NYSE : SPG
Simon Property Group, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 216.4 USD (Oct 30, 2026, 9:47 AM EDT) · Market cap 82.10B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 6.38B | 5.84B | 5.39B | 5.16B | 4.91B | 4.74B |
| Property Management Fees | 153.72M | 144.43M | 133.25M | 126.00M | 116.90M | 106.48M |
| Gain (Loss) on Sale of Assets (Rev) | 14.94M | |||||
| Other Revenue | 406.48M | 380.92M | 440.79M | 368.51M | 269.37M | 256.55M |
| Total Revenue | 6.94B | 6.36B | 5.96B | 5.66B | 5.29B | 5.11B |
| Property Expenses | 1.29B | 1.15B | 1.04B | 1.03B | 1.00B | 971.06M |
| Selling, General & Administrative | 525.13M | 468.46M | 412.57M | 373.48M | 327.36M | 329.30M |
| Depreciation & Amortization | 1.68B | 1.43B | 1.27B | 1.26B | 1.23B | 1.26B |
| Other Operating Expenses | 158.48M | 142.21M | 149.68M | 187.84M | 152.21M | 140.52M |
| Total Operating Expenses | 3.65B | 3.19B | 2.87B | 2.85B | 2.71B | 2.70B |
| Operating Income | 3.29B | 3.18B | 3.09B | 2.81B | 2.58B | 2.41B |
| Interest Expense | -1.07B | -974.84M | -905.80M | -854.65M | -761.25M | -795.71M |
| Income (Loss) on Equity Investments | 448.73M | 504.09M | 207.32M | 375.66M | 647.98M | 782.84M |
| EBT Excluding Unusual Items | 2.67B | 2.70B | 2.39B | 2.33B | 2.47B | 2.40B |
| Impairment of Goodwill | 2.95B | 2.89B | -75.82M | -3.06M | 5.65M | 206.85M |
| Gain (Loss) on Sale of Investments | -184.96M | -86.12M | 451.17M | 362.02M | 121.18M | 178.67M |
| Total Insurance Settlements | 2.10M | |||||
| Other Unusual Items | -49.90M | -106.08M | -17.39M | 11.89M | -61.20M | -59.94M |
| Pretax Income | 5.38B | 5.40B | 2.75B | 2.70B | 2.54B | 2.73B |
| Income Tax Expense | -807.00K | 35.79M | 23.26M | 81.87M | 83.51M | 157.20M |
| Earnings From Continuing Operations | 5.39B | 5.36B | 2.73B | 2.62B | 2.45B | 2.57B |
| Minority Interest in Earnings | -764.76M | -736.51M | -358.12M | -333.89M | -312.85M | -319.08M |
| Net Income | 4.62B | 4.63B | 2.37B | 2.28B | 2.14B | 2.25B |
| Preferred Dividends & Other Adjustments | 3.34M | 3.34M | 3.34M | 3.34M | 3.34M | 3.34M |
| Net Income to Common | 4.62B | 4.62B | 2.37B | 2.28B | 2.14B | 2.25B |
| Basic Shares Outstanding | 325.40M | 326.37M | 326.10M | 326.81M | 327.82M | 328.59M |
| Diluted Shares Outstanding | 325.40M | 326.37M | 326.10M | 326.81M | 327.82M | 328.59M |
| EPS (Basic) | 14.19 | 14.17 | 7.26 | 6.98 | 6.52 | 6.84 |
| EPS (Diluted) | 14.19 | 14.17 | 7.26 | 6.98 | 6.52 | 6.84 |
| Dividend Per Share | 8.80 | 8.55 | 8.10 | 7.45 | 6.90 | 5.85 |
| Operating Margin | 47.40% | 49.89% | 51.86% | 49.60% | 48.83% | 47.14% |
| Profit Margin | 66.52% | 72.66% | 39.70% | 40.29% | 40.37% | 43.92% |
| EBITDA | 5.13B | 4.70B | 4.42B | 4.11B | 3.84B | 3.69B |
| EBITDA Margin | 73.84% | 73.90% | 74.17% | 72.57% | 72.50% | 72.22% |
