We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Results reflect an increase in revenues, backed by a rise in the base minimum rent per square foot and occupancy levels. SPG raised its guidance for 2025 real estate FFO per share at the midpoint.
Simon Property generated revenues of $1.50 billion in the quarter, which missed the Zacks Consensus Estimate of $1.51 billion. However, the reported figure increased 2.8% year over year.
According to David Simon, the chairman, CEO and president of Simon Property Group, "We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution.” He further added, “Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.”
SPG’s Second Quarter in Detail
SPG reported revenues from lease income of $1.38 billion, 4.8% higher than the prior-year period’s figure. Our estimate was pegged at $1.36 billion.
As of June 30, 2025, the occupancy for the U.S. Malls and Premium Outlets portfolio came in at 96%, up 40 basis points from 95.6% as of June 30, 2024. We projected the metric to be 95.7%.
The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio was $58.70 as of June 30, 2025, rising from $57.94 as of June 30, 2024. This reflected an increase of 1.3%.
Domestic property net operating income (NOI) increased 4.2% year over year, and portfolio NOI rose 4.7%.
SPG’s Portfolio Activity
In June 2025, Simon Property acquired its partner’s stake in the retail and parking facilities at Brickell City Centre in Miami, FL. The company now wholly owns the asset.
Balance Sheet Position of SPG
Simon Property exited the second quarter of 2025 with $9.2 billion of liquidity. This comprised $1.8 billion of cash on hand, including its share of joint venture cash and $7.4 billion of available capacity under the company’s revolving credit facilities.
SPG’s Outlook for 2025
Simon Property has narrowed its outlook for 2025 real estate FFO per share. The company now expects the same to be between $12.45 and $12.65 from the earlier guided range of $12.40-12.65, raising the midpoint to $12.55. The Zacks Consensus Estimate of $12.45 lies at the lower end of the range.
SPG’s Dividend Update
Concurrent with its second-quarter earnings release, Simon Property announced a quarterly common stock dividend of $2.15 for the third quarter of 2025. This marks an increase of 4.9% year over year. The dividend will be paid out on Sept. 30 to shareholders of record as of Sept. 9, 2025.
Regency Centers Corporation (REG - Free Report) reported second-quarter 2025 NAREIT FFO per share of $1.16, outpacing the Zacks Consensus Estimate of $1.12. The figure increased 9.4% from the prior-year quarter.
REG's results reflected healthy leasing activity. During the quarter, same-property and base rents improved year over year.
Kimco Realty Corp. (KIM - Free Report) reported second-quarter 2025 FFO per share of 44 cents, beating the Zacks Consensus Estimate of 43 cents. The metric rose 7.3% from the year-ago quarter.
Results reflected higher same-property NOI due to a rise in minimum rents. However, lower occupancy owing to tenant bankruptcies and higher interest expenses acted as dampeners.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Simon Property Q2 FFO Beats Estimates on Higher Revenues & Occupancy
Key Takeaways
Simon Property Group, Inc.’s (SPG - Free Report) second-quarter 2025 real estate funds from operations (FFO) per share of $3.05 surpassed the Zacks Consensus Estimate of $3.04. This compares favorably with the real estate FFO of $2.93 a year ago.
Results reflect an increase in revenues, backed by a rise in the base minimum rent per square foot and occupancy levels. SPG raised its guidance for 2025 real estate FFO per share at the midpoint.
Simon Property generated revenues of $1.50 billion in the quarter, which missed the Zacks Consensus Estimate of $1.51 billion. However, the reported figure increased 2.8% year over year.
According to David Simon, the chairman, CEO and president of Simon Property Group, "We delivered another successful quarter, driven by the quality of our portfolio and disciplined execution.” He further added, “Our strategic investments and A-rated balance sheet position us for sustained long-term cash flow growth. Today, we are raising our dividend and increasing the mid-point of our full-year 2025 Real Estate FFO guidance.”
SPG’s Second Quarter in Detail
SPG reported revenues from lease income of $1.38 billion, 4.8% higher than the prior-year period’s figure. Our estimate was pegged at $1.36 billion.
As of June 30, 2025, the occupancy for the U.S. Malls and Premium Outlets portfolio came in at 96%, up 40 basis points from 95.6% as of June 30, 2024. We projected the metric to be 95.7%.
The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio was $58.70 as of June 30, 2025, rising from $57.94 as of June 30, 2024. This reflected an increase of 1.3%.
Domestic property net operating income (NOI) increased 4.2% year over year, and portfolio NOI rose 4.7%.
SPG’s Portfolio Activity
In June 2025, Simon Property acquired its partner’s stake in the retail and parking facilities at Brickell City Centre in Miami, FL. The company now wholly owns the asset.
Balance Sheet Position of SPG
Simon Property exited the second quarter of 2025 with $9.2 billion of liquidity. This comprised $1.8 billion of cash on hand, including its share of joint venture cash and $7.4 billion of available capacity under the company’s revolving credit facilities.
SPG’s Outlook for 2025
Simon Property has narrowed its outlook for 2025 real estate FFO per share. The company now expects the same to be between $12.45 and $12.65 from the earlier guided range of $12.40-12.65, raising the midpoint to $12.55. The Zacks Consensus Estimate of $12.45 lies at the lower end of the range.
SPG’s Dividend Update
Concurrent with its second-quarter earnings release, Simon Property announced a quarterly common stock dividend of $2.15 for the third quarter of 2025. This marks an increase of 4.9% year over year. The dividend will be paid out on Sept. 30 to shareholders of record as of Sept. 9, 2025.
SPG’s Zacks Rank
Currently, SPG carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Simon Property Group, Inc. Price and EPS Surprise
Simon Property Group, Inc. price-eps-surprise | Simon Property Group, Inc. Quote
Performance of Other Retail REITs
Regency Centers Corporation (REG - Free Report) reported second-quarter 2025 NAREIT FFO per share of $1.16, outpacing the Zacks Consensus Estimate of $1.12. The figure increased 9.4% from the prior-year quarter.
REG's results reflected healthy leasing activity. During the quarter, same-property and base rents improved year over year.
Kimco Realty Corp. (KIM - Free Report) reported second-quarter 2025 FFO per share of 44 cents, beating the Zacks Consensus Estimate of 43 cents. The metric rose 7.3% from the year-ago quarter.
Results reflected higher same-property NOI due to a rise in minimum rents. However, lower occupancy owing to tenant bankruptcies and higher interest expenses acted as dampeners.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.