Simon Property Group, Inc. · NYSE:SPG
Simon Property — Q4 2025 Earnings Presentation
43 slides from Simon Property's earnings presentation, Feb 2, 2026
Slide 1: 4Q 2025 Supplemental
4Q 2025 SUPPLEMENTAL SIMON PROPERTY GROUP EARNINGS RELEASE & SUPPLEMENTAL INFORMATION UNAUDITED FOURTH QUARTER
Slide 2: Table of Contents
TABLE OF CONTENTS EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2025 PAGE Earnings Release(1) 2 – 11 Overview 12 The Company 12 Stock Information, Credit Ratings and Senior Unsecured Debt Covenants 13 Financial Data Selected Financial and Equity Information 14 Net
Slide 3: Earnings Release
EARNINGS RELEASE Contacts: Tom Ward 317-685-7330 Investors Nicole Kennon 704-804-1960 Media SIMON® REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS INDIANAPOLIS, February 2, 2026 − Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-
Slide 4: Earnings Release: Results for the Year
EARNINGS RELEASE Results for the Year • Net income attributable to common stockholders was $4.624 billion, or $14.17 per diluted share, as compared to $2.368 billion, or $7.26 per diluted share in 2024. • Real Estate FFO was $4.812 billion, or $12.73 per diluted share as compared to $4.597 billion,
Slide 5: 2026 Guidance
EARNINGS RELEASE 2026 Guidance The Company currently estimates net income to be within a range of $6.87 to $7.12 per diluted share and Real Estate FFO to be within a range of $13.00 to $13.25 per diluted share for the year ending December 31, 2026. The following table provides the GAAP to non-GAAP r
Slide 6: Forward-Looking Statements
EARNINGS RELEASE Forward-Looking Statements Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements
Slide 7: Unaudited Consolidated Statements of Operations
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts) For the Three Months For the Twelve Months Ended December 31, Ended December 31, 2025 2024 2025 2024 REVENUE: Lease income $1,639,349 $1,431,524 $5,839,160 $5,
Slide 8: Unaudited Consolidated Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts) December 31, December 31, 2025 2024 ASSETS: Investment properties, at cost $50,946,067 $40,242,392 Less – accumulated depreciation 20,701,510 19,047,078 30,244,557 21,195,31
Slide 9: Unaudited Joint Venture Combined Statements of Operations
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands) For the Three Months For the Twelve Months Ended December 31, Ended December 31, 2025 2024 2025 2024 REVENUE: Lease income $ 923,287 $ 803,654 $3,189,131 $3,060,755 Other inco
Slide 10: Unaudited Joint Venture Combined Balance Sheets
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets (Dollars in thousands) December 31, December 31, 2025 2024 Assets: Investment properties, at cost $22,077,749 $18,875,241 Less – accumulated depreciation 9,020,481 8,944,188 13,057,268 9,931,053 Cash and cash
Slide 11: Reconciliation of Non-GAAP Financial Measures
EARNINGS RELEASE Simon Property Group, Inc. Unaudited Reconciliation of Non-GAAP Financial Measures (C) (Amounts in thousands, except per share amounts) Reconciliation of Consolidated Net Income to FFO and Real Estate FFO For the Three Months For the Twelve Months Ended December 31, Ended December 3
Slide 12: Footnotes to Unaudited Financial Information
EARNINGS RELEASE Simon Property Group, Inc. Footnotes to Unaudited Financial Information Notes: (A) Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally a
Slide 13: The Company
OVERVIEW THE COMPANY Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other asset
Slide 14: Stock Information, Credit Ratings and Debt Covenants
OVERVIEW STOCK INFORMATION The Company’s common stock and one series of preferred stock are traded on the New York Stock Exchange under the following symbols: Common Stock SPG 8.375% Series J Cumulative Redeemable Preferred SPGPrJ CREDIT RATINGS Standard & Poor’s Corporate A (Stable Outlook) Senior
Slide 15: Selected Financial and Equity Information
SELECTED FINANCIAL AND EQUITY INFORMATION (In thousands, except as noted) THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2025 2024 2025 2024 Financial Highlights Total Revenue – Consolidated Properties $1,791,462 $1,582,232 $6,364,505 $5,963,798 Consolidated Net Income $3,539,882 $
Slide 16: Net Operating Income (NOI) Composition
