Simon® Reports Fourth Quarter and Full Year 2025 Results

Core Insights - Simon Property Group reported strong financial results for the fourth quarter and the full year of 2025, achieving record Real Estate Funds From Operations (FFO) of $4.8 billion and returning $3.5 billion to shareholders [2][6]. Financial Performance - For Q4 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 Q4 2024, marking a significant increase [6]. - Real Estate FFO for Q4 2025 was $1.328 billion, or $3.49 per diluted share, up 4.2% from $1.261 billion, or $3.35 per diluted share in the prior year [6][22]. - For the full year 2025, net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, compared to $2.368 billion, or $7.26 per diluted share in 2024 [6]. - Full year Real Estate FFO was $4.812 billion, or $12.73 per diluted share, an increase of 4.0% from $4.597 billion, or $12.24 per diluted share in 2024 [6]. Operational Highlights - The company executed over 17 million square feet of leases and completed 23 significant redevelopment projects in 2025 [2]. - Domestic property Net Operating Income (NOI) increased by 4.8% year-over-year, while portfolio NOI rose by 5.1% [6]. - Occupancy rate as of December 31, 2025, was 96.4%, slightly down from 96.5% in 2024 [6]. Capital Markets and Liquidity - Simon was active in capital markets, completing a $1.5 billion senior notes offering with a weighted-average term of 7.8 years and a coupon rate of 4.775% [5]. - The company also completed 46 secured loan transactions totaling approximately $7.0 billion with a weighted average interest rate of 5.43% [5]. - As of December 31, 2025, Simon had approximately $9.1 billion in liquidity, including $1.4 billion in cash and $7.7 billion in available capacity under revolving credit facilities [7]. Dividends - The Board of Directors declared a quarterly common stock dividend of $2.20 for Q1 2026, representing a 4.8% increase year-over-year [8]. 2026 Guidance - The company estimates net income for 2026 to be in the range of $6.87 to $7.12 per diluted share and Real Estate FFO to be between $13.00 and $13.25 per diluted share [9].