Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (ΒREITΒ). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries. We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, The Mills, and International Properties. At December 31, 2024, we owned or had an interest in 229 properties comprising 183 million square feet in North America, Asia and Europe. We also owned an 88% interest in The Taubman Realty Group, or TRG, which owns 22 regional, super-regional, and outlet malls in the U.S. and Asia. Additionally, at December 31, 2024, we had a 22.4% ownership interest in Klepierre, a publicly traded, Paris-based real estate company, which owns shopping centers in 14 European countries.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.4B | $7.9B | $4.6B | $3.2B | 89.5% | 6.7% | 95.2% |
| 2024 | $6.0B | $5.0B | $2.4B | $3.1B | 81.7% | 5.4% | 3.8% |
| 2023 | $5.7B | $4.9B | $2.3B | $3.1B | 76.6% | 6.9% | 6.7% |
| 2022 | $5.3B | $4.6B | $2.1B | $3.1B | 69.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,291.45 | 5,658.84 | 5,963.80 | 6,364.50 |
| Cost Of Revenue | - | 1,000.95 | 1,028.39 | 1,043.41 | 1,152.02 |
| Gross Profit | - | 4,290.49 | 4,630.45 | 4,920.38 | 5,212.49 |
| Operating Expense | - | 1,706.94 | 1,823.43 | 1,827.59 | 2,037.09 |
| Operating Income | - | 2,583.55 | 2,807.02 | 3,092.80 | 3,175.40 |
| EBITDA | - | 4,589.26 | 4,887.12 | 5,017.94 | 7,929.09 |
| EBIT | - | 3,297.15 | 3,553.54 | 3,658.08 | 6,374.74 |
| Pretax Income | - | 2,535.90 | 2,698.89 | 2,752.28 | 5,399.91 |
| Tax Provision | - | 83.51 | 81.87 | 23.26 | 35.79 |
| Net Income | - | 2,139.54 | 2,283.13 | 2,370.90 | 4,627.61 |
| Net Income Common Stockholders | - | 2,136.20 | 2,279.79 | 2,367.56 | 4,624.27 |
| Total Expenses | - | 2,707.89 | 2,851.81 | 2,871 | 3,189.11 |
| Interest Expense | - | 761.25 | 854.65 | 905.80 | 974.84 |
| Selling General And Administration | - | 142.76 | 165.86 | 189.29 | 216.71 |
| Normalized EBITDA | - | 4,523.64 | 4,516.27 | 4,659.98 | 5,233.83 |
| Normalized Income | - | 2,076.08 | 1,923.52 | 2,015.96 | 1,950.22 |
| Market Cap | 76,570.14 | 76,570.14 | 76,570.14 | 76,570.14 | 76,570.14 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Simon Property Group, Inc.this co. | SPG | $65.7B | 16.55β discount | 14.82 | 89.5% | 13.23 |
| American Tower Corporation | AMT | $83.3B | 32.86 | 22.75 | 69.3% | 19.64 |
| Digital Realty Trust, Inc. | DLR | $70.2B | 53.33 | 3.14 | 5.9% | 23.38 |
| Public Storage | PSA | $60.9B | 30.33 | 11.05 | 36.4% | 19.73 |
| Realty Income Corporation | O |
| - |
| - |
| - |
| - |
| - |
| - |
| $57.3B |
| 55.78 |
| 1.50 |
| 2.7% |
| 18.38 |
| CBRE Group, Inc. | CBRE | $44.2B | 37.53 | 4.89 | 13.0% | 25.48 |
| Ventas, Inc. | VTR | $38.2B | 158.16 | 3.17 | 2.0% | 23.00 |
| Crown Castle Inc. | CCI | $37.6B | 84.86 | -23.04 | -27.2% | 24.42 |
| Iron Mountain Incorporated | IRM | $34.2B | 238.72 | -35.18 | -14.7% | 25.25 |
| Peer Median | - | 54.56 | 3.16 | 4.3% | 23.19 | |