1. Simon Property Group reports 4.1% increase in Real Estate FFO year-over-year. 2. Net income per diluted share rose to $1.70, up from $1.51 in 2024. 3. Occupancy improved to 96.0%, a 0.4% increase year-over-year. 4. Quarterly dividend for SPGPrJ increased to $1.046875 per share. 5. Simon raised 2025 Real Estate FFO guidance midpoint to $12.55 per share.
Strong performance indicators and dividend increase may attract investor interest, like in 2021.
The detailed financial performance and dividend increase signal strong stability and growth potential for SPGPrJ.
Sustained cash flow growth enhances long-term outlook, similar to previous steady gains.
INDIANAPOLIS, Aug. 4, 2025 /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2025.
"We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution," said David Simon, Chairman, Chief Executive Officer and President. "Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance."
On June 27, 2025, the Company acquired its partner's interest in the retail and parking facilities at Brickell City Centre, located in Miami, Florida. Simon now wholly-owns and manages the asset.
During the first six months, the Company completed 21 secured loan transactions totaling approximately $3.8 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.84%.
As of June 30, 2025, Simon had approximately $9.2 billion of liquidity consisting of $1.8 billion of cash on hand, including its share of joint venture cash, and $7.4 billion of available capacity under its revolving credit facilities.
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.15 for the third quarter of 2025. This is an increase of $0.10, or 4.9% year-over-year. The dividend will be payable on September 30, 2025 to shareholders of record on September 9, 2025.
Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2025 to shareholders of record on September 16, 2025.
The Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2025 are included in the table below and are reconciled in the Company's supplemental information. The Company is increasing its outlook for Real Estate FFO to $12.45 to $12.65 per diluted share.
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 4, 2025. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 11, 2025. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13754744.
Supplemental information on our second quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth, which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax.
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors.
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.