Simon Property Group (SPG) Financials

$166.24 -1.29 (-0.77%)

Closing price 08/7/2025 03:59 PM Eastern

Extended Trading

$166.66 +0.42 (+0.25%)

As of 08/7/2025 07:55 PM Eastern

Annual Income Statements for Simon Property Group

This table shows Simon Property Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,405	1,824	1,836	1,945	2,437	2,098	1,109	2,246	2,136	2,280	2,368
Consolidated Net Income / (Loss)	1,652	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729
Net Income / (Loss) Continuing Operations	1,622	2,139	2,174	2,245	2,822	2,405	1,392	2,362	2,447	2,723	2,746
Total Pre-Tax Income	1,265	1,624	1,766	2,265	2,095	1,991	1,187	1,744	1,943	2,347	2,110
Total Operating Income	2,385	2,669	2,721	2,802	2,926	2,913	1,972	2,413	2,584	2,807	3,093
Total Gross Profit	4,759	5,158	5,328	4,987	5,546	5,655	4,177	4,605	4,734	5,562	5,859
Total Revenue	4,871	5,266	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964
Operating Revenue	4,871	5,266	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964
Total Cost of Revenue	112	108	107	540	100	100	430	512	558	97	105
Operating Cost of Revenue	100	101	100	540	100	100	430	512	558	97	105
Total Operating Expenses	2,373	2,489	2,607	2,185	2,619	2,727	2,206	2,191	2,150	2,758	2,766
Selling, General & Admin Expense	152	163	182	183	141	140	160	171	187	226	194
Marketing Expense	137	135	143	151	151	150	99	114	108	127	145
Depreciation Expense	1,144	1,178	1,253	1,275	1,282	1,341	1,318	1,263	1,227	1,262	1,265
Other Operating Expenses / (Income)	941	1,014	1,030	575	1,045	1,111	629	644	628	1,139	1,162
Total Other Income / (Expense), net	-1,120	-1,045	-955	-538	-831	-922	-784	-669	-640	-460	-983
Interest Expense	1,120	1,045	994	938	816	906	784	848	761	855	906
Interest & Investment Income	-	-	-	-	-	-	-	-	-	-	-76
Other Income / (Expense), net	-	-	39	400	-15	-17	-	179	121	395	-0.90
Income Tax Expense	28	20	30	23	37	30	-4.64	157	84	-	23
Other Gains / (Losses), net	385	535	438	3.65	764	444	200	775	587	376	658
Preferred Stock Dividends Declared	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34	3.34
Net Income / (Loss) Attributable to Noncontrolling Interest	243	312	296	297	382	322	165	319	313	334	358
Basic Earnings per Share	$4.52	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$6.84	$6.52	$6.98	$7.26
Weighted Average Basic Shares Outstanding	314.39M	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M
Diluted Earnings per Share	$4.52	$5.88	$5.87	$6.24	$7.87	$0.00	-	-	-	$6.98	$7.26
Weighted Average Diluted Shares Outstanding	314.39M	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M
Weighted Average Basic & Diluted Shares Outstanding	314.39M	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M
Cash Dividends to Common per Share	$5.15	$6.05	$6.50	$7.15	$7.90	$8.30	$6.00	$5.85	$6.90	$7.45	$8.10

This table shows Simon Property Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	674	452	486	594	747	732	493	475	667	414	556
Consolidated Net Income / (Loss)	773	519	558	681	859	848	567	547	772	515	694
Net Income / (Loss) Continuing Operations	766	519	562	686	955	837	570	548	784	515	704
Total Pre-Tax Income	444	485	567	736	559	919	533	600	427	477	616
Total Operating Income	684	663	658	694	792	735	754	768	836	728	744
Total Gross Profit	1,243	1,217	1,228	1,252	1,865	1,291	1,302	1,317	1,949	1,306	1,332
Total Revenue	1,400	1,351	1,370	1,411	1,527	1,443	1,458	1,481	1,582	1,473	1,498
Operating Revenue	1,400	1,351	1,370	1,411	1,527	1,443	1,458	1,481	1,582	1,473	1,498
Total Cost of Revenue	157	134	141	159	-337	152	156	164	-367	167	166
Operating Cost of Revenue	157	134	141	159	-337	152	156	164	-367	167	166
Total Operating Expenses	559	554	570	558	1,075	556	548	549	1,113	578	588
Selling, General & Admin Expense	56	55	55	50	66	50	52	47	45	44	50
Marketing Expense	35	24	34	29	41	28	39	34	44	34	36
Depreciation Expense	317	307	320	315	320	307	310	320	328	328	339
Other Operating Expenses / (Income)	151	168	162	163	646	170	147	147	697	173	163
Total Other Income / (Expense), net	-240	-178	-91	41	-233	184	-221	-168	-409	-251	-128
Interest Expense	201	199	218	212	225	231	221	226	227	227	233
Other Income / (Expense), net	-39	22	36	158	178	415	0.00	0.00	6.29	-24	104
Income Tax Expense	52	-13	10	43	-	48	4.96	2.61	-32	-7.64	35
Other Gains / (Losses), net	375	21	5.62	-6.18	356	-34	42	-49	325	30	123
Other Adjustments to Consolidated Net Income / (Loss)	-	0.00	-4.36	-5.54	-72	11	-2.99	-1.23	-	0.00	-9.60
Preferred Stock Dividends Declared	0.84	0.83	0.83	0.83	0.84	0.83	0.83	0.83	0.84	0.83	0.83
Net Income / (Loss) Attributable to Noncontrolling Interest	98	67	70	86	111	109	75	71	104	63	87
Basic Earnings per Share	$2.06	$1.38	$1.49	$1.82	$2.29	$2.25	$1.51	$1.46	$2.04	$1.27	$1.70
Weighted Average Basic Shares Outstanding	326.93M	327.00M	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M
Weighted Average Diluted Shares Outstanding	326.93M	327.00M	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M
Weighted Average Basic & Diluted Shares Outstanding	326.93M	327.00M	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M

