SPG
SP100NYSESimon Property Group, Inc.
Real Estate · REIT - Retail · United States
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.
www.simon.com ↗Shares trade at a moderate 15.7× trailing earnings, easing to 33.5× on forward estimates. Profitability shows a net margin of 70.6% and return on equity of 113.6%. Leverage is high at 5.8× net debt/EBITDA. Revenue grew 19.3% year-on-year. It yields 3.9% in dividends. The mean analyst target of USD219.26 sits 3.0% below the current price (Buy, 19 analysts).
business model
Simon Property Group is a real estate investment trust that owns, develops, and manages premier retail real estate, including malls, premium outlets, and mixed-use destinations. It generates revenue primarily from leasing space to retailers and other tenants, earning base rent plus overage/percentage rent, tenant reimbursements, and ancillary income, and also holds equity stakes in retail brands and international properties.
revenue segments
Revenue comes chiefly from lease income across its property portfolio of malls and premium outlets, along with management fees and income from investments, including its interest in the Taubman portfolio, international properties, and equity positions in retail operating companies. Property leasing is the core driver.
key dependencies
Depends on retailer health and demand for physical retail space, occupancy and rent-spread trends, consumer spending and mall traffic, interest rates affecting financing and cap rates, and the performance of anchor and specialty tenants. Redevelopment and mixed-use conversion also matter.
competitors
Competes with other retail REITs and mall/outlet owners such as Macerich, Tanger, Brookfield's retail properties, and various regional operators, as well as broadly with e-commerce and alternative retail formats that reduce demand for physical space.
moat
Its moat comes from ownership of high-quality, hard-to-replicate Class A malls and premium outlet centers in strong locations, scale that attracts national tenants, an experienced management platform, and a strong balance sheet that supports redevelopment and acquisitions.
risks
Risks include secular pressure from e-commerce, tenant bankruptcies and store closures, exposure to weaker lower-tier malls, sensitivity to interest rates and refinancing costs, consumer-spending downturns, and the capital intensity of redeveloping properties and diversifying into mixed-use.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $6.36B | $5.96B | $5.66B | $5.29B | — |
| Cost of revenue | $1.15B | $1.04B | $1.03B | $1.00B | — |
| Gross profit | $5.21B | $4.92B | $4.63B | $4.29B | — |
| Operating expense | $2.04B | $1.83B | $1.82B | $1.71B | — |
| Operating income | $3.18B | $3.09B | $2.81B | $2.58B | — |
| Interest expense | $974.84M | $905.80M | $854.65M | $761.25M | — |
| Pretax income | $5.40B | $2.75B | $2.70B | $2.54B | — |
| Tax provision | $35.79M | $23.26M | $81.87M | $83.51M | — |
| Net income | $4.63B | $2.37B | $2.28B | $2.14B | — |
| EBITDA | $7.93B | $5.02B | $4.89B | $4.59B | — |
| Diluted EPS | $14.17 | $7.26 | $6.98 | $6.52 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $40.61B | $32.41B | $34.28B | $33.01B | — |
| Current assets | $2.31B | $2.83B | $3.59B | $2.11B | — |
| Cash & equivalents | $823.15M | $1.40B | $1.17B | $621.63M | — |
| Total liabilities | $33.90B | $28.81B | $30.60B | $29.19B | — |
| Current liabilities | $4.05B | $3.40B | $3.46B | $3.19B | — |
| Total debt | $29.19B | $24.78B | $26.52B | $25.46B | — |
| Long-term debt | $28.08B | $24.26B | $26.03B | $24.96B | — |
| Shareholders' equity | $5.21B | $2.94B | $3.02B | $3.14B | — |
| Retained earnings | -$4.61B | -$6.38B | -$6.10B | -$5.93B | — |
| Working capital | -$1.74B | -$566.36M | $132.36M | -$1.09B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $4.14B | $3.81B | $3.93B | $3.77B | — |
| Investing cash flow | -$1.60B | $1.41B | -$1.36B | -$626.56M | — |
| Financing cash flow | -$3.11B | -$4.99B | -$2.02B | -$3.05B | — |
| Capital expenditure | -$934.35M | -$755.58M | -$793.28M | -$650.02M | — |
| Free cash flow | $3.20B | $3.06B | $3.14B | $3.12B | — |
| Dividends paid | -$3.23B | -$3.05B | -$2.80B | -$2.59B | — |
| Share buybacks | -$253.35M | -$60.68M | -$162.74M | -$189.35M | — |
| End cash position | $823.15M | $1.40B | $1.17B | $621.63M | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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