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Dec 31, 2025
Simon Q4 2025 Earnings Report
Simon delivered strong fourth-quarter results supported by a large non-cash gain related to the Taubman transaction.
Key Takeaways
Simon reported robust Q4 2025 results, highlighted by significantly higher net income driven by a non-cash gain from the Taubman Realty Group acquisition, while core operating performance showed steady NOI growth and stable occupancy.
Net income surged due to a large non-cash acquisition gain
Real Estate FFO per share increased year over year
Occupancy at U.S. malls and outlets remained above 96%
Domestic and portfolio NOI both posted solid growth
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Simon expects stable earnings supported by continued NOI growth and disciplined capital allocation.
Positive Outlook
- Expected Real Estate FFO growth in 2026
- Strong liquidity position entering the year
- Stable occupancy across core assets
- Continued redevelopment and leasing activity
- Ongoing shareholder returns through dividends
Challenges Ahead
- Macroeconomic uncertainty impacting retail tenants
- Higher interest rate environment
- Potential volatility from international operations
- Exposure to retail sector structural changes
- Execution risk in redevelopment projects
Historical Earnings Impact
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Avg. Return Before/After Earnings
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