Simon Property Q4 FFO Beats Estimates on Higher Revenues & Rent

Simon Property Group, Inc.’s SPG fourth-quarter 2025 real estate funds from operations (FFO) per share of $3.49 surpassed the Zacks Consensus Estimate of $3.47. This compares favorably with the real estate FFO of $3.35 in the prior-year period.

Results reflect an increase in revenues, backed by a rise in the base minimum rent per square foot. SPG issued its guidance for 2026 real estate FFO per share.

Simon Property generated revenues of $1.79 billion in the quarter, which outpaced the Zacks Consensus Estimate of $1.63 billion. Moreover, the reported figure increased 13.2% year over year.

For 2025, Simon Property reported real estate FFO per share of $12.73, outpacing the Zacks Consensus Estimate of $12.68. The reported figure improved 4% over the prior-year quarter. Total revenues of $6.36 billion surpassed the estimate of $6.14 billion. The figure increased 6.7% year over year.

SPG’s Fourth Quarter in Detail

SPG reported revenues from lease income of $1.64 billion, 14.5% higher than the prior-year period’s figure.

As of Dec. 31, 2025, the occupancy for the U.S. Malls and Premium Outlets portfolio came in at 96.4%, down 10 basis points from 96.5% as of Dec. 31, 2024.

The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio was $60.97 as of Dec. 31, 2025, rising from $58.26 as of Dec. 31, 2024. This reflected an increase of 4.7%.

Domestic property net operating income (NOI) increased 4.8% year over year, and portfolio NOI rose 5.1%.

Balance Sheet Position of SPG

Simon Property exited the fourth quarter of 2025 with $9.1 billion of liquidity. This comprised $1.4 billion of cash on hand, including its share of joint venture cash and $7.7 billion of available capacity under the company’s revolving credit facilities.

SPG’s Outlook for 2026

Simon Property expects 2025 real estate FFO per share between $13.00 and $13.25. The Zacks Consensus Estimate of $13.02 is within the guided range.

SPG’s Dividend Update

Concurrent with its fourth-quarter earnings release, Simon Property announced a quarterly common stock dividend of $2.20 for the first quarter of 2026. The dividend will be paid out on March 31 to shareholders of record as of March 10, 2026.

SPG’s Zacks Rank

Currently, SPG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Simon Property Group, Inc. Price, Consensus and EPS Surprise

Simon Property Group, Inc. price-consensus-eps-surprise-chart | Simon Property Group, Inc. Quote

Upcoming Earnings Releases

We now look forward to the earnings releases of other retail REITs, such as Regency Centers REG and Federal Realty Investment Trust FRT, which are slated to report on Feb. 5 and Feb. 12, respectively.

The Zacks Consensus Estimate for Regency’s fourth-quarter 2025 FFO per share is pegged at $1.17, implying a 7.3% year-over-year increase. REG currently carries a Zacks Rank #2.

The Zacks Consensus Estimate for Federal Realty Investment Trust’s fourth-quarter 2025 FFO per share stands at $1.86, indicating an 7.5% rise year over year. FRT currently has a Zacks Rank #3.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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