Simon Property Group Inc. (NYSE: SPG) shares traded higher in early session. They rose modestly after the company released its Q4 and full-year 2025 earnings. This reflected continued operational strength. Moreover, guidance stayed solid. Shares hovered around $190. Over the past year, the 52-week range spanned mid-$160s to low-$190s.
Quarterly Results
Simon Property reported net income of $3.048 billion for Q4 2025. Specifically, this equaled $9.35 per diluted share. In contrast, the year-ago period showed $667.2 million, or $2.04 per share. Notably, a $2.89 billion non-cash gain stemmed from acquiring Taubman Realty Group’s remaining interest. Consequently, Real Estate FFO climbed 4.2% to $1.328 billion, or $3.49 per share. Standard FFO reached $1.242 billion, or $3.27 per share. Meanwhile, domestic NOI rose 4.8%. Overall portfolio NOI grew 5.1%. Thus, revenue increased through higher base rents and income streams.
Full-Year 2025 Performance
Simon Property posted full-year net income of $4.624 billion. Equally important, diluted EPS hit $14.17, up from $2.368 billion or $7.26 in 2024. Furthermore, Real Estate FFO set a record at $4.812 billion, or $12.73 per share. This topped prior-year figures of $4.597 billion, or $12.24. Additionally, portfolio NOI surged 4.7%. Domestic NOI advanced 4.4%. Retailer sales per square foot jumped 8.1%. Remarkably, occupancy held steady at 96.4%.
Guidance and Dividend
Simon Property issued 2026 guidance. For instance, it projected Real Estate FFO at $13.00–$13.25 per share. EPS guidance ranged from $6.87 to $7.12. Overall, these aligned with consensus. In addition, the board declared a $2.20 quarterly dividend. As a result, it rose 4.8% year-over-year.
Analyst Actions
Analysts issued no upgrades, downgrades, or major price-target changes. At release time, none tied directly to Q4 earnings. However, future actions may appear in market updates.
Market Context
SPG shares showed strength over the past year. Indeed, resilient retail fundamentals drove gains. For example, tight occupancy and rising rents persisted. Even so, macroeconomic conditions mixed for retail REITs. Recently, analysts highlighted firming fundamentals.