This table details how cash moves in and out of Simon Property Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-1,105	89	-141	922	-968	155	342	-478	88	407	231
Net Cash From Operating Activities	2,730	3,025	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815
Net Cash From Continuing Operating Activities	2,730	3,025	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815
Net Income / (Loss) Continuing Operations	1,652	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729
Consolidated Net Income / (Loss)	1,652	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729
Depreciation Expense	1,286	1,239	1,328	1,357	1,350	1,394	1,355	1,326	1,292	1,334	1,360
Non-Cash Adjustments To Reconcile Net Income	-105	-277	15	51	-413	27	119	-649	-127	-278	-202
Changes in Operating Assets and Liabilities, net	-102	-77	-105	-59	-8.65	-36	-425	392	149	258	-72
Net Cash From Investing Activities	-897	-1,463	-969	-761	-237	-1,077	-3,978	-553	-627	-1,363	1,408
Net Cash From Continuing Investing Activities	-897	-1,463	-969	-761	-237	-1,083	-3,978	-553	-627	-1,363	1,408
Purchase of Property, Plant & Equipment	-797	-1,021	-798	-732	-782	-876	-484	-528	-650	-793	-756
Acquisitions	-85	-1,411	-500	-264	-51	-13	-3,607	-257	-203	-66	-56
Purchase of Investments	-631	-389	-351	-182	-85	-438	-224	-91	-302	-1,116	-954
Sale of Property, Plant & Equipment	0.00	33	37	20	183	-	33	3.00	60	0.00	55
Sale and/or Maturity of Investments	490	1,326	576	461	472	229	280	309	499	603	3,097
Other Investing Activities, net	125	0.00	68	-64	26	14	23	11	-29	8.37	22
Net Cash From Financing Activities	-2,938	-1,473	-2,545	-1,910	-4,482	-2,576	1,994	-3,562	-3,052	-2,020	-4,992
Net Cash From Continuing Financing Activities	-2,938	-1,473	-2,289	-1,910	-4,482	-2,576	1,994	-3,562	-3,052	-2,161	-4,992
Repayment of Debt	-5,451	-9,233	-14,787	-10,585	-9,119	-12,528	-12,955	-10,127	-3,722	-2,659	-2,969
Repurchase of Preferred Equity	-	-	-	-	-	-	-	0.00	-	-2.50	-7.50
Repurchase of Common Equity	-	-	-0.33	-	-354	-360	-	0.00	-180	-141	0.00
Payment of Dividends	-1,898	-2,204	-2,366	-2,583	-2,899	-2,991	-1,672	-2,696	-2,620	-2,839	-3,067
Issuance of Debt	4,630	10,469	14,866	11,668	7,974	13,312	15,235	9,251	3,449	3,630	1,096
Issuance of Common Equity	2.02	4.55	1.51	0.38	0.16	0.14	0.22	21	30	9.81	9.81
Other Financing Activities, net	-221	-509	-4.30	-410	-85	-10	1,387	-12	-8.97	-160	-53

This table details how cash moves in and out of Simon Property Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	20	534	-318	-68	259	82	-17	936	-770	-20	-149
Net Cash From Operating Activities	932	829	1,129	936	1,037	773	1,063	893	1,086	827	1,215
Net Cash From Continuing Operating Activities	932	829	1,129	936	1,037	773	1,063	893	1,086	827	1,215
Net Income / (Loss) Continuing Operations	773	519	558	681	859	841	569	547	772	478	644
Consolidated Net Income / (Loss)	773	519	558	681	859	841	569	547	772	478	644
Depreciation Expense	336	322	339	333	339	325	333	342	361	356	368
Non-Cash Adjustments To Reconcile Net Income	-236	84	7.41	-146	-223	-307	71	82	-47	137	-65
Changes in Operating Assets and Liabilities, net	59	-97	226	68	62	-86	90	-77	0.14	-143	270
Net Cash From Investing Activities	-262	-160	-153	-180	-871	693	-105	811	8.82	-378	-711
Net Cash From Continuing Investing Activities	-262	-160	-153	-180	-871	693	-105	811	8.82	-378	-711
Purchase of Property, Plant & Equipment	-185	-166	-221	-228	-178	-163	-188	-186	-218	-230	-244
Acquisitions	-173	-28	-	-	-38	0.00	-	-	-56	-392	-543
Purchase of Investments	-2.77	-11	-6.25	-46	-1,053	-629	-9.02	-109	-207	-19	-18
Sale and/or Maturity of Investments	95	48	68	97	390	1,576	41	1,106	373	231	54
Other Investing Activities, net	2.74	-3.59	6.41	-2.50	8.04	-91	51	0.92	62	32	41
Net Cash From Financing Activities	-650	-135	-1,294	-825	234	-1,384	-975	-769	-1,864	-470	-653
Net Cash From Continuing Financing Activities	-650	-135	-1,294	-825	93	-1,384	-975	-769	-1,864	-470	-653
Repayment of Debt	-871	-867	-785	-149	-857	-670	-219	-1,013	-1,067	-526	-563
Payment of Dividends	-687	-682	-696	-735	-726	-739	-753	-775	-801	-795	-795
Issuance of Debt	909	1,413	197	165	1,855	68	2.25	1,025	-	857	712
Issuance of Common Equity	-	6.46	1.61	-	1.75	1.73	1.01	1.77	5.30	2.62	0.18
Other Financing Activities, net	-0.18	-5.57	-11	-0.24	-143	-45	-6.35	-0.08	-1.51	-8.01	-8.38

This table presents Simon Property Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	29,532	30,565	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,283	32,406
Total Current Assets	1,192	1,326	1,225	2,225	1,278	1,502	2,248	1,454	1,445	1,995	2,197
Cash & Equivalents	612	701	560	1,482	514	669	1,012	534	622	1,169	1,400
Accounts Receivable	580	625	665	743	764	832	1,237	920	824	826	797
Plant, Property, & Equipment, net	-8,951	-9,915	-10,866	-11,936	0.00	-13,906	23,158	22,311	21,763	21,568	21,195
Plant, Property & Equipment, gross	-	-	-	-	-	-	38,050	37,932	38,327	39,285	40,242
Accumulated Depreciation	8,951	9,915	10,866	11,936	-	13,906	14,892	15,621	16,564	17,717	19,047
Total Noncurrent Assets	37,291	39,155	40,745	41,969	29,408	43,636	9,380	10,013	9,803	9,720	9,014
Long-Term Investments	4,165	4,425	4,165	4,201	3,990	4,103	7,785	8,042	8,147	8,118	7,124
Other Noncurrent Operating Assets	33,125	34,730	36,580	37,767	25,418	39,533	1,595	1,970	1,656	1,602	1,889
Total Liabilities & Shareholders' Equity	29,532	30,565	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,283	32,406
Total Liabilities	23,555	25,323	26,006	27,828	26,659	28,101	31,129	29,377	29,187	30,596	28,806
Total Current Liabilities	1,260	2,692	1,214	1,269	0.00	0.00	1,799	1,435	1,494	1,695	1,715
Accounts Payable	1,260	1,324	1,214	1,269	-	-	1,312	1,433	1,492	1,693	1,712
Dividends Payable	-	-	-	-	-	-	487	1.47	2.00	1.84	2.41
Total Noncurrent Liabilities	22,296	22,631	24,792	26,559	26,659	28,101	29,330	27,942	27,694	28,901	27,091
Long-Term Debt	20,853	22,417	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264
Other Noncurrent Operating Liabilities	1,443	214	1,815	1,927	3,354	3,938	2,606	2,621	2,734	2,867	2,827
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	26	26	138	190	230	219	186	548	212	196	185
Total Equity & Noncontrolling Interests	5,952	5,216	4,960	4,239	3,797	2,911	3,472	3,853	3,612	3,492	3,415
Total Preferred & Common Equity	5,093	4,471	4,310	3,686	3,297	2,526	3,039	3,361	3,139	3,023	2,942
Preferred Stock	44	44	43	43	-	42	42	42	41	41	41
Total Common Equity	5,049	4,428	4,267	3,643	3,297	2,484	2,997	3,320	3,097	2,982	2,901
Common Stock	9,422	9,384	9,523	9,615	3,254	9,756	11,180	11,213	11,233	11,406	11,583
Retained Earnings	-4,208	-4,267	-4,459	-4,782	-	-5,380	-6,102	-5,824	-5,927	-6,096	-6,383
Treasury Stock	-104	-437	-683	-1,079	-	-1,774	-1,891	-1,884	-2,044	-2,156	-2,106
Accumulated Other Comprehensive Income / (Loss)	-61	-253	-114	-110	-	-119	-189	-185	-165	-173	-193
Noncontrolling Interest	858	745	649	553	500	385	433	492	473	469	473

