Simon Property Group, Inc. is an Indiana corporation operating as a self-administered and self-managed real estate investment trust through its majority-owned subsidiary, Simon Property Group, L.P. The company owns, develops, and manages shopping, dining, entertainment, and mixed-use destinations, consisting primarily of malls, Premium Outlets, and Mills properties.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 6,365 | 5,964 | 5,659 | |
| Selling, general and administrative | 61 | 45 | 39 | |
| Depreciation, depletion and amortization | 1,426 | 1,265 | 1,262 | 1 |
| Total operating expenses | 3,189 | 2,871 | 2,852 | |
| Operating income | 3,175 | 3,093 | 2,807 | 1 |
| Interest expense | 975 | 906 | 855 | 2 |
| Income tax provision | 20 | 9 | 69 | 1 |
| Net income incl. noncontrolling interests | 5,364 | 2,729 | 2,617 | |
| Less: noncontrolling interests | 737 | 358 | 334 | 1 |
| Net income attributable to common | 4,624 | 2,368 | 2,280 | 1 |
| Diluted earnings per share | $14.17 | $7.26 | $6.98 | 1 |
| Weighted-average diluted shares | 326 | 326 | 327 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 5,364 | 2,729 | 2,617 | |
| Depreciation, depletion and amortization | 1,426 | 1,265 | 1,262 | |
| Net cash provided by operating activities | 4,137 | 3,815 | 3,931 | 1 |
| Net cash used in investing activities | (1,601) | 1,408 | (1,363) | |
| Repurchases of common stock | 227 | — | 141 | 1 |
| Debt repaid | 3,278 | 2,969 | 2,659 | |
| Net cash used in financing activities | (3,113) | (4,992) | (2,020) | |
| Cash and equivalents at end of period | 823 | 1,400 | 1,169 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 823 | 1,400 | 1 |
| Goodwill | 20 | 20 | 1 |
| Total assets | 40,606 | 32,406 | 1 |
| Long-term debt | 28,430 | 24,264 | |
| Total liabilities | 33,901 | 28,806 | |
| Redeemable interests (temporary equity) | 233 | 185 | |
| Stockholders' equity | 5,208 | 2,942 | |
| Noncontrolling interests | 1,264 | 473 | |
| Total equity | 6,472 | 3,415 |
| Revenue by segment · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Real estate | 6,017 | 94.5% |
| Total revenues, as filed | 6,365 | 100.0% |
Single reportable segment: no segment breakdown filed.
No product revenue tagged.
Geographic revenue is tagged under the filer's own concept, not a standard one; not read.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 40,606 | 32,406 | +8,200 | +25.3% | — |
| Total liabilities · BS | 33,901 | 28,806 | +5,095 | +17.7% | — |
| Long-term debt · BS | 28,430 | 24,264 | +4,166 | +17.2% | — |
| Total equity · BS | 6,472 | 3,415 | +3,057 | +89.5% | ◐ outsized |
| Net cash used in investing activities · CF | (1,601) | 1,408 | −3,009 | -213.7% | ◐ outsized |
| Net income incl. noncontrolling interests · IS | 5,364 | 2,729 | +2,635 | +96.6% | ◐ outsized |
| Net income incl. noncontrolling interests · CF | 5,364 | 2,729 | +2,635 | +96.6% | ◐ outsized |
| Stockholders' equity · BS | 5,208 | 2,942 | +2,266 | +77.0% | ◐ outsized |
| Net income attributable to common · IS | 4,624 | 2,368 | +2,256 | +95.3% | ◐ outsized |
| Net cash used in financing activities · CF | (3,113) | (4,992) | +1,879 | +37.6% | — |
| Noncontrolling interests · BS | 1,264 | 473 | +791 | +167.2% | ◐ outsized |
| Cash and equivalents at end of period · CF | 823 | 1,400 | −577 | -41.2% | — |
| Cash and cash equivalents · BS | 823 | 1,400 | −577 | -41.2% | — |
| Total revenues · IS | 6,365 | 5,964 | +401 | +6.7% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 113.5% sector median 7.4% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | n/a sector median +0.0% | insufficient data |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 5.46 sector median 0.71 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 49.9% sector median 23.6% | stable |
| Quarterly · as filed in 10-Q/10-K · $ millions | JUN 25 | SEP 25 | DEC 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 1,498 | 1,602 | 1,791 | 1,757 | 1,791 |
| Selling, general and administrative | 14 | 16 | — | 54 | 12 |
| Depreciation, depletion and amortization | 339 | 339 | — | 459 | 460 |
| Total operating expenses | 754 | 789 | — | 995 | 966 |
| Operating income | 744 | 813 | 891 | 762 | 824 |
| Interest expense | 233 | 243 | — | 276 | 281 |
| Net income incl. noncontrolling interests | 644 | 703 | 3,540 | 569 | 574 |
| Less: noncontrolling interests | 87 | 96 | — | 88 | 90 |
| Net income attributable to common | 556 | 606 | 3,048 | 480 | 483 |
| Diluted earnings per share | $1.70 | $1.86 | $9.35 | $1.48 | $1.49 |
| Weighted-average diluted shares | 326 | 326 | 326 | 325 | 324 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Operating income | 762 | 824 | +62 | +8.1% |
| Selling, general and administrative | 54 | 12 | −42 | -77.8% |
| Total revenues | 1,757 | 1,791 | +34 | +1.9% |
| Total operating expenses | 995 | 966 | −29 | -2.9% |
| Interest expense | 276 | 281 | +5 | +1.8% |
| Net income incl. noncontrolling interests | 569 | 574 | +5 | +0.9% |
| Net income attributable to common | 480 | 483 | +3 | +0.6% |
| Less: noncontrolling interests | 88 | 90 | +2 | +2.3% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $52,048M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 16 filings · 28 buys / 0 sells | net buying · +$533,051 |
| · Leibowitz Reuben S | BUY $95,950 | Form 4 filed 2026-07-01 · open market |
| · Glasscock Larry C | BUY $73,636 | Form 4 filed 2026-07-01 · open market |
| · Smith Daniel C. | BUY $70,066 | Form 4 filed 2026-07-01 · open market |
| · Rodkin Gary M | BUY $46,636 | Form 4 filed 2026-07-01 · open market |
| · Aeppel Glyn | BUY $44,405 | Form 4 filed 2026-07-01 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| · The Vanguard Group (2) | 0.00 % | 5%+ holder · DEF 14A filed 2026-04-01 |
| · BlackRock, Inc. (3) | 10.45 % | 5%+ holder · DEF 14A filed 2026-04-01 |
| · State Street Corporation and Subsidiaries (7) | 7.02 % | 5%+ holder · DEF 14A filed 2026-04-01 |
| Institutional % | 3 holders of 5%+ named | full 13F total pending — never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Simon Property Group's Form 10-K for FY2025 (accession 0001104659-26-019419), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. SPG is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.