NET OPERATING INCOME (NOI) COMPOSITION (1) For the Twelve Months Ended December 31, 2025 NOI BREAKDOWN U.S. PORTFOLIO NOI BY STATE FL 19.7% ALL OTHERS INTERNATIONAL (2) (28 STATES) 10.0% 23.4% THE MILLS 13.5% IN CA 2.5% 13.7% U.S. MALLS & PREMIUM OUTLETS GA 76.5% 3.6% MA 4.5% PA 4.7% TX 10.2% NV 5.4
Slide 17: Net Operating Income Overview (At Share)
NET OPERATING INCOME OVERVIEW (AT SHARE) (In thousands) FOR THE THREE MONTHS FOR THE TWELVE MONTHS ENDED DECEMBER 31, ENDED DECEMBER 31, 2025 2024 % GROWTH 2025 2024 % GROWTH (1) Domestic Property NOI $1,554,283 $1,482,584 4.8% $5,745,081 $5,503,350 4.4% International Properties (2) 104,651 95,657 3
Slide 18: Reconciliations of Non-GAAP Financial Measures
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF NET INCOME TO NOI THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, 2025 2024 2025 2024 Reconciliation of NOI of consolidated entities: Consolidated Net Income $ 3,539,882 $ 771,760 $ 5,36
Slide 19: FFO to Funds Available for Distribution
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (In thousands, except as noted) RECONCILIATION OF FFO OF THE OPERATING PARTNERSHIP TO FUNDS AVAILABLE FOR DISTRIBUTION (OUR SHARE) THREE TWELVE MONTHS ENDED MONTHS ENDED DECEMBER 31, 2025 DECEMBER 31, 2025 FFO of the Operating Partnership $ 1,241,912 $
Slide 20: Lease Income, Other Income, Other Expense
LEASE INCOME, OTHER INCOME, OTHER EXPENSE, INCOME FROM UNCONSOLIDATED ENTITIES, AND CAPITALIZED INTEREST (In thousands) THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31, DECEMBER 31, Consolidated Properties 2025 2024 2025 2024 Lease Income Fixed lease income (1) $ 1,296,870 $ 1,131,233 $ 4,727,341
Slide 21: Operating Information
OPERATING INFORMATION AS OF DECEMBER 31, AS OF DECEMBER 31, 2025 2024 2025 2024 U.S. Malls and Premium Outlets International Properties Total Number of Properties 178 162 Premium Outlets Total Square Footage of Properties (in millions) 150.4 136.0 Total Number of Properties 24 23 Ending Occupancy (1
Slide 22: U.S. Malls and Premium Outlets Lease Expirations
U.S. MALLS AND PREMIUM OUTLETS LEASE EXPIRATIONS (1) AVG. BASE PERCENTAGE OF NUMBER OF MINIMUM GROSS ANNUAL LEASES RENT PSF RENTAL YEAR EXPIRING SQUARE FEET AT EXPIRATION (2) REVENUES (3) Inline Stores and Freestanding Month to Month Leases 957 3,221,378 $ 63.60 3.0% 2026 3,156 10,840,848 $ 55.63 8.
Slide 23: U.S. Malls and Premium Outlets Top Tenants
U.S. MALLS AND PREMIUM OUTLETS TOP TENANTS Top Inline Store Tenants (sorted by percentage of total base minimum rent for U.S. properties) NUMBER SQUARE PERCENT OF PERCENT OF TOTAL OF FEET TOTAL SQ. FT. IN BASE MINIMUM RENT TENANT STORES (000’S) U.S. PROPERTIES FOR U.S. PROPERTIES The Gap 313 3,269 1
Slide 24: Capital Expenditures
CAPITAL EXPENDITURES (In thousands) UNCONSOLIDATED PROPERTIES CONSOLIDATED OUR PROPERTIES TOTAL SHARE New development projects $ 7,449 $ 21,261 $ 10,631 Redevelopment projects with incremental square footage and/or anchor replacement 362,148 207,674 100,636 Redevelopment projects with no incremental
Slide 25: Development Activity Summary
DEVELOPMENT ACTIVITY SUMMARY As of December 31, 2025 (in thousands, except percent) EXPECTED TOTAL OUR SHARE STABILIZED FORECASTED FORECASTED PLATFORM OF NET RATE OF ACTUAL 2025 INVESTMENT INVESTMENT PROJECT TYPE INVESTMENT RETURN INVESTMENT FY 2026 - 2027 FY 2025 - 2027 Malls Redevelopments $ 1,363
Slide 26: Common and Preferred Stock Information
COMMON AND PREFERRED STOCK INFORMATION CHANGES IN COMMON SHARE AND LIMITED PARTNERSHIP UNIT OWNERSHIP For the Period December 31, 2024 through December 31, 2025 LIMITED COMMON PARTNERSHIP SHARES (1) UNITS (2) Number Outstanding at December 31, 2024 326,278,138 50,759,627 Activity During the First Ni
Slide 27: Credit Profile
CREDIT PROFILE (1) NET DEBT ($ BILLIONS) FIXED CHARGE COVERAGE (X) UNSECURED INTEREST COVERAGE (X) (2) Non-Recourse Mortgage Debt Unsecured Net Debt 40.0 34.0 6.0 7.0 35.0 6.2 30.9 5.0 5.8 5.8 5.9 30.2 29.7 19.3 4.8 6.0 5.4 30.0 28.4 5.0 4.7 19.4 4.3 4.5 18.8 18.6 17.8 5.0 25.0 4.0 4.0 20.0 3.0 3.0
Slide 28: Summary of Indebtedness
SUMMARY OF INDEBTEDNESS As of December 31, 2025 (In thousands) WEIGHTED WEIGHTED WEIGHTED WEIGHTED OUR AVERAGE AVERAGE OUR AVERAGE AVERAGE TOTAL SHARE OF END OF PERIOD YEARS TO TOTAL SHARE OF END OF PERIOD YEARS TO INDEBTEDNESS INDEBTEDNESS INTEREST RATE MATURITY INDEBTEDNESS INDEBTEDNESS INTEREST R
