Simon Property Group Inc. (SPG)

Simon Property Group, Inc. 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 assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, The Mills, and International Properties. At December 31, 2024, we owned or had an interest in 229 properties comprising 183 million square feet in North America, Asia and Europe. We also owned an 88% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at December 31, 2024, we had a 22.4% ownership interest in Klepierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries. Simon Property Group, Inc. was incorporated in 1960 and is based in Indianapolis, Indiana.

Symbol: SPG
Exchange: NYSE
Sector: Real Estate
Industry: REIT - Retail
Market cap: $65.11B
52 week range: 172.19 - 238.5

Valuation

Share price: $200.95 (close of 2026-10-02)
P/E (TTM): 14.17x
Price to book: 11.68x
Price to free cash flow: 20.24x
Enterprise value: $93.52B
Book value per share: $17.20

Price performance

Period	Change
1 day	+0.07%
5 days	-1.89%
1 month	-4.40%
3 months	-11.11%
6 months	+6.51%
Year to date	+8.56%
1 year	+8.62%
3 years	+92.06%
5 years	+50.93%
10 years	-2.93%
All time	+862.40%

Members of Congress who disclosed SPG trades

Victoria Spartz · Alan Armstrong · Greg Landsman · Jefferson Shreve · Jonathan Jackson · Val Hoyle

Super investors holding SPG

Ken Griffin (Citadel) · Christopher Davis (Davis Selected Advisers)

Profitability and growth

Return on equity: 82.88%
Return on invested capital: 9.06%
Return on assets: 13.21%
Gross margin: 53.30%
Net margin: 84.28%
EBITDA margin: 72.30%
Revenue growth: 6.72%
Net income growth: 96.56%
Free cash flow growth: 4.68%

Cash flow and balance sheet

Free cash flow yield (TTM): 4.94%
Net debt to EBITDA: 3.42x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $6.36B
Cost of revenue: $2.97B
Gross profit: $3.39B
EBITDA: $4.60B
Net income: $5.36B
Earnings per share: $14.17
Interest expense: $974.84M
Shares outstanding: 326.37M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$6.36B	$3.39B	$5.36B	$14.17
2024-12-31	$5.96B	$3.28B	$2.73B	$7.26
2023-12-31	$5.66B	$2.97B	$2.62B	$6.98
2022-12-31	$5.29B	$2.73B	$2.45B	$6.52
2021-12-31	$5.12B	$2.56B	$2.57B	$6.84
2020-12-31	$4.61B	$2.09B	$1.28B	$3.59
2019-12-31	$5.76B	$3.10B	$2.42B	$6.81
2018-12-31	$5.65B	$3.12B	$2.82B	$7.87
2017-12-31	$5.53B	$3.01B	$2.24B	$6.24
2016-12-31	$5.44B	$2.93B	$2.13B	$5.87

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	53.30%	84.28%	82.88%	9.06%
2024-12-31	55.03%	45.76%	79.92%	11.51%
2023-12-31	52.54%	46.25%	74.95%	9.84%
2022-12-31	51.52%	46.35%	67.90%	9.08%
2021-12-31	49.99%	50.20%	66.67%	8.28%
2020-12-31	45.43%	27.72%	36.79%	6.64%
2019-12-31	53.83%	42.10%	83.24%	10.82%
2018-12-31	55.34%	49.99%	74.33%	11.01%
2017-12-31	54.37%	40.61%	52.96%	10.23%
2016-12-31	53.88%	39.28%	43.04%	9.94%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$823.15M	$28.43B
2024-12-31	$1.40B	$24.26B
2023-12-31	$2.17B	$26.03B
2022-12-31	$621.63M	$24.96B
2021-12-31	$533.94M	$25.32B
2020-12-31	$1.01B	$26.72B
2019-12-31	$669.37M	$24.16B
2018-12-31	$514.34M	$23.31B
2017-12-31	$1.48B	$24.63B
2016-12-31	$560.06M	$22.98B

Free cash flow by year

Period end	Free cash flow
2025-12-31	$3.20B
2024-12-31	$3.06B
2023-12-31	$3.14B
2022-12-31	$3.12B
2021-12-31	$3.11B
2020-12-31	$1.84B
2019-12-31	$2.93B
2018-12-31	$2.97B
2017-12-31	$2.86B
2016-12-31	$2.57B

Dividend history

Most recent payment: 2026-09-09
Paid in the last twelve months: $8.90

Payment date	Dividend per share
2026-09-09	$2.25
2026-06-09	$2.25
2026-03-10	$2.20
2025-12-10	$2.20
2025-09-09	$2.15
2025-06-09	$2.10
2025-03-10	$2.10
2024-12-09	$2.10

Investor relations

Next earnings report

Next confirmed report: 2026-11-02
Consensus EPS estimate: $3.32

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-10	Jun/2026	$3.18
2026-05-11	Mar/2026	$2.98
2026-02-02	Dec/2025	$3.47
2025-11-03	Sep/2025	$3.09
2025-08-04	Jun/2025	$3.04
2025-05-12	Mar/2025	$2.91
2025-02-04	Dec/2024	$3.40
2024-11-01	Sep/2024	$3.00

Filings and sources

Company website: simon.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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