Quarterly Results
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.