This table presents Simon Property Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	33,011	33,298	32,819	32,965	34,283	33,697	33,377	33,276	32,406	32,501	33,296
Total Current Assets	1,445	1,935	1,576	1,527	1,995	2,045	2,028	2,938	2,197	2,160	2,009
Cash & Equivalents	622	1,155	837	769	1,169	1,251	1,234	2,170	1,400	1,380	1,231
Accounts Receivable	824	780	738	758	826	793	793	768	797	780	778
Plant, Property, & Equipment, net	21,763	21,682	21,623	21,541	21,568	21,480	21,366	21,314	21,195	21,541	22,336
Plant, Property & Equipment, gross	38,327	38,505	38,749	38,952	39,285	39,494	39,664	39,939	40,242	40,838	42,353
Accumulated Depreciation	16,564	16,823	17,126	17,410	17,717	18,014	18,298	18,626	19,047	19,297	20,018
Total Noncurrent Assets	9,803	9,680	9,620	9,897	9,720	8,872	8,684	8,724	9,014	8,800	8,951
Long-Term Investments	8,147	8,044	7,960	8,180	8,118	7,222	7,031	6,962	7,124	6,968	7,100
Other Noncurrent Operating Assets	1,656	1,636	1,660	1,716	1,602	1,650	1,653	1,762	1,889	1,832	1,851
Total Liabilities & Shareholders' Equity	33,011	33,298	32,819	32,965	34,283	33,697	33,377	33,276	32,406	32,501	33,296
Total Liabilities	29,187	29,621	29,292	29,352	30,596	29,935	29,790	29,954	28,806	29,234	30,205
Total Current Liabilities	1,494	1,354	1,547	1,630	1,695	1,529	1,629	1,622	1,715	1,489	1,633
Accounts Payable	1,492	1,352	1,544	1,626	1,693	1,528	1,627	1,620	1,712	1,487	1,631
Dividends Payable	2.00	2.44	2.89	3.35	1.84	1.41	1.74	2.07	2.41	1.74	2.06
Total Noncurrent Liabilities	27,694	28,266	27,745	27,722	28,901	28,405	28,161	28,332	27,091	27,744	28,572
Long-Term Debt	24,960	25,570	24,990	24,917	26,033	25,519	25,288	25,418	24,264	24,753	25,401
Other Noncurrent Operating Liabilities	2,734	2,696	2,755	2,805	2,867	2,886	2,873	2,914	2,827	2,991	3,170
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	212	224	227	202	196	178	189	183	185	242	244
Total Equity & Noncontrolling Interests	3,612	3,453	3,301	3,410	3,492	3,585	3,398	3,139	3,415	3,026	2,848
Total Preferred & Common Equity	3,139	3,004	2,872	2,953	3,023	3,106	2,945	2,713	2,942	2,606	2,452
Preferred Stock	41	41	41	41	41	41	41	41	41	41	41
Total Common Equity	3,097	2,962	2,830	2,912	2,982	3,065	2,904	2,672	2,901	2,565	2,411
Common Stock	11,233	11,231	11,211	11,393	11,406	11,371	11,363	11,343	11,583	11,595	11,594
Retained Earnings	-5,927	-6,070	-6,190	-6,219	-6,096	-5,988	-6,156	-6,358	-6,383	-6,710	-6,838
Treasury Stock	-2,044	-2,039	-2,016	-2,121	-2,156	-2,152	-2,136	-2,106	-2,106	-2,100	-2,089
Accumulated Other Comprehensive Income / (Loss)	-165	-161	-176	-141	-173	-166	-167	-206	-193	-220	-256
Noncontrolling Interest	473	449	429	458	469	478	453	426	473	420	396

