated FFO per diluted share is $12.26–$12.46.

SPG YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$500.0M$1.0B$1.5B$1.5B$1.5BRevenue$754.1M$744.2MOperating Income$494.3M$643.7MNet Income
$0$500.0M$1.0B$1.5BRevenueOperating IncomeNet Income
SPG income statement, Q2 2025 versus Q2 2024
Metric Q2 2025 Q2 2024 Year over year
Revenue $1.5B $1.5B +2.8%
Operating Income $744.2M $754.1M −1.3%
Net Income $643.7M $494.3M +30.2%

Figures from SEC filings and company reports. Not investment advice.