Simon Property Group Inc

simon.com

What Do They Do?

Owns, develops and manages malls, outlet centers and mixed-use destinations for retailers, restaurants and other tenants.

How Do They Make Money?

Earns rent from retail, dining, entertainment and other tenants under long-term leases; tenants pay fixed rent and additional rent when reported sales exceed set thresholds, and reimburse certain property costs.

FY2025 revenue

Who Are Their Customers?

Retail, dining, entertainment and other businesses lease space in the properties; the company also provides property operating services to tenants and others.

Do Revenues Turn Into Profits?

Yes. It kept 84 cents of every revenue dollar as net income in FY2025 and turned 50 cents into free cash flow.

Operating income, FY2025

50% of revenue

▲ +3% vs FY2024 ($3.1B, 52%)

Net income, FY2025

84% of revenue

▲ +97% vs FY2024 ($2.7B, 46%)

Free cash flow, FY2025

50% of revenue

▲ +5% vs FY2024 ($3.1B, 51%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +19%; vs $1.5B in Q2 FY2025
Net income: ▼ −11%; vs $643.7M in Q2 FY2025

Aug 10, 2026 Raised full-year Real Estate FFO per-share guidance The new range is $13.20 to $13.30 per diluted share.
May 11, 2026 Raised full-year Real Estate FFO per-share guidance The new range was $13.10 to $13.25 per diluted share.
Mar 24, 2026 David Simon died; Eli Simon became CEO and president Larry Glasscock was appointed non-executive chairman.

Growing. Revenue grew 24% in 4 years, from $5.1B in FY2021 to $6.4B in FY2025, about 6% a year.

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