This table displays calculated financial ratios and metrics derived from Simon Property Group's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.20%	8.12%	3.21%	1.69%	2.13%	1.95%	-19.94%	11.05%	3.41%	6.94%	5.39%
EBITDA Growth	4.25%	6.45%	4.61%	11.54%	-6.56%	0.69%	-22.46%	17.76%	2.02%	13.47%	-1.84%
EBIT Growth	8.99%	11.89%	3.43%	16.02%	-9.10%	-0.51%	-31.92%	31.45%	4.35%	18.37%	-3.42%
NOPAT Growth	10.52%	13.01%	1.49%	3.68%	3.65%	-0.21%	-31.00%	10.92%	12.61%	13.53%	8.97%
Net Income Growth	6.44%	29.54%	-0.22%	5.16%	25.72%	-14.14%	-47.29%	101.10%	-4.53%	6.71%	4.28%
EPS Growth	6.60%	30.09%	-0.17%	6.30%	26.12%	-100.00%	0.00%	0.00%	0.00%	0.00%	4.01%
Operating Cash Flow Growth	1.09%	10.78%	11.51%	6.56%	4.37%	1.52%	-38.90%	56.33%	3.55%	4.36%	-2.95%
Free Cash Flow Firm Growth	-63.48%	10.94%	-13.82%	47.75%	24.76%	-7.27%	-23.51%	28.46%	15.41%	-5.90%	-6.98%
Invested Capital Growth	1.80%	2.18%	3.63%	0.12%	-2.35%	-1.34%	-2.00%	-4.19%	-5.34%	-2.91%	-0.48%
Revenue Q/Q Growth	4.29%	-19.02%	33.55%	-0.17%	0.82%	0.46%	-7.19%	3.96%	1.41%	2.31%	0.93%
EBITDA Q/Q Growth	1.48%	-13.25%	21.56%	10.64%	0.09%	-0.22%	-6.75%	8.64%	0.76%	7.79%	-2.33%
EBIT Q/Q Growth	3.59%	-18.43%	33.19%	16.32%	0.31%	-0.28%	-10.81%	13.49%	1.29%	11.31%	-3.98%
NOPAT Q/Q Growth	4.11%	-18.64%	32.83%	1.80%	0.27%	-0.29%	-12.32%	3.21%	3.64%	8.50%	0.31%
Net Income Q/Q Growth	1.64%	-19.21%	29.65%	10.01%	6.54%	-9.11%	-17.86%	11.31%	8.83%	3.43%	-3.11%
EPS Q/Q Growth	0.00%	-19.12%	29.87%	10.05%	6.35%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.96%	0.25%	1.02%	0.97%	3.46%	-1.04%	-2.70%	-0.28%	1.27%	2.73%	1.30%
Free Cash Flow Firm Q/Q Growth	-60.68%	-15.57%	50.24%	-9.87%	16.50%	-4.60%	-8.54%	12.93%	3.31%	-1.39%	-5.13%
Invested Capital Q/Q Growth	0.47%	-0.46%	-0.27%	1.24%	-0.83%	-0.21%	-0.44%	-1.80%	-2.03%	-0.76%	0.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.70%	97.95%	98.03%	90.23%	98.24%	98.25%	90.67%	89.99%	89.46%	98.28%	98.24%
EBITDA Margin	75.37%	74.21%	75.22%	82.50%	75.48%	74.55%	72.20%	76.57%	75.53%	80.14%	74.65%
Operating Margin	48.97%	50.68%	50.06%	50.70%	51.84%	50.61%	42.80%	47.16%	48.83%	49.60%	51.86%
EBIT Margin	48.97%	50.68%	50.79%	57.94%	51.57%	50.32%	42.80%	50.65%	51.12%	56.58%	51.84%
Profit (Net Income) Margin	33.91%	40.63%	39.28%	40.61%	49.99%	42.10%	27.72%	50.20%	46.35%	46.25%	45.76%
Tax Burden Percent	130.54%	131.72%	120.88%	99.13%	134.71%	121.73%	107.57%	147.26%	126.19%	111.51%	129.32%
Interest Burden Percent	53.04%	60.86%	63.98%	70.71%	71.97%	68.73%	60.22%	67.30%	71.85%	73.31%	68.25%
Effective Tax Rate	2.22%	1.24%	1.68%	1.03%	1.76%	1.51%	-0.39%	9.01%	4.30%	0.00%	1.10%
Return on Invested Capital (ROIC)	10.67%	11.82%	11.66%	11.87%	12.44%	12.65%	8.88%	10.16%	12.01%	14.23%	15.78%
ROIC Less NNEP Spread (ROIC-NNEP)	6.24%	8.85%	8.62%	9.03%	12.17%	10.32%	5.16%	12.28%	11.89%	13.04%	13.68%
Return on Net Nonoperating Assets (RNNOA)	14.76%	26.32%	29.63%	35.26%	54.31%	55.06%	28.75%	53.59%	47.62%	55.45%	59.12%
Return on Equity (ROE)	25.43%	38.14%	41.29%	47.13%	66.75%	67.71%	37.63%	63.75%	59.64%	69.68%	74.90%
Cash Return on Invested Capital (CROIC)	8.89%	9.67%	8.10%	11.75%	14.82%	14.01%	10.90%	14.44%	17.50%	17.18%	16.26%
Operating Return on Assets (OROA)	7.59%	8.88%	8.95%	10.11%	9.25%	9.36%	5.97%	7.56%	8.10%	9.52%	9.27%
Return on Assets (ROA)	5.25%	7.12%	6.92%	7.09%	8.97%	7.83%	3.87%	7.49%	7.34%	7.78%	8.18%
Return on Common Equity (ROCE)	21.25%	32.22%	34.72%	39.13%	54.78%	54.69%	30.39%	49.97%	46.53%	56.39%	60.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	47.85%	49.52%	60.90%	85.61%	95.91%	42.02%	76.42%	78.14%	86.58%	92.76%
Net Operating Profit after Tax (NOPAT)	2,332	2,636	2,675	2,773	2,875	2,869	1,980	2,196	2,473	2,807	3,059
NOPAT Margin	47.89%	50.05%	49.22%	50.18%	50.92%	49.85%	42.96%	42.91%	46.73%	49.60%	51.29%
Net Nonoperating Expense Percent (NNEP)	4.43%	2.98%	3.04%	2.84%	0.28%	2.33%	3.71%	-2.12%	0.12%	1.19%	2.09%
Return On Investment Capital (ROIC_SIMPLE)	8.70%	9.54%	9.58%	9.61%	10.61%	10.60%	6.56%	7.53%	8.65%	9.51%	11.05%
Cost of Revenue to Revenue	2.30%	2.05%	1.97%	9.77%	1.76%	1.75%	9.33%	10.01%	10.54%	1.72%	1.76%
SG&A Expenses to Revenue	3.11%	3.10%	3.35%	3.32%	2.49%	2.43%	3.48%	3.34%	3.54%	4.00%	3.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	48.73%	47.27%	47.97%	39.53%	46.40%	47.38%	47.87%	42.83%	40.63%	48.73%	46.38%
Earnings before Interest and Taxes (EBIT)	2,385	2,669	2,760	3,203	2,911	2,896	1,972	2,592	2,705	3,202	3,092
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,671	3,908	4,088	4,560	4,261	4,290	3,327	3,918	3,997	4,535	4,452
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.68	8.47	8.43	9.87	11.12	13.66	6.93	13.14	10.95	14.66	19.13
Price to Tangible Book Value (P/TBV)	6.68	8.47	8.43	9.87	11.12	13.66	6.93	13.14	10.95	14.66	19.13
Price to Revenue (P/Rev)	6.92	7.12	6.62	6.50	6.50	5.90	4.51	8.53	6.41	7.73	9.31
Price to Earnings (P/E)	23.99	20.55	19.60	18.48	15.05	16.17	18.71	19.43	15.87	19.18	23.44
Dividend Yield	4.75%	4.99%	5.68%	6.18%	6.66%	7.51%	8.84%	5.38%	6.65%	5.56%	4.76%
Earnings Yield	4.17%	4.87%	5.10%	5.41%	6.64%	6.18%	5.34%	5.15%	6.30%	5.21%	4.27%
Enterprise Value to Invested Capital (EV/IC)	2.30	2.47	2.36	2.38	2.46	2.40	1.78	2.91	2.54	3.15	3.72
Enterprise Value to Revenue (EV/Rev)	10.41	10.56	10.13	10.07	9.96	9.38	8.54	12.01	9.60	10.81	12.06
Enterprise Value to EBITDA (EV/EBITDA)	13.82	14.22	13.47	12.21	13.19	12.58	11.83	15.69	12.72	13.49	16.16
Enterprise Value to EBIT (EV/EBIT)	21.26	20.83	19.95	17.38	19.31	18.63	19.95	23.71	18.79	19.11	23.27
Enterprise Value to NOPAT (EV/NOPAT)	21.75	21.09	20.58	20.07	19.55	18.81	19.88	27.99	20.55	21.79	23.52
Enterprise Value to Operating Cash Flow (EV/OCF)	18.58	18.38	16.33	15.49	14.98	14.17	16.91	16.90	13.49	15.56	18.86
Enterprise Value to Free Cash Flow (EV/FCFF)	26.10	25.79	29.64	20.28	16.41	16.99	16.20	19.70	14.11	18.05	22.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.49	4.28	4.51	5.56	5.79	7.72	7.31	5.75	6.53	7.06	6.74
Long-Term Debt to Equity	3.49	4.28	4.51	5.56	5.79	7.72	7.31	5.75	6.53	7.06	6.74
Financial Leverage	2.37	2.97	3.44	3.90	4.46	5.34	5.57	4.36	4.01	4.25	4.32
Leverage Ratio	4.84	5.36	5.96	6.65	7.44	8.65	9.73	8.51	8.12	8.96	9.15
Compound Leverage Factor	2.57	3.26	3.82	4.70	5.36	5.95	5.86	5.73	5.84	6.57	6.25