| D&A For Ebitda | 1.84B | 1.53B | 1.33B | 1.30B | 1.25B | 1.28B |
| EBIT | 3.29B | 3.18B | 3.09B | 2.81B | 2.58B | 2.41B |
| EBIT Margin | 47.40% | 49.89% | 51.86% | 49.60% | 48.83% | 47.14% |
| Funds From Operations (FFO) | 4.76B | 4.66B | 4.88B | 4.69B | 4.48B | 4.49B |
| FFO Per Share | 12.55 | 12.34 | 12.99 | 12.51 | 11.95 | 11.94 |
| Adjusted Funds From Operations (AFFO) | 4.10B | 4.00B | 4.88B | 4.69B | 4.48B | 4.49B |
| AFFO Per Share | 11.11 | 10.58 | 12.99 | 12.51 | 11.95 | 11.94 |
| Effective Tax Rate | 0.66% | 0.84% | 3.03% | 3.29% | 5.77% | |
| Revenue as Reported | 6.94B | 6.36B | 5.96B | 5.66B | 5.29B | 5.12B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 30.44B | 31.00B | 21.71B | 22.05B | 22.26B | 22.82B |
| Cash & Equivalents | 1.02B | 823.15M | 1.40B | 1.17B | 621.63M | 533.94M |
| Accounts Receivable | 884.24M | 934.08M | 796.51M | 826.13M | 823.54M | 919.65M |
| Other Receivables | 43.20M | 48.30M | 59.60M | 98.00M | 112.00M | |
| Investment In Debt and Equity Securities | 3.00M | 525.89M | 640.65M | 1.43B | 515.44M | 561.71M |
| Goodwill | 20.10M | 20.10M | 20.10M | 20.10M | 20.10M | |
| Other Intangible Assets | 49.23M | 2.75M | 8.71M | 17.77M | 33.28M | |
| Other Current Assets | 14.10M | 507.93M | 564.19M | 483.66M | 396.43M | 396.77M |
| Deferred Long-Term Charges | 1.91B | 128.94M | 82.32M | 77.81M | 97.55M | 109.16M |
| Other Long-Term Assets | 5.39B | 6.57B | 7.12B | 8.12B | 8.15B | 8.39B |
| Total Assets | 39.71B | 40.61B | 32.41B | 34.28B | 33.01B | 33.78B |
| Current Portion of Long-Term Debt | 2.87B | 5.56B | 2.20M | |||
| Current Portion of Leases | 52.17M | 51.85M | ||||
| Long-Term Debt | 25.00B | 22.52B | 24.26B | 26.03B | 24.96B | 25.32B |
| Long-Term Leases | 675.73M | 704.69M | 520.28M | 484.86M | 497.95M | 506.93M |
| Accounts Payable | 1.81B | 1.95B | 1.70B | 1.68B | 1.48B | 1.41B |
| Accrued Expenses | 138.10M | 114.80M | 96.10M | 85.70M | 77.20M | |
| Other Current Liabilities | 1.81B | 1.74B | 1.68B | 1.77B | 1.71B | 1.58B |
| Long-Term Deferred Tax Liabilities | 365.80M | 217.80M | 307.80M | 278.30M | 259.30M | |
| Other Long-Term Liabilities | 807.38M | 504.45M | 298.86M | 221.80M | 178.24M | 224.51M |
| Total Liabilities | 33.86B | 33.90B | 28.81B | 30.60B | 29.19B | 29.38B |
| Preferred Stock, Redeemable | 40.29M | 40.45M | 40.78M | 41.11M | 41.44M | 41.76M |
| Common Stock | 33.00K | 33.00K | 33.00K | 33.00K | 34.00K | 34.00K |
| Additional Paid-In Capital | 12.39B | 12.35B | 11.58B | 11.41B | 11.23B | 11.21B |
| Retained Earnings | -5.13B | -4.61B | -6.38B | -6.10B | -5.93B | -5.82B |
| Treasury Stock | -2.64B | -2.32B | -2.11B | -2.16B | -2.04B | -1.88B |
| Comprehensive Income & Other | -233.74M | -251.36M | -193.03M | -172.79M | -164.87M | -185.19M |
| Total Common Equity | 4.39B | 5.17B | 2.90B | 2.98B | 3.10B | 3.32B |
