Simon is entering 2026 with performance that cements its status as one of the most powerful players in brick-and-mortar retail. The S&P 100 REIT, known for its premier shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia, closed 2025 with record earnings, strong leasing momentum, and a confident outlook that positions physical retail as a long-term winner.
Simon posts record 2025 earnings
For the full year 2025, net income attributable to common stockholders surged to $4.624 billion, or $14.17 per diluted share, up from $2.368 billion, or $7.26 in 2024. In the fourth quarter alone, net income climbed to $3.048 billion, or $9.35 per diluted share, compared with $667.2 million, or $2.04 in the prior year period. A major driver was a non-cash gain of $2.89 billion tied to Simon’s acquisition of the remaining interest in Taubman Realty Group, reflecting the remeasurement of its previously held equity interest to fair value.
Operationally, Real Estate Funds From Operations (Real Estate FFO) hit a record $4.812 billion, or $12.73 per diluted share for 2025, a 4.0% year-over-year increase from $4.597 billion, or $12.24 per diluted share. In the fourth quarter, Real Estate FFO rose to $1.328 billion, or $3.49 per diluted share, up 4.2% from $1.261 billion, or $3.35 a year earlier.
“I am very pleased with our fourth-quarter results, which caps another impressive year of performance for our Company,” David Simon, Chairman, Chief Executive Officer, and President, said. He added that in 2025, Simon generated record Real Estate FFO of $4.8 billion and returned $3.5 billion to shareholders, while continuing to focus on “disciplined, value-creating investment activity and operational excellence” to drive sustainable growth in cash flow, FFO, and dividends per share.
Leasing, rents, and sales show real-world strength
In U.S. Malls and Premium Outlets, occupancy remained exceptionally tight at 96.4% as of December 31, 2025, compared with 96.5% a year earlier. Base minimum rent increased to $60.97 per square foot, up from $58.26, representing a 4.7% lift in pricing.
Tenant performance is also moving in the right direction. Reported retailer sales per square foot reached $799 for the trailing 12 months, up from $739, an 8.1% increase that reinforces the continued relevance of high-quality physical retail. Domestic property Net Operating Income (NOI) rose 4.4% for the year and 4.8% in the quarter, while portfolio NOI increased 4.7% and 5.1%, respectively.
Redevelopment, outlets, and acquisitions fuel growth
Beyond the income statement, Simon is actively reshaping its portfolio. In 2025, the company executed over 17 million square feet of leases, opened a new Premium Outlet in Indonesia, completed 23 significant redevelopment projects, and acquired approximately $2 billion of high-quality retail properties. These initiatives strengthen Simon’s positioning in dominant trade areas and support long-term NOI and traffic growth.
Capital markets firepower and higher dividends
In the capital markets, Simon completed a two-tranche senior notes offering totaling $1.5 billion in 2025, with a weighted-average term of 7.8 years and a coupon rate of 4.775%. The company also completed 46 secured loan transactions totaling approximately $7.0 billion (U.S. dollar equivalent), at a weighted average interest rate of 5.43%.
As of December 31, 2025, Simon reported total liquidity of approximately $9.1 billion, including $1.4 billion of cash on hand (its share of joint venture cash) and $7.7 billion of available capacity under revolving credit facilities. After year-end, the company completed an $800 million offering of 5‑year, 4.300% senior notes, using the proceeds to repay its $800 million 3.300% notes at maturity on January 15, 2026.
Shareholders are directly benefiting from this strength. Simon’s Board of Directors declared a quarterly common stock dividend of $2.20 for the first quarter of 2026, an increase of $0.10, or 4.8% year-over-year, payable on March 31, 2026, to shareholders of record on March 10, 2026. The Board also declared a quarterly dividend of $1.046875 per share on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ), payable on March 31, 2026, to shareholders of record on March 17, 2026.
2026 guidance: steady growth in a complex landscape
For 2026, Simon currently estimates net income in the range of $6.87 to $7.12 per diluted share and Real Estate FFO in the range of $13.00 to $13.25 per diluted share. While the company highlights macro and industry risks, from e-commerce, tenant bankruptcies, and rising rates to geopolitical tensions and supply chain disruptions, it is leaning on its scale, balance sheet, and high‑traffic destinations to keep growing cash flow, FFO, and dividends.
For retailers and brands, the 2025 results send a clear message that the right kind of physical retail, dominant locations, experience-led environments, and disciplined reinvestment continue to earn their place in the modern omnichannel strategy.