Slide 29: Total Debt Amortization and Maturities by Year
TOTAL DEBT AMORTIZATION AND MATURITIES BY YEAR (OUR SHARE) As of December 31, 2025 (In thousands) UNSECURED CONSOLIDATED DEBT SECURED CONSOLIDATED DEBT UNCONSOLIDATED JOINT VENTURE DEBT TOTAL WEIGHTED WEIGHTED WEIGHTED WEIGHTED OUR SHARE AVERAGE OUR SHARE AVERAGE OUR SHARE AVERAGE OUR SHARE AVERAGE
Slide 30: Unsecured Debt Information
UNSECURED DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION INDEBTEDNESS MATURITY INTEREST TOTAL DATE RATE TYPE ($ IN 000’S) Unsecured Indebtedness: Simon Property Group, LP (Sr. Notes) 1/15/2026 3.30% Fixed 800,000(8) Global Commercial Paper – USD 1/22/2026 (7) 4.04% Fixed 355,000 Simon Pro
Slide 31: Property and Debt Information: Malls
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE Malls (2) 1. Apple Blossom Mall VA Winchester 49.1% 470,086 (2) 2. Auburn Mall MA Aub
Slide 32: Property and Debt Information: Malls
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 40. International Market Place HI Waikiki, Honolulu 100.0% 339,414 41. Internatio
Slide 33: Property and Debt Information: Malls
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 80. Shops at Riverside, The NJ Hackensack (New York) 100.0% 726,720 (2) 81. Smith
Slide 34: Property and Debt Information: Premium Outlets
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE Premium Outlets (2) 1. Albertville Premium Outlets MN Albertville (Minneapolis) 100.0
Slide 35: Property and Debt Information: Premium Outlets
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 39. North Bend Premium Outlets WA North Bend (Seattle) 100.0% 189,132 (2) 40. Nor
Slide 36: Property and Debt Information: The Mills
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE The Mills 1. Arizona Mills AZ Tempe (Phoenix) 100.0% 1,221,069 09/01/26 3.80% Fixed 9
Slide 37: Property and Debt Information: International Properties
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE International Properties AUSTRIA (13) 1. Parndorf Designer Outlet Phases 3 & 4 Vienna
Slide 38: Property and Debt Information: International Properties
PROPERTY AND DEBT INFORMATION As of December 31, 2025 DEBT INFORMATION LEGAL TOTAL MATURITY INTEREST INDEBTEDNESS ($ in 000’s) PROPERTY NAME STATE CITY (CBSA) OWNERSHIP SQUARE FEET DATE RATE(1) TYPE TOTAL OUR SHARE (2) 24. Toki Premium Outlets Toki (Nagoya) 40.0% 367,700 (15) 25. Tosu Premium Outlet
Slide 39: Property and Debt Information Footnotes
PROPERTY AND DEBT INFORMATION As of December 31, 2025 FOOTNOTES: (1) Variable rate debt interest rates are based on the following base rates as of December 31, 2025: Overnight SOFR 3.87%; 1 month CME Term SOFR 3.6875%; 30 Day Average SOFR 3.7866%; 1M EURIBOR at 1.939%; 3M EURIBOR at 2.026%; 6M EURIB
Slide 40: Non-GAAP Pro-Rata Financial Information
NON-GAAP PRO-RATA FINANCIAL INFORMATION The following pro-rata financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP pro-rata financial information aggregates our proportionate economic ownership of each asset in our property portfolio that we
Slide 41: Non-GAAP Pro-Rata Financial Information: Three Months
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE THREE MONTHS ENDED FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 DECEMBER 31, 2024 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS (1) JOINT VENTURES INTERESTS (1) JOINT VENTURES REVENUE: Lease income $(26,313) $434,363
Slide 42: Non-GAAP Pro-Rata Financial Information: Twelve Months
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) FOR THE TWELVE MONTHS ENDED FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2025 DECEMBER 31, 2024 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS (1) JOINT VENTURES INTERESTS (1) JOINT VENTURES REVENUE: Lease income $(75,280) $1,497,
Slide 43: Non-GAAP Pro-Rata Financial Information: Balance Sheet
NON-GAAP PRO-RATA FINANCIAL INFORMATION (In thousands) AS OF DECEMBER 31, 2025 AS OF DECEMBER 31, 2024 OUR OUR NONCONTROLLING SHARE OF NONCONTROLLING SHARE OF INTERESTS JOINT VENTURES INTERESTS JOINT VENTURES ASSETS: Investment properties, at cost $(1,323,026) $12,798,509 $(578,550) $ 9,934,061 Less