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Simon Property Group

Simon Property Group (SPG) Q4 2025 Earnings

Reported Feb 2, 2026 at 4:12 PM ET · SEC Source

Q4 25 EPS

$3.49

BEAT +76.86%

Est. $1.97

Q4 25 Revenue

$1.79B

BEAT +18.80%

Est. $1.51B

vs S&P Since Q4 25

+8.8%

BEATING MARKET

SPG +17.2% vs S&P +8.3%

Full Year 2025 Results

FY 25 EPS

$12.73

FY 25 Revenue

$6.36B

Market Reaction

Did SPG Beat Earnings? Q4 2025 Results

Simon Property Group delivered a decisive earnings beat in the fourth quarter of 2025, with Real Estate FFO of $3.49 per diluted share clearing the $1.97 consensus estimate by 76.86%, while revenue of $1.79 billion topped expectations by 18.80% and r… Read more Simon Property Group delivered a decisive earnings beat in the fourth quarter of 2025, with Real Estate FFO of $3.49 per diluted share clearing the $1.97 consensus estimate by 76.86%, while revenue of $1.79 billion topped expectations by 18.80% and rose 13.2% from a year ago. The headline driver was a roughly $2.89 billion non-cash gain tied to the company's acquisition of the remaining interest in Taubman Realty Group, which required remeasuring Simon's previously held equity stake to fair value and lifted GAAP net income attributable to common stockholders to $3.05 billion, or $9.35 per diluted share, versus $667.20 million in Q4 2024. Beneath that one-time lift, core operating fundamentals held firm: U.S. Malls and Premium Outlets occupancy stood at 96.4%, base minimum rent per square foot climbed 4.7% to $60.97, and retailer sales per square foot rose 8.1% to $799. Management's confidence in the underlying business was reflected in a 4.8% dividend increase to $2.20 per share quarterly, and 2026 Real Estate FFO guidance of $13.00 to $13.25 per diluted share, with analysts maintaining a broadly constructive view on the stock.

Key Takeaways

  • • Domestic property NOI increased 4.8% and portfolio NOI increased 5.1% in Q4
  • • Base minimum rent per square foot increased 4.7% to $60.97
  • • Retailer sales per square foot increased 8.1% to $799 trailing 12 months
  • • Occupancy remained high at 96.4%
  • • Executed over 17 million square feet of leases in 2025
  • • Non-cash gain of $2.89 billion from TRG acquisition remeasurement
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SPG YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our Company. In 2025, we generated record Real Estate Funds From Operations of $4.8 billion and returned a remarkable $3.5 billion to our shareholders. We executed over 17 million square feet of leases, opened a new Premium Outlet in Indonesia, completed 23 significant redevelopment projects, and acquired $2 billion of high-quality retail properties. We remain focused on disciplined, value-creating investment activity and operational excellence that will drive sustainable growth in cash flow, FFO, and dividends per share.”

— David Simon, Q4 2025 Earnings Press Release

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