Debt to Total Capital	77.72%	81.05%	81.84%	84.76%	85.27%	88.53%	87.96%	85.19%	86.72%	87.59%	87.08%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	77.72%	81.05%	81.84%	84.76%	85.27%	88.53%	87.96%	85.19%	86.72%	87.59%	87.08%
Preferred Equity to Total Capital	0.16%	0.16%	0.15%	0.15%	0.00%	0.16%	0.14%	0.14%	0.14%	0.14%	0.15%
Noncontrolling Interests to Total Capital	3.29%	2.79%	2.80%	2.56%	2.67%	2.21%	2.04%	3.50%	2.38%	2.24%	2.36%
Common Equity to Total Capital	18.82%	16.01%	15.20%	12.54%	12.06%	9.10%	9.87%	11.17%	10.76%	10.03%	10.41%
Debt to EBITDA	5.68	5.74	5.62	5.40	5.47	5.63	8.03	6.46	6.25	5.74	5.45
Net Debt to EBITDA	4.38	4.42	4.46	4.16	4.41	4.52	5.39	4.27	4.05	3.69	3.54
Long-Term Debt to EBITDA	5.68	5.74	5.62	5.40	5.47	5.63	8.03	6.46	6.25	5.74	5.45
Debt to NOPAT	8.94	8.50	8.59	8.88	8.11	8.42	13.50	11.53	10.10	9.27	7.93
Net Debt to NOPAT	6.89	6.56	6.82	6.83	6.54	6.76	9.06	7.63	6.55	5.97	5.15
Long-Term Debt to NOPAT	8.94	8.50	8.59	8.88	8.11	8.42	13.50	11.53	10.10	9.27	7.93
Altman Z-Score	1.09	1.10	1.10	1.10	1.37	1.03	0.49	1.06	0.87	1.09	1.40
Noncontrolling Interest Sharing Ratio	16.44%	15.53%	15.91%	16.97%	17.93%	19.24%	19.26%	21.62%	21.98%	19.07%	19.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.95	0.49	1.01	1.75	0.00	0.00	1.25	1.01	0.97	1.18	1.28
Quick Ratio	0.95	0.49	1.01	1.75	0.00	0.00	1.25	1.01	0.97	1.18	1.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,943	2,156	1,858	2,745	3,425	3,176	2,429	3,121	3,602	3,389	3,153
Operating Cash Flow to CapEx	342.70%	306.17%	442.66%	504.63%	626.52%	434.68%	516.24%	692.92%	638.01%	495.51%	544.65%
Free Cash Flow to Firm to Interest Expense	1.73	2.06	1.87	2.93	4.20	3.51	3.10	3.68	4.73	3.97	3.48
Operating Cash Flow to Interest Expense	2.44	2.90	3.39	3.83	4.60	4.20	2.97	4.29	4.95	4.60	4.21
Operating Cash Flow Less CapEx to Interest Expense	1.73	1.95	2.63	3.07	3.86	3.24	2.39	3.67	4.17	3.67	3.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.18	0.18	0.17	0.18	0.19	0.14	0.15	0.16	0.17	0.18
Accounts Receivable Turnover	8.85	8.74	8.43	7.86	7.49	7.21	4.45	4.75	6.07	6.86	7.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.23	0.24	0.26	0.28
Accounts Payable Turnover	0.09	0.08	0.08	0.44	0.00	0.00	0.00	0.37	0.38	0.06	0.06
Days Sales Outstanding (DSO)	41.24	41.75	43.29	46.47	48.70	50.61	81.95	76.91	60.12	53.20	49.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4,044.99	4,365.44	4,326.83	839.11	0.00	0.00	0.00	978.28	957.05	5,976.25	5,918.33
Cash Conversion Cycle (CCC)	-4,003.76	-4,323.69	-4,283.54	-792.65	48.70	50.61	81.95	-901.37	-896.93	-5,923.04	-5,868.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	22,052	22,533	23,350	23,378	22,828	22,521	22,072	21,147	20,018	19,436	19,342
Invested Capital Turnover	0.22	0.24	0.24	0.24	0.24	0.25	0.21	0.24	0.26	0.29	0.31
Increase / (Decrease) in Invested Capital	389	480	817	28	-550	-307	-450	-925	-1,129	-582	-94
Enterprise Value (EV)	50,722	55,591	55,059	55,675	56,204	53,968	39,345	61,461	50,822	61,175	71,937
Market Capitalization	33,718	37,487	35,977	35,940	36,673	33,931	20,757	43,635	33,903	43,723	55,499
Book Value per Share	$16.25	$14.31	$13.58	$11.72	$10.66	$8.09	$9.80	$10.10	$9.47	$9.14	$8.89
Tangible Book Value per Share	$16.25	$14.31	$13.58	$11.72	$10.66	$8.09	$9.80	$10.10	$9.47	$9.14	$8.89
Total Capital	26,830	27,659	28,075	29,062	27,333	27,294	30,382	29,722	28,784	29,721	27,864
Total Debt	20,853	22,417	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264
Total Long-Term Debt	20,853	22,417	22,977	24,632	23,306	24,163	26,723	25,321	24,960	26,033	24,264
Net Debt	16,075	17,291	18,252	18,949	18,801	19,391	17,927	16,745	16,192	16,746	15,740
Capital Expenditures (CapEx)	797	988	762	712	599	876	451	525	590	793	700
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-679	-2,068	-549	-527	764	832	-562	-515	-670	-869	-918
Debt-free Net Working Capital (DFNWC)	-67	-1,367	11	956	1,278	1,502	450	19	-48	300	482
Net Working Capital (NWC)	-67	-1,367	11	956	1,278	1,502	450	19	-48	300	482
Net Nonoperating Expense (NNE)	681	496	540	529	52	446	702	-373	20	190	330
Net Nonoperating Obligations (NNO)	16,075	17,291	18,252	18,949	18,801	19,391	18,414	16,746	16,194	15,748	15,742
Total Depreciation and Amortization (D&A)	1,286	1,239	1,328	1,357	1,350	1,394	1,355	1,326	1,292	1,334	1,360
Debt-free, Cash-free Net Working Capital to Revenue	-13.95%	-39.27%	-10.11%	-9.53%	13.53%	14.46%	-12.20%	-10.07%	-12.66%	-15.36%	-15.40%
Debt-free Net Working Capital to Revenue	-1.38%	-25.95%	0.20%	17.29%	22.64%	26.09%	9.76%	0.37%	-0.91%	5.30%	8.08%
Net Working Capital to Revenue	-1.38%	-25.95%	0.20%	17.29%	22.64%	26.09%	9.76%	0.37%	-0.91%	5.30%	8.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.52	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$6.84	$6.52	$6.98	$7.26
Adjusted Weighted Average Basic Shares Outstanding	314.39M	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M
Adjusted Diluted Earnings per Share	$4.52	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$0.00	$0.00	$6.98	$7.26
Adjusted Weighted Average Diluted Shares Outstanding	314.39M	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M
Adjusted Basic & Diluted Earnings per Share	$4.52	$5.88	$5.87	$6.24	$7.87	$6.81	$3.59	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	314.39M	314.81M	319.83M	320.34M	308.97M	306.87M	328.50M	328.60M	326.93M	325.90M	326.28M
Normalized Net Operating Profit after Tax (NOPAT)	2,332	2,636	2,675	2,773	2,875	2,854	1,380	2,196	2,473	1,967	3,059
Normalized NOPAT Margin	47.89%	50.05%	49.22%	50.18%	50.92%	49.59%	29.96%	42.91%	46.73%	34.76%	51.29%
Pre Tax Income Margin	25.97%	30.84%	32.49%	40.97%	37.11%	34.59%	25.77%	34.09%	36.73%	41.47%	35.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.13	2.55	2.78	3.41	3.57	3.20	2.51	3.06	3.55	3.75	3.41
NOPAT to Interest Expense	2.08	2.52	2.69	2.96	3.52	3.17	2.52	2.59	3.25	3.28	3.38
EBIT Less CapEx to Interest Expense	1.42	1.61	2.01	2.66	2.83	2.23	1.94	2.44	2.78	2.82	2.64
NOPAT Less CapEx to Interest Expense	1.37	1.58	1.92	2.20	2.79	2.20	1.95	1.97	2.47	2.36	2.60
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	114.95%	103.02%	110.82%	115.06%	102.70%	123.43%	130.94%	104.94%	106.84%	108.47%	112.38%
Augmented Payout Ratio	114.95%	103.02%	110.83%	115.06%	115.25%	138.28%	130.94%	104.94%	114.20%	113.84%	112.38%

