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Sep 30, 2025
Simon Q3 2025 Earnings Report
Simon delivered strong Q3 2025 results with higher earnings, improved occupancy, and the completion of the Taubman Realty Group acquisition.
Key Takeaways
Simon Property Group posted a solid Q3 2025, with increases in EPS, FFO, occupancy, and retail sales per square foot. The company also completed its acquisition of the remaining interest in Taubman Realty Group.
Net income rose to $606.2M, up from $475.2M last year.
FFO per diluted share increased to $3.25.
Occupancy reached 96.4% with rising retailer sales.
Simon acquired the remaining 12% of Taubman Realty Group.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Simon increased its 2025 Real Estate FFO guidance to $12.60–$12.70 per diluted share.
Positive Outlook
- Raised full-year 2025 Real Estate FFO outlook
- Completed strategic acquisition of Taubman
- Strong occupancy and rent metrics
- Improved portfolio and domestic NOI
- Healthy liquidity position with $9.5B available
Challenges Ahead
- Net income for YTD is down compared to 2024
- Interest expense increased during the quarter
- Equity investments like Klépierre showed unrealized losses
- Operating expenses increased year-over-year
- Market conditions and global tensions may impact future performance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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