Simon Property Group reported Q3 2025 results with revenue of $1.60 billion, up 4.5% from the same quarter a year earlier. Net income attributable to common shareholders was $606 million, and funds from operations rose to $1.228 billion, compared with $1.067 billion a year earlier. The company posted earnings per share of $1.86, beating the consensus estimate of $3.09 and generating a FFO per share of $3.22.
The company completed a $1.5 billion two‑tranche senior notes offering and raised its quarterly dividend to $2.20 per share, a 4.8% year‑over‑year increase. Liquidity at the end of the quarter stood at approximately $9.5 billion, comprising cash and available credit facilities.
Simon Property Group raised its full‑year 2025 real‑estate FFO guidance to $12.60–$12.70 per share, up from the prior range of $12.45–$12.65. The company also completed the acquisition of the remaining 12% interest in The Taubman Realty Group, a transaction expected to be accretive in 2026 and fully realized in 2027. Occupancy rates for U.S. malls and premium outlets were 96.4%, and the base minimum rent per square foot increased 2.5% year‑over‑year to $59.14.
Management highlighted that lease income grew 8% and domestic NOI increased 5.1% year‑over‑year, driven by strong demand in the retail and data‑center sectors. The company emphasized its ongoing mixed‑use redevelopment strategy and omnichannel initiatives as key drivers of future growth.
The company’s performance was supported by a robust portfolio of traditional malls, premium outlets, and The Mills, with retail sales per square foot averaging $742 for the trailing 12 months ended September 30, 2025. Management noted that the company remains well‑positioned to navigate competitive pressures and continue delivering value to shareholders.
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