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Simon Property Group

Simon Property Group (SPG) Q3 2025 Earnings

Reported Nov 3, 2025 at 4:08 PM ET · SEC Source

Q3 25 EPS

$1.86

BEAT +11.04%

Est. $1.68

Q3 25 Revenue

$1.60B

BEAT +13.72%

Est. $1.41B

vs S&P Since Q3 25

+19.6%

BEATING MARKET

SPG +29.9% vs S&P +10.3%

Market Reaction

Did SPG Beat Earnings? Q3 2025 Results

Simon Property Group posted a standout third quarter, with earnings per diluted share of $1.86 beating the $1.68 consensus estimate by 11.04%, while revenue of $1.60 billion cleared expectations by 13.72% and grew 8.2% year over year. The primary eng… Read more Simon Property Group posted a standout third quarter, with earnings per diluted share of $1.86 beating the $1.68 consensus estimate by 11.04%, while revenue of $1.60 billion cleared expectations by 13.72% and grew 8.2% year over year. The primary engine behind the performance was broad-based strength across the REIT's portfolio, where U.S. Malls and Premium Outlets occupancy rose to 96.4% and base minimum rent per square foot climbed 2.5% to $59.14, while Real Estate FFO reached $3.22 per diluted share, up from $3.05 a year ago. The October completion of Simon's acquisition of the remaining 12% interest in The Taubman Realty Group, consolidating full ownership of 22 premium properties, adds a meaningful growth catalyst that analysts expect to drive further operational improvements through 2027. Management raised its full-year 2025 Real Estate FFO guidance to $12.60 to $12.70 per diluted share and lifted the quarterly common dividend to $2.20 per share, a 4.8% increase year over year, signaling confidence in the portfolio's sustained earnings power.

Key Takeaways

  • • Domestic property NOI increased 5.1% year-over-year
  • • Portfolio NOI increased 5.2% year-over-year
  • • Occupancy rose to 96.4% from 96.2% year-over-year
  • • Base minimum rent per square foot increased 2.5% to $59.14
  • • Trailing 12-month retailer sales per square foot of $742
  • • The Mills occupancy increased to 99.4% from 98.6%
  • • Real Estate FFO per share increased 5.6% year-over-year
24/7 Wall St

SPG YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

“We delivered a strong quarter highlighted by excellent financial and operational performance. Healthy demand was seen across all our platforms and is reflected in our results. Occupancy gains continued, retailer sales accelerated, and cash flow increased. We are also pleased to have acquired the remaining interest in Taubman Realty Group.”

— David Simon, Q3 2025 Earnings Press Release

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