Simon Property Group reported strong fourth-quarter and full-year 2025 results, highlighted by record operating performance and higher shareholder returns.

For the fourth quarter, net income attributable to common stockholders surged to $3.05 billion, or $9.35 per diluted share, driven largely by a $2.89 billion non-cash gain related to the acquisition of the remaining interest in Taubman Realty Group. Real Estate Funds From Operations (FFO) rose 4.2% year over year to $1.33 billion, or $3.49 per diluted share, while domestic property net operating income increased 4.8%.

For the full year, Simon generated record Real Estate FFO of $4.81 billion, or $12.73 per diluted share, up 4.0% from 2024, and returned $3.5 billion to shareholders. Portfolio fundamentals remained solid, with U.S. mall and Premium Outlet occupancy at 96.4%, base minimum rent per square foot up 4.7% to $60.97, and retailer sales per square foot rising 8.1% to $799.

The company ended 2025 with approximately $9.1 billion of liquidity and was active in debt markets, completing $1.5 billion of senior note issuances and about $7.0 billion in secured loan transactions. Simon also increased its quarterly common dividend to $2.20 per share for the first quarter of 2026, up 4.8% year over year.

For 2026, Simon guided net income of $6.87–$7.12 per diluted share and Real Estate FFO of $13.00–$13.25 per diluted share, signaling confidence in continued cash flow and dividend growth.

Source: Simon Property Group