Simon Property Beats On Earnings, Boosts Guidance On Occupancy Gains

Simon Property Group (NYSE:SPG) reported second-quarter earnings above analyst expectations, supported by strong occupancy and rising rental income.

The real estate investment trust posted earnings of $1.70 per share, exceeding the $1.55 consensus. Revenue reached $1.5 billion, ahead of forecasts of $1.38 billion. Funds from Operations (FFO) rose 4.1% to $3.05 per diluted share.

Simon Property Group raised its full-year 2025 EPS guidance to $6.63–$6.83, compared to the $6.53 consensus. The company also increased the midpoint of its Real Estate FFO forecast to $12.45–$12.65 per diluted share.

Net Operating Income (NOI) from U.S. properties rose 4.2%, while total portfolio NOI increased 4.7%. Occupancy at U.S. malls and outlets improved to 96.0%, up from 95.6% last year. Base minimum rent per square foot climbed 1.3% to $58.70.

Simon’s board declared a quarterly dividend of $2.15 per share for Q3 2025, marking a 4.9% year-over-year increase.