SIMON PROPERTY GROUP INC. SPG
Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. REITs will generally not be liable for U.S. federal corporate income taxes as long as they distribute not less than 100% of their REIT taxable income. Simon Property Group, L.P. is our majority-owned Indiana partnership subsidiary that owns directly or indirectly all of our real estate properties and other assets. Unless stated otherwise or the context otherwise requires, references to "Simon" mean Simon Property Group, Inc. and references to the "Operating Partnership" mean Simon Property Group, L.P. References to "we," "us" and "our" mean collectively Simon, the Operating Partnership and those entities/subsidiaries owned or controlled by Simon and/or the Operating Partnership. According to the amended and restated Operating Partnership's partnership agreement, the Operating Partnership is required to pay all expenses of Simon.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.36B | $5.96B | $5.66B | $5.29B | $5.12B | $4.61B | $5.76B | $5.65B | $5.53B | $5.44B |
| SG&A | $60.9M | $44.7M | $38.5M | $35.0M | $30.3M | $22.6M | $34.9M | $46.5M | $52.0M | $65.1M |
| Total operating expenses | $3.19B | $2.87B | $2.85B | $2.71B | $2.70B | $2.64B | $2.84B | $2.72B | $2.72B | $2.71B |
| Operating income | $3.18B | $3.09B | $2.81B | $2.58B | $2.41B | $1.97B | $2.91B | $2.93B | $2.80B | $2.72B |
| Interest expense | $974.8M | $905.8M | $854.6M | $761.3M | $795.7M | $784.4M | $789.4M | $815.9M | $809.4M | $857.6M |
| Pre-tax income | $5.38B | $2.74B | $2.69B | — | — | — | — | — | — | — |
| Income tax | $20.3M | $9.3M | $68.8M | — | — | — | — | — | — | — |
| Net income | $5.36B | $2.73B | $2.62B | $2.45B | $2.57B | $1.28B | $2.42B | $2.82B | $2.24B | $2.13B |
| EPS, basic | 14.17 | 7.26 | 6.98 | 6.52 | 6.84 | 3.59 | 6.81 | — | — | — |
| EPS, diluted | 14.17 | 7.26 | 6.98 | 6.52 | 6.84 | 3.59 | 6.81 | 7.87 | 6.24 | 5.87 |
| Shares, diluted (wtd. avg.) | $326.4M | $326.1M | $326.8M | $327.8M | $328.6M | $308.7M | $308.0M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $823.1M | $1.40B | $1.17B | $621.6M | $533.9M | $1.01B | $669.4M | $514.3M | $1.48B | $560.1M |
| Short-term investments | — | — | $1.00B | — | — | — | — | — | — | — |
| Goodwill | $20.1M | $20.1M | $20.1M | $20.1M | $20.1M | $20.1M | $20.1M | $20.1M | $20.1M | $20.1M |
| Total assets | $40.61B | $32.41B | $34.28B | $33.01B | $33.78B | $34.79B | $31.23B | $30.69B | $32.26B | $31.10B |
| Long-term debt | $28.43B | $24.26B | $26.03B | $24.96B | $25.32B | $26.72B | $24.16B | $23.31B | $24.63B | $22.98B |
| Total liabilities | $33.90B | $28.81B | $30.60B | $29.19B | $29.38B | $31.13B | $28.10B | $26.66B | $27.83B | $26.01B |
| Retained earnings | -$4.61B | -$6.38B | -$6.10B | -$5.93B | -$5.82B | -$6.10B | -$5.38B | -$4.89B | -$4.78B | -$4.46B |
| Total equity | $5.21B | $2.94B | $3.49B | $3.61B | $3.85B | $3.47B | $2.91B | $3.80B | $4.24B | $4.96B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.14B | $3.81B | $3.93B | $3.77B | $3.64B | $2.33B | $3.81B | $3.75B | $3.59B | $3.37B |
| Capital expenditure | $934.3M | $755.6M | $793.3M | $650.0M | $527.9M | $484.1M | $876.0M | $781.9M | $732.1M | $798.5M |
| Investing cash flow | -$1.60B | $1.41B | -$1.36B | -$626.6M | -$552.8M | -$3.98B | -$1.08B | -$236.5M | -$761.5M | -$969.0M |
| Financing cash flow | -$3.11B | -$4.99B | -$2.02B | -$3.05B | -$3.56B | $1.99B | -$2.58B | -$4.48B | -$1.91B | -$2.54B |
| Buybacks | $226.8M | — | $140.6M | $180.4M | — | $152.6M | $359.8M | $354.1M | $407.0M | $255.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-019419.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |
| VTR | Ventas, Inc. | $46.30B | 167.2x | 18.5% |