This table displays calculated financial ratios and metrics derived from Simon Property Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.56%	4.24%	7.01%	7.23%	9.11%	6.79%	6.47%	4.94%	3.59%	2.11%	2.76%
EBITDA Growth	3.16%	10.06%	-8.72%	22.44%	33.40%	4.54%	5.16%	-6.42%	-8.12%	-28.17%	11.93%
EBIT Growth	5.65%	15.87%	-14.99%	30.70%	50.44%	6.33%	8.60%	-9.93%	-13.20%	-38.81%	12.54%
NOPAT Growth	16.36%	9.40%	7.17%	2.01%	31.25%	-2.17%	15.77%	16.98%	13.39%	6.05%	-6.06%
Net Income Growth	34.69%	6.34%	-2.10%	9.47%	11.23%	61.99%	2.14%	-19.70%	-10.21%	-39.34%	22.42%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	5.34%	4.65%	2.59%	-0.61%	11.22%	-6.71%	-5.87%	-4.60%	4.71%	7.00%	14.31%
Free Cash Flow Firm Growth	20.02%	-16.94%	-8.49%	-13.66%	-20.68%	-21.56%	-27.30%	-30.93%	-27.81%	-53.63%	-112.97%
Invested Capital Growth	-5.34%	-4.10%	-4.60%	-4.16%	-2.91%	-2.70%	-2.09%	-1.40%	-0.48%	0.85%	4.41%
Revenue Q/Q Growth	6.39%	-3.50%	1.39%	3.02%	8.26%	-5.55%	1.09%	1.54%	6.86%	-6.90%	1.73%
EBITDA Q/Q Growth	1.31%	2.63%	2.62%	14.74%	10.38%	-19.57%	3.22%	2.11%	8.38%	35.69%	14.83%
EBIT Q/Q Growth	-1.13%	6.17%	1.42%	22.76%	13.81%	-24.96%	3.59%	1.81%	9.67%	67.50%	20.62%
NOPAT Q/Q Growth	-5.79%	12.85%	-5.19%	1.19%	21.22%	-15.88%	12.20%	2.25%	17.50%	-70.30%	-5.07%
Net Income Q/Q Growth	24.27%	-32.80%	7.37%	22.11%	26.26%	-2.13%	-32.30%	-4.00%	41.17%	-32.69%	34.88%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-1.01%	-11.10%	36.30%	-17.14%	10.78%	-25.43%	37.52%	-16.02%	21.58%	-23.80%	46.92%
Free Cash Flow Firm Q/Q Growth	-0.49%	-11.19%	3.71%	-5.80%	-8.57%	-12.19%	-3.88%	-10.50%	-4.45%	-77.79%	-126.21%
Invested Capital Q/Q Growth	-2.03%	0.16%	-1.63%	-0.71%	-0.76%	0.38%	-1.02%	0.00%	0.16%	1.72%	2.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	88.80%	90.09%	89.69%	88.72%	122.07%	89.47%	89.32%	88.92%	123.18%	88.67%	88.92%
EBITDA Margin	70.09%	74.55%	75.45%	84.04%	85.69%	72.98%	74.52%	74.94%	76.01%	71.91%	81.17%
Operating Margin	48.88%	49.06%	48.04%	49.20%	51.86%	50.96%	51.71%	51.85%	52.82%	49.40%	49.66%
EBIT Margin	46.06%	50.68%	50.70%	60.42%	63.51%	50.46%	51.71%	51.85%	53.22%	47.77%	56.64%
Profit (Net Income) Margin	55.20%	38.44%	40.71%	48.25%	56.27%	58.31%	39.05%	36.92%	48.78%	34.94%	46.32%
Tax Burden Percent	174.06%	107.02%	98.37%	92.53%	153.68%	165.47%	99.04%	91.13%	180.69%	107.97%	112.69%
Interest Burden Percent	68.85%	70.87%	81.62%	86.31%	57.65%	69.83%	76.25%	78.13%	50.73%	67.74%	72.58%
Effective Tax Rate	11.79%	-2.77%	1.85%	5.87%	0.00%	9.36%	0.86%	0.43%	-7.47%	-1.60%	5.70%
Return on Invested Capital (ROIC)	11.08%	13.16%	12.69%	12.80%	14.88%	13.43%	15.34%	15.69%	17.46%	15.36%	14.32%
ROIC Less NNEP Spread (ROIC-NNEP)	12.11%	12.18%	12.15%	12.97%	15.30%	14.52%	14.22%	14.32%	16.66%	13.96%	14.27%
Return on Net Nonoperating Assets (RNNOA)	48.51%	50.43%	52.23%	54.89%	65.06%	62.68%	63.81%	66.01%	71.99%	63.84%	70.09%
Return on Equity (ROE)	59.59%	63.60%	64.92%	67.69%	79.93%	76.11%	79.15%	81.70%	89.45%	79.20%	84.41%
Cash Return on Invested Capital (CROIC)	17.50%	16.56%	17.47%	17.18%	17.18%	17.29%	17.36%	17.09%	16.26%	15.20%	11.28%
Operating Return on Assets (OROA)	7.30%	8.12%	8.36%	10.16%	10.68%	8.66%	9.12%	9.25%	9.52%	8.65%	10.25%
Return on Assets (ROA)	8.75%	6.16%	6.72%	8.12%	9.46%	10.01%	6.89%	6.59%	8.72%	6.33%	8.39%
Return on Common Equity (ROCE)	46.49%	49.29%	49.90%	52.14%	64.69%	61.66%	63.80%	65.78%	72.21%	63.43%	67.18%
Return on Equity Simple (ROE_SIMPLE)	0.00%	82.68%	86.06%	85.69%	0.00%	94.62%	100.21%	103.82%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	604	681	646	653	792	666	748	764	898	739	702
NOPAT Margin	43.11%	50.42%	47.15%	46.31%	51.86%	46.19%	51.27%	51.63%	56.77%	50.19%	46.83%
Net Nonoperating Expense Percent (NNEP)	-1.03%	0.98%	0.54%	-0.17%	-0.42%	-1.09%	1.12%	1.36%	0.80%	1.40%	0.05%
Return On Investment Capital (ROIC_SIMPLE)	2.11%	2.35%	2.28%	2.31%	2.68%	2.29%	2.61%	2.68%	3.25%	2.66%	2.48%
Cost of Revenue to Revenue	11.20%	9.91%	10.31%	11.28%	-22.07%	10.53%	10.69%	11.08%	-23.18%	11.33%	11.08%
SG&A Expenses to Revenue	3.97%	4.07%	4.04%	3.57%	4.30%	3.48%	3.59%	3.17%	2.84%	2.96%	3.33%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.92%	41.03%	41.65%	39.51%	70.41%	38.51%	37.60%	37.06%	70.36%	39.27%	39.25%
Earnings before Interest and Taxes (EBIT)	645	685	694	852	970	728	754	768	842	704	849
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	981	1,007	1,033	1,186	1,309	1,053	1,087	1,110	1,203	1,059	1,216
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.95	11.07	12.15	11.24	14.66	15.85	16.43	20.14	19.13	20.85	21.77
Price to Tangible Book Value (P/TBV)	10.95	11.07	12.15	11.24	14.66	15.85	16.43	20.14	19.13	20.85	21.77
Price to Revenue (P/Rev)	6.41	6.13	6.33	5.92	7.73	8.45	8.17	9.11	9.31	8.92	8.70
Price to Earnings (P/E)	15.87	15.17	15.99	14.84	19.18	18.98	18.59	21.98	23.44	26.10	24.84
Dividend Yield	6.65%	7.03%	6.85%	7.35%	5.56%	5.10%	5.29%	4.79%	4.76%	5.03%	5.19%
Earnings Yield	6.30%	6.59%	6.25%	6.74%	5.21%	5.27%	5.38%	4.55%	4.27%	3.83%	4.03%
Enterprise Value to Invested Capital (EV/IC)	2.54	2.49	2.60	2.52	3.15	3.40	3.39	3.66	3.72	3.59	3.48
Enterprise Value to Revenue (EV/Rev)	9.60	9.33	9.43	8.93	10.81	11.54	11.20	11.97	12.06	11.78	11.64
Enterprise Value to EBITDA (EV/EBITDA)	12.72	12.20	12.85	11.74	13.49	14.48	14.12	15.52	16.16	17.49	16.86
Enterprise Value to EBIT (EV/EBIT)	18.79	17.82	19.16	17.18	19.11	20.44	19.80	21.97	23.27	26.68	25.63
Enterprise Value to NOPAT (EV/NOPAT)	20.55	19.69	19.89	19.10	21.79	23.04	21.98	23.20	23.52	22.45	22.81
Enterprise Value to Operating Cash Flow (EV/OCF)	13.49	13.11	13.38	12.91	15.56	17.12	17.17	18.79	18.86	18.25	17.47
Enterprise Value to Free Cash Flow (EV/FCFF)	14.11	14.71	14.53	14.37	18.05	19.40	19.31	21.29	22.82	23.70	31.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.53	6.95	7.09	6.90	7.06	6.78	7.05	7.65	6.74	7.58	8.22
Long-Term Debt to Equity	6.53	6.95	7.09	6.90	7.06	6.78	7.05	7.65	6.74	7.58	8.22
Financial Leverage	4.01	4.14	4.30	4.23	4.25	4.32	4.49	4.61	4.32	4.57	4.91
Leverage Ratio	8.12	8.38	8.64	8.60	8.96	9.01	9.31	9.55	9.15	9.42	9.98