| Minority Interest | 1.41B | 1.50B | 657.53M | 664.76M | 685.37M | 1.04B |
| Shareholders' Equity | 5.85B | 6.71B | 3.60B | 3.69B | 3.82B | 4.40B |
| Total Liabilities & Equity | 39.71B | 40.61B | 32.41B | 34.28B | 33.01B | 33.78B |
| Total Debt | 29.44B | 29.20B | 24.79B | 26.52B | 25.46B | 25.83B |
| Net Cash (Debt) | -28.42B | -28.38B | -23.39B | -25.35B | -24.84B | -25.29B |
| Net Cash Per Share | -87.34 | -86.95 | -71.72 | -77.57 | -75.76 | -76.98 |
| Filing Date Shares Outstanding | 323.56M | 324.95M | 326.28M | 325.90M | 326.93M | 328.60M |
| Total Common Shares Outstanding | 323.56M | 325.22M | 326.28M | 325.92M | 326.95M | 328.62M |
| Book Value Per Share | 13.58 | 15.89 | 8.89 | 9.15 | 9.47 | 10.10 |
| Tangible Book Value | 4.39B | 5.10B | 2.88B | 2.95B | 3.06B | 3.27B |
| Tangible Book Value Per Share | 13.58 | 15.68 | 8.82 | 9.06 | 9.36 | 9.94 |
| Land | 4.52B | 3.63B | 3.64B | 3.63B | 3.64B | |
| Buildings | 45.78B | 36.08B | 35.14B | 34.25B | 33.86B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.62B | 4.63B | 2.37B | 2.28B | 2.14B | 2.25B |
| Depreciation & Amortization | 1.84B | 1.53B | 1.33B | 1.30B | 1.25B | 1.28B |
| Other Amortization | 26.18M | 26.18M | 29.15M | 34.12M | 39.61M | 43.03M |
| Gain (Loss) on Sale of Investments | 184.96M | 86.12M | -451.17M | -362.02M | -121.18M | -178.67M |
| Income (Loss) on Equity Investments | 12.66M | -58.19M | 155.41M | 83.05M | -86.39M | -345.96M |
| Change in Accounts Receivable | -34.94M | -59.77M | 36.16M | -11.80M | 63.35M | 265.35M |
| Change in Accounts Payable | -220.23M | 44.52M | 127.24M | 245.51M | 190.10M | 203.97M |
| Change in Other Net Operating Assets | -118.59M | 14.56M | -235.88M | 24.42M | -104.57M | -77.59M |
| Other Operating Activities | -2.18B | -2.07B | 452.14M | 334.92M | 393.64M | 194.78M |
| Operating Cash Flow | 4.12B | 4.14B | 3.81B | 3.93B | 3.77B | 3.64B |
| Acquisition of Real Estate Assets | -905.41M | -934.35M | -755.58M | -793.28M | -650.02M | -527.93M |
| Sale of Real Estate Assets | 55.20M | 59.66M | 3.00M | |||
| Net Sale / Acq. of Real Estate Assets | -905.41M | -934.35M | -700.38M | -793.28M | -590.37M | -524.93M |
| Cash Acquisition | -137.97M | -1.01B | -9.88M | -65.83M | -182.38M | -251.49M |
| Investment in Marketable & Equity Securities | 292.08M | 326.23M | 2.14B | -512.43M | 196.66M | 218.28M |
| Other Investing Activities | 5.22M | 16.96M | -24.12M | 8.37M | -50.49M | 5.38M |
| Investing Cash Flow | -746.07M | -1.60B | 1.41B | -1.36B | -626.56M | -552.76M |
| Long-Term Debt Issued | 3.67B | 1.10B | 3.63B | 3.45B | 9.25B | |
| Long-Term Debt Repaid | -3.28B | -2.97B | -2.66B | -3.72B | -10.13B | |
| Net Debt Issued (Repaid) | 414.48M | 390.42M | -1.87B | 971.32M | -272.46M | -875.75M |
