S
imon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, reported results for the quarter ended June 30, 2025. The company's Chairman, Chief Executive Officer and President, David Simon, stated that they delivered another successful quarter driven by the quality of their portfolio and disciplined execution.

    Key highlights from the quarter include:

    * Net income attributable to common stockholders was $556.1 million, or $1.70 per diluted share, compared to $493.5 million, or $1.51 per diluted share in 2024.

    * Real Estate Funds From Operations (FFO) was $1.154 billion, or $3.05 per diluted share, an increase of 4.1% from the prior year.

    * Domestic property Net Operating Income (NOI) increased 4.2%, and portfolio NOI increased 4.7% compared to the prior year period.

    For the six months ended June 30, 2025, net income attributable to common stockholders was $969.8 million, or $2.97 per diluted share, compared to $1.225 billion, or $3.76 per diluted share in 2024. Real Estate FFO was $2.268 billion, or $6.01 per diluted share, an increase of 2.9% from the prior year.

    U.S. Malls and Premium Outlets Operating Statistics:

    * Occupancy at June 30, 2025 was 96.0%, a 0.4% increase compared to 95.6% at June 30, 2024.

    * Base minimum rent per square foot was $58.70 at June 30, 2025, an increase of 1.3% from the prior year.

    Acquisition Activity:

    * On June 27, 2025, Simon acquired its partner's interest in the retail and parking facilities at Brickell City Centre, located in Miami, Florida.

    Capital Markets and Balance Sheet Liquidity:

    * During the first six months, the Company completed 21 secured loan transactions totaling approximately $3.8 billion.

    * As of June 30, 2025, Simon had approximately $9.2 billion of liquidity consisting of $1.8 billion of cash on hand and $7.4 billion of available capacity under its revolving credit facilities.

    Dividends:

    * Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.15 for the third quarter of 2025.

    * The Company also declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share.

    2025 Guidance:

    * 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.

    

    Low

    High

    Estimated net income attributable to common stockholders per diluted share

    $6.63

    $6.83

    Estimated Real Estate FFO per diluted share

    $12.45

    $12.65

    Conference Call:

    * 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.

    Supplemental Materials and Website:

    * 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.

    Non-GAAP Financial Measures:

    * The Company uses non-GAAP financial measures, including FFO, Real Estate FFO and NOI growth, which are not defined by generally accepted accounting principles (GAAP).

    * Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter.

    Forward-Looking Statements:

    * 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.

    About Simon:

    * 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.