Compound Leverage Factor	5.59	5.94	7.05	7.42	5.16	6.29	7.09	7.46	4.64	6.38	7.25
Debt to Total Capital	86.72%	87.43%	87.63%	87.34%	87.59%	87.15%	87.58%	88.44%	87.08%	88.34%	89.15%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	86.72%	87.43%	87.63%	87.34%	87.59%	87.15%	87.58%	88.44%	87.08%	88.34%	89.15%
Preferred Equity to Total Capital	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.15%	0.15%	0.14%
Noncontrolling Interests to Total Capital	2.38%	2.30%	2.30%	2.31%	2.24%	2.24%	2.22%	2.12%	2.36%	2.36%	2.24%
Common Equity to Total Capital	10.76%	10.13%	9.92%	10.21%	10.03%	10.47%	10.06%	9.30%	10.41%	9.15%	8.46%
Debt to EBITDA	6.25	6.25	6.26	5.92	5.74	5.57	5.46	5.58	5.45	6.13	6.10
Net Debt to EBITDA	4.05	4.00	4.06	3.80	3.69	3.72	3.67	3.57	3.54	4.06	4.10
Long-Term Debt to EBITDA	6.25	6.25	6.26	5.92	5.74	5.57	5.46	5.58	5.45	6.13	6.10
Debt to NOPAT	10.10	10.09	9.69	9.63	9.27	8.86	8.50	8.34	7.93	7.87	8.25
Net Debt to NOPAT	6.55	6.46	6.28	6.17	5.97	5.92	5.72	5.34	5.15	5.22	5.54
Long-Term Debt to NOPAT	10.10	10.09	9.69	9.63	9.27	8.86	8.50	8.34	7.93	7.87	8.25
Altman Z-Score	0.67	0.66	0.68	0.65	0.88	0.99	0.97	1.11	1.17	1.09	1.03
Noncontrolling Interest Sharing Ratio	21.98%	22.49%	23.14%	22.98%	19.07%	18.98%	19.40%	19.48%	19.27%	19.91%	20.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	1.43	1.02	0.94	1.18	1.34	1.24	1.81	1.28	1.45	1.23
Quick Ratio	0.97	1.43	1.02	0.94	1.18	1.34	1.24	1.81	1.28	1.45	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,733	1,539	1,596	1,503	1,374	1,207	1,160	1,038	992	574	-150
Operating Cash Flow to CapEx	505.25%	499.00%	510.56%	411.02%	581.50%	474.37%	564.40%	479.07%	498.26%	359.35%	498.04%
Free Cash Flow to Firm to Interest Expense	8.62	7.72	7.32	7.08	6.11	5.23	5.24	4.59	4.36	2.53	-0.65
Operating Cash Flow to Interest Expense	4.64	4.16	5.18	4.41	4.61	3.35	4.80	3.94	4.77	3.64	5.22
Operating Cash Flow Less CapEx to Interest Expense	3.72	3.32	4.16	3.34	3.82	2.65	3.95	3.12	3.82	2.63	4.17
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.17	0.17	0.17	0.17	0.18	0.18	0.18	0.18	0.18
Accounts Receivable Turnover	6.07	6.68	6.94	7.13	6.86	7.31	7.63	7.75	7.35	7.62	7.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.24	0.24	0.25	0.26	0.26	0.27	0.27	0.28	0.28	0.28	0.28
Accounts Payable Turnover	0.38	0.44	0.40	0.39	0.06	0.08	0.08	0.08	0.06	0.08	0.08
Days Sales Outstanding (DSO)	60.12	54.60	52.61	51.21	53.20	49.93	47.86	47.11	49.65	47.90	47.50
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	957.05	826.07	915.48	940.84	5,976.25	4,562.98	4,461.15	4,399.30	5,918.33	4,580.27	4,560.82
Cash Conversion Cycle (CCC)	-896.93	-771.47	-862.87	-889.62	-5,923.04	-4,513.06	-4,413.29	-4,352.19	-5,868.67	-4,532.37	-4,513.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,018	20,050	19,723	19,584	19,436	19,509	19,311	19,310	19,342	19,675	20,163
Invested Capital Turnover	0.26	0.26	0.27	0.28	0.29	0.29	0.30	0.30	0.31	0.31	0.31
Increase / (Decrease) in Invested Capital	-1,129	-858	-950	-850	-582	-540	-412	-274	-94	165	852
Enterprise Value (EV)	50,822	49,879	51,283	49,400	61,175	66,333	65,416	70,745	71,937	70,595	70,226
Market Capitalization	33,903	32,794	34,393	32,732	43,723	48,590	47,711	53,810	55,499	53,486	52,476
Book Value per Share	$9.47	$9.06	$8.66	$8.90	$9.14	$9.40	$8.91	$8.20	$8.89	$7.86	$7.39
Tangible Book Value per Share	$9.47	$9.06	$8.66	$8.90	$9.14	$9.40	$8.91	$8.20	$8.89	$7.86	$7.39
Total Capital	28,784	29,247	28,518	28,530	29,721	29,281	28,874	28,740	27,864	28,021	28,492
Total Debt	24,960	25,570	24,990	24,917	26,033	25,519	25,288	25,418	24,264	24,753	25,401
Total Long-Term Debt	24,960	25,570	24,990	24,917	26,033	25,519	25,288	25,418	24,264	24,753	25,401
Net Debt	16,192	16,370	16,193	15,968	16,746	17,046	17,022	16,286	15,740	16,406	17,070
Capital Expenditures (CapEx)	184	166	221	228	178	163	188	186	218	230	244
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-670	-575	-809	-872	-869	-736	-836	-854	-918	-709	-855
Debt-free Net Working Capital (DFNWC)	-48	581	29	-103	300	515	398	1,316	482	671	376
Net Working Capital (NWC)	-48	581	29	-103	300	515	398	1,316	482	671	376
Net Nonoperating Expense (NNE)	-169	162	88	-27	-67	-175	178	218	126	225	7.65
Net Nonoperating Obligations (NNO)	16,194	16,373	16,196	15,971	15,748	15,747	15,724	15,988	15,742	16,407	17,072
Total Depreciation and Amortization (D&A)	336	322	339	333	339	325	333	342	361	356	368
Debt-free, Cash-free Net Working Capital to Revenue	-12.66%	-10.75%	-14.87%	-15.77%	-15.36%	-12.80%	-14.32%	-14.45%	-15.40%	-11.83%	-14.18%
Debt-free Net Working Capital to Revenue	-0.91%	10.86%	0.53%	-1.86%	5.30%	8.96%	6.82%	22.27%	8.08%	11.19%	6.23%
Net Working Capital to Revenue	-0.91%	10.86%	0.53%	-1.86%	5.30%	8.96%	6.82%	22.27%	8.08%	11.19%	6.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.06	$1.38	$1.49	$1.82	$2.29	$2.25	$1.51	$1.46	$2.04	$1.27	$1.70
Adjusted Weighted Average Basic Shares Outstanding	326.93M	327.00M	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	326.93M	327.00M	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	326.93M	327.00M	327.20M	326.25M	325.90M	325.94M	326.04M	326.28M	326.28M	326.43M	326.49M
Normalized Net Operating Profit after Tax (NOPAT)	604	464	646	653	554	666	748	764	585	509	702
Normalized NOPAT Margin	43.11%	34.34%	47.15%	46.31%	36.30%	46.19%	51.27%	51.63%	36.97%	34.58%	46.83%
Pre Tax Income Margin	31.71%	35.92%	41.38%	52.14%	36.61%	35.24%	39.43%	40.51%	27.00%	32.36%	41.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.21	3.43	3.18	4.02	4.31	3.16	3.41	3.39	3.70	3.10	3.65
NOPAT to Interest Expense	3.00	3.42	2.96	3.08	3.52	2.89	3.38	3.38	3.95	3.26	3.02
EBIT Less CapEx to Interest Expense	2.29	2.60	2.17	2.94	3.52	2.45	2.56	2.57	2.74	2.09	2.60
NOPAT Less CapEx to Interest Expense	2.09	2.58	1.95	2.01	2.73	2.18	2.53	2.55	2.99	2.24	1.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.84%	107.88%	110.48%	110.67%	108.47%	98.53%	100.04%	106.22%	112.38%	130.40%	125.49%
Augmented Payout Ratio	114.20%	107.88%	110.48%	114.85%	113.84%	98.53%	100.04%	107.47%	112.38%	130.40%	125.49%