| Repurchase of Common Stock | -578.11M | -240.74M | -10.56M | -146.39M | -187.18M | -2.32M |
| Preferred Share Repurchases | -5.33M | -5.33M | -7.83M | -2.83M | -328.00K | -328.00K |
| Common & Preferred Dividends Paid | -2.86B | -2.79B | -2.65B | -2.44B | -2.26B | -2.35B |
| Total Dividends Paid | -2.86B | -2.79B | -2.65B | -2.44B | -2.26B | -2.35B |
| Other Financing Activities | -555.38M | -464.53M | -454.28M | -403.12M | -328.38M | -332.16M |
| Net Cash Flow | -212.35M | -577.20M | 231.35M | 547.36M | 87.69M | -477.68M |
| Levered Free Cash Flow | 2.60B | 2.34B | 1.97B | 2.00B | 2.01B | 1.69B |
| Unlevered Free Cash Flow | 3.27B | 2.95B | 2.53B | 2.54B | 2.48B | 2.18B |
| Cash Interest Paid | 945.74M | 945.74M | 911.35M | 856.11M | 763.20M | 822.18M |
| Cash Income Tax Paid | 29.13M | 29.13M | 119.14M | 31.19M | 53.24M | |
| Change in Working Capital | -373.77M | -679.00K | -72.48M | 258.13M | 148.89M | 391.73M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 82.61B | 60.43B | 56.19B | 46.54B | 38.61B | 52.50B |
| Enterprise Value | 111.03B | 85.87B | 80.61B | 71.88B | 64.20B | 79.25B |
| Last Close Price | 217.75 | 179.09 | 158.57 | 124.94 | 96.67 | 123.78 |
| Price/FFO Ratio | 17.64 | 14.51 | 12.21 | 9.99 | 8.09 | 10.37 |
| Price/AFFO Ratio | 19.91 | 16.93 | 12.21 | 9.99 | 8.09 | 10.37 |
| PE Ratio | 15.35 | 13.07 | 23.73 | 20.41 | 18.07 | 23.37 |
| PS Ratio | 11.90 | 9.49 | 9.42 | 8.22 | 7.30 | 10.27 |
| PB Ratio | 16.03 | 9.01 | 15.61 | 12.62 | 10.10 | 11.93 |
| P/OCF Ratio | 20.04 | 14.61 | 14.73 | 11.84 | 10.25 | 14.43 |
| EV/Sales Ratio | 16.00 | 13.49 | 13.52 | 12.70 | 12.13 | 15.49 |
| EV/EBITDA Ratio | 21.66 | 18.26 | 18.22 | 17.50 | 16.74 | 21.45 |
| EV/EBIT Ratio | 33.75 | 27.04 | 26.06 | 25.61 | 24.85 | 32.87 |
| Debt / Equity Ratio | 5.04 | 4.36 | 6.89 | 7.19 | 6.66 | 5.87 |
| Debt / EBITDA Ratio | 5.67 | 6.14 | 5.54 | 6.38 | 6.55 | 6.90 |
| Net Debt / Equity Ratio | 4.86 | 4.23 | 6.50 | 6.87 | 6.50 | 5.75 |
| Net Debt / EBITDA Ratio | 5.54 | 6.03 | 5.29 | 6.17 | 6.47 | 6.85 |
| Asset Turnover | 0.19 | 0.17 | 0.18 | 0.17 | 0.16 | 0.15 |
| Quick Ratio | 0.26 | 0.18 | 0.64 | 0.59 | 0.48 | 0.47 |
| Current Ratio | 0.27 | 0.24 | 0.81 | 0.73 | 0.60 | 0.60 |
| Return on Equity (ROE) | 120.51% | 104.11% | 74.90% | 69.68% | 59.64% | 63.75% |
| Return on Assets (ROA) | 5.63% | 5.44% | 5.80% | 5.21% | 4.83% | 4.40% |
| Return on Invested Capital (ROIC) | 9.32% | 9.81% | 10.47% | 9.15% | 8.40% | 7.43% |
| Earnings Yield | 6.52% | 7.66% | 4.22% | 4.91% | 5.54% | 4.29% |
| Dividend Yield | 4.13% | 4.60% | 4.70% | 5.22% | 5.84% | 3.66% |
| Payout Ratio | 62.72% | 60.35% | 111.57% | 106.84% | 105.82% | 104.54% |
| Buyback Yield / Dilution | 0.28% | -0.08% | 0.22% | 0.31% | 0.23% | -6.43% |
| Total Shareholder Return | 4.41% | 4.52% | 4.92% | 5.53% | 6.08% | -2.77% |