Simon Property Group said diluted earnings per share in 2025 were $14.17, an increase of $6.91 from $7.26 in 2024. The company cited a non-cash gain of $2.9 billion, or $7.56 per diluted share/unit, related to the remeasurement of its previously held 88% noncontrolling equity interest in TRG to fair value as a result of the TRG Acquisition as one of the factors in the increase.

1. 01

   Simon Property Group said diluted earnings per share in 2025 were $14.17, an increase of $6.91 from $7.26 in 2024. The company cited a non-cash gain of $2.9 billion, or $7.56 per diluted share/unit, related to the remeasurement of its previously held 88% noncontrolling equity interest in TRG to fair value as a result of the TRG Acquisition as one of the factors in the increase.

2. 02

   Simon Property Group said on October 31, 2025 it closed on the acquisition of the remaining 12% interest in TRG which it did not previously own and consolidated TRG as of the acquisition date. Of the 22 regional, super-regional, and outlet malls in which TRG holds an interest, 11 are now consolidated and 11 are accounted for under the equity method upon the acquisition.

3. 03

   Simon Property Group said net cash flow from operating activities and distributions of capital from unconsolidated entities totaled $4.5 billion in 2025. During the same year, the company funded acquisition activity for aggregate cash consideration of $1.1 billion, paid stockholder dividends and unitholder distributions totaling approximately $3.2 billion, and funded consolidated capital expenditures of $934.3 million.

4. 04

   Simon Property Group said its balance of cash and cash equivalents as of December 31, 2025 was $823.1 million, a decrease of $577.2 million during 2025. Available borrowing capacity under the Credit Facilities was approximately $7.7 billion, and floating rate debt comprised 1.1% of total consolidated debt.

Key figures

Fiscal year ended December 31, 2025

Revenue

$6.4B

Operating income

$3.2B

Net income

$5.4B

EPS

$14.17

Operating cash flow

$4.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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