Simon Property(SPG) - 2025 Q1 - Quarterly Results

Financial Performance - For Q1 2025, net income attributable to common stockholders was $413.7 million, or $1.27 per diluted share, down from $731.7 million, or $2.25 per diluted share in Q1 2024[7]. - Total revenue for Q1 2025 was $843.873 million, a slight increase of 0.1% compared to $843.022 million in Q1 2024[28]. - Net income for Q1 2025 was $189.293 million, up from $186.196 million in Q1 2024, reflecting a growth of 1.1%[28]. - Consolidated net income for Q1 2025 was $477,860, down from $841,155 in Q1 2024, reflecting a decrease of 43.2%[44]. - Basic and diluted earnings per common share (EPS) decreased to $1.27 in Q1 2025 from $2.25 in Q1 2024, a decline of 43.8%[44]. - Total revenue for Q1 2025 was $1,473,012, an increase from $1,442,590 in Q1 2024, representing a growth of 2.1%[44]. - Operating income before other items for Q1 2025 was $159.4 million, compared to $159.7 million in Q1 2024, indicating a decrease of about 0.2%[110]. - Estimated net income attributable to common stockholders per diluted share for the year ending December 31, 2025 is projected to be between $6.67 and $6.92[114]. - Estimated Real Estate FFO per diluted share for the year ending December 31, 2025 is projected to be between $12.40 and $12.65[114]. Real Estate Operations - Real Estate Funds From Operations (FFO) for Q1 2025 was $1.113 billion, or $2.95 per diluted share, compared to $1.090 billion, or $2.91 per diluted share in the prior year[7]. - Domestic property Net Operating Income (NOI) increased by 3.4%, while portfolio NOI increased by 3.6% compared to the prior year period[7]. - The company completed the acquisition of two luxury outlets in Italy on January 30, 2025, enhancing its portfolio[8]. - Jakarta Premium Outlets opened on March 6, 2025, covering 302,000 square feet, with Simon owning 50% of the center[8]. - As of March 31, 2025, occupancy was 95.9%, a 0.4% increase from 95.5% in the previous year[7]. - The company reported a base minimum rent per square foot of $58.92, up 2.4% from $57.53 a year earlier[14]. - Total Lease Income for Q1 2025 was $1,367,428, an increase of 5.0% from $1,302,671 in Q1 2024[58]. - Fixed lease income rose to $1,124,114, up 5.2% from $1,068,405 in the previous year[58]. - Domestic Property Net Operating Income (NOI) increased by 3.4% to $1,372,843 in Q1 2025 from $1,328,282 in Q1 2024[49]. Liquidity and Debt Management - As of March 31, 2025, Simon had approximately $10.1 billion in liquidity, including $1.9 billion in cash and $8.2 billion in available capacity under revolving credit facilities[9]. - The company maintained a Total Debt to Total Assets ratio of 38%, well below the required maximum of 65%[42]. - The company reported a Fixed Charge Coverage Ratio of 4.6X, exceeding the required minimum of 1.5X[42]. - The weighted average interest rate for consolidated indebtedness is 3.60%, with total indebtedness amounting to $30,864,021,000[86]. - The company has a total mortgage debt of $5,045,324,000, with a weighted average interest rate of 4.03%[86]. - The total debt amortization and maturities by year indicate a significant increase in debt obligations, with $6,141,569 due in 2026, representing a 94% increase from 2025[89]. - The company has a total of $5,250,000 in debt maturing thereafter, with an average interest rate of 4.71%[89]. - The highest single debt obligation is $1,100,000 due on September 1, 2025, with an interest rate of 3.50%[91]. Capital Expenditures and Investments - Capital Expenditures for Q1 2025 totaled $230,201, a 41.0% increase from $162,974 in Q1 2024[72]. - Total net cash investment for FY 2025 is projected to be $800,914,000, with an expected investment of $372,073,000 in Q2-Q4 2025[75]. - The total investment for redevelopment projects is estimated at $944,329,000, with a stabilized return rate of 9%[75]. - The company plans to invest $357,548,000 in redevelopment projects for FY 2025, with an additional $182,833,000 forecasted for FY 2026[75]. - The total investment in new developments is projected at $14,442,000 for FY 2025, with a stabilized return rate of 11%[75]. Property Portfolio - The company owned or had an interest in 232 properties, comprising 183 million square feet across North America, Asia, and Europe as of March 31, 2025[36]. - The company has a total square footage across all properties of 183,363,875 square feet[103]. - Total U.S. Premium Outlet square footage is 30,747,255 square feet as of March 31, 2025[100]. - The total square footage of other properties amounts to 10,041,276 square feet, indicating a diverse property portfolio[101]. - The total square footage of lifestyle centers is 3,303,928 square feet[99]. - Total mall square footage as of March 31, 2025, is 105,338,456 square feet[97]. - The company has properties in 12 different countries, including Japan, Canada, and Germany[103].