Simon Property(US:SPG)2026-02-02 21:12Financial Performance - For the fourth quarter of 2025, net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, compared to $667.2 million, or $2.04 per diluted share in 2024[7]. - Consolidated net income for Q4 2025 was $3,539,882, compared to $771,760 in Q4 2024, representing a significant increase of 359.5%[23]. - Basic and diluted earnings per common share for Q4 2025 were $9.35, up from $2.04 in Q4 2024, reflecting a growth of 359.3%[23]. - Consolidated net income for the twelve months ended December 31, 2025, reached $5,364,120, compared to $2,729,021 in 2024, marking a significant increase of 96.5%[44]. - The company reported a net income attributable to common stockholders of $3,048,269 for Q4 2025, compared to $667,231 in Q4 2024, an increase of 356.5%[23]. Revenue and Income Growth - Total revenue for Q4 2025 reached $1,791,462, an increase of 13.2% from $1,582,232 in Q4 2024[23]. - Lease income for the year ended December 31, 2025, was $5,839,160, up 8.3% from $5,389,760 in 2024[23]. - Total consolidated revenue for the three months ended December 31, 2025, was $1,791,462, an increase from $1,582,232 in the same period of 2024, representing a growth of 13.2%[44]. - Total Income from Unconsolidated Entities for Q4 2025 was $206,938, up from $140,947 in Q4 2024, marking a significant increase of 46.9%[59]. Operational Metrics - Domestic property Net Operating Income (NOI) increased by 4.8% in Q4 2025, while portfolio NOI increased by 5.1% compared to the prior year period[7]. - Total operating expenses for Q4 2025 were $900,793, an increase of 20.6% from $746,486 in Q4 2024[23]. - Total operating expenses for the twelve months ended December 31, 2025, were $1.019 billion, up from $930 million in 2024, indicating an increase of 9.5%[113]. - Operating income before other items for the three months ended December 31, 2025, was $193.449 million, compared to $189.144 million in the same period of 2024, showing a slight increase of 2.4%[110]. Shareholder Returns - For the full year 2025, Real Estate FFO reached a record $4.8 billion, with $3.5 billion returned to shareholders[5]. - The company declared a quarterly common stock dividend of $2.20 for Q1 2026, an increase of 4.8% year-over-year[11]. Assets and Liabilities - Total assets increased to $40,606,466 in 2025, up from $32,405,691 in 2024, marking a growth of 25.5%[25]. - Total liabilities rose to $33,901,073 in 2025, compared to $28,806,239 in 2024, an increase of 17.5%[25]. - Mortgages and unsecured indebtedness as of December 31, 2025, were $7.514 billion, compared to $6.313 billion in 2024, reflecting an increase of 19.0%[116]. - Total liabilities as of December 31, 2025, were $6.474 billion, consistent with total assets, indicating a balanced financial position[116]. Debt and Financing - The weighted average interest rate for consolidated indebtedness is 4.43%, with total mortgage debt amounting to $8,226,679,000[86]. - The total share of debt for 2026 is $7,305,804,000, with a weighted average interest rate of 3.90%[89]. - The company has a total debt amortization of $35,619,627,000, with a weighted average interest rate of 4.09%[89]. - The company’s total investment in new developments for FY 2025 is $16,979,000, with a forecasted return rate of 11%[75]. Property and Portfolio Management - The company owned or had an interest in 254 properties comprising 206 million square feet as of December 31, 2025[36]. - The company has a total of 178 U.S. Malls and Premium Outlets as of December 31, 2025, compared to 162 in 2024, representing a 9.9% increase[63]. - Total mall square footage is 119,734,147 square feet as of December 31, 2025[97]. - The company has a 100% ownership in most of its properties, indicating a strong control over its assets[99]. Future Projections - Estimated net income for 2026 is projected to be between $6.87 and $7.12 per diluted share, with Real Estate FFO expected to be between $13.00 and $13.25 per diluted share[13]. - The company has a total net cash investment for FY 2025 of $1,227,865,000, with a forecasted investment of $1,090,516,000 for FY 2025-2027[75].