# Simon Property Group Inc. (SPG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SPG/thesis · /stocks/SPG/memo

## Financial Snapshot

---
ticker: SPG
step: 04
generated: 2026-05-12
source: quick-research
---

### Simon Property Group Inc. (SPG) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$5.35B | ~$5.65B | $5.96B | +5% |
| FFO (total) | ~$4.46B | ~$4.71B | $4.90B | +4% |
| FFO per diluted share | ~$11.87 | ~$12.51 | $12.99 | +4% |
| Real Estate FFO/share | ~$11.30 | ~$11.80 | $12.24 | +4% |
| Net Income (GAAP) | ~$2.4B | ~$2.3B | ~$2.3B | flat |

*For REITs, FFO per share is the primary performance metric. GAAP net income is less meaningful due to real estate depreciation exclusion.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| FFO (operating earnings proxy) | $4.90B |
| Annual Dividend | ~$8.40/share ($2.10/quarter × 4) |
| Cash & Liquidity | ~$10.2B total liquidity |
| Total Debt | ~$33B |

*Simon operates with significant leverage typical of large REIT capital structures. Debt-to-assets ratio ~38%; investment-grade rated. Q1 2026 quarterly dividend raised 4.8% to $2.20/share.*

#### Key Ratios (approximate)
- P/FFO (forward): ~16–18x | Dividend Yield: ~4.5–5% | Price/NAV: ~1.0–1.05x
- Occupancy (year-end 2024): 96.5% (8-year high) | Base Rent/sq ft: $58.26

#### Growth Profile
Simon's growth is driven by two levers: (1) same-property NOI growth (base rent escalations + percentage rent tied to tenant sales), guided at 3%+ annually; and (2) development/redevelopment pipeline that converts low-yield or vacant anchor space into mixed-use, higher-rent uses. Record leasing activity (5,500 leases, 21M sq ft in 2024) demonstrates continued retailer demand for Class-A locations. FY2025 revenue reached $6.37B (+6.7% YoY), with record real estate FFO reported for FY2025.

#### Forward Estimates
- **FY2026**: Revenue consensus ~$6.34B; normalized EPS ~$6.60; FFO/share ~$13.50–14.00 range
- **Mixed-use pipeline**: $4B shadow pipeline (Boca Raton Town Center, Fashion Valley San Diego) — potential NOI catalyst when projects deliver 2027–2029
- **$2B buyback program**: Announced; signals management confidence in NAV vs. market price

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SPG/fundamental

## Navigation

- Overview: /stocks/SPG
- Financials (this page): /stocks/SPG/financials
- Thesis: /stocks/SPG/thesis
- Investment Memo: /stocks/SPG/memo
- Coverage universe: /stocks