Key Financial Trends

Simon Property Group (NYSE: SPG) has demonstrated steady financial performance and resilience over the past four years through its quarterly results analysis from 2022 to 2024. Here are the key highlights and trends identified from the latest income statements, balance sheets, and cash flow statements:

Revenue Growth: Operating revenue increased consistently from approximately $1.36 billion in Q1 2022 to $1.58 billion in Q4 2024, showing steady top-line growth through the periods.
Strong Gross Profit Margins: Gross profit consistently surpasses $1.2 billion per quarter, reaching above $1.9 billion in Q4 2024, indicating stable operational efficiency in property management and leasing activities.
Net Income Growth: Net income attributable to common shareholders increased from around $451 million in Q1 2023 to $667 million in Q4 2024, reflecting improving profitability.
Healthy Operating Cash Flow: Net cash provided by operating activities has generally increased, with $1.09 billion reported for Q4 2024, supporting business operations and financial flexibility.
Consistent Dividend Payments: Dividends per share rose steadily from $1.80 in Q1 2023 to $2.10 in Q4 2024, which may attract income-focused investors.
Substantial Long-Term Debt: Long-term debt remains high at approximately $24.3 billion at the end of 2024 Q4, nearly stable compared to prior years, emphasizing Simon’s leveraged capital structure typical for REITs.
Stable Total Assets: Total assets have hovered around $32-34 billion over 2023 and 2024, supported largely by steady plant, property, & equipment net values around $21 billion.
Other Operating Expenses Volatility: The category "Other Operating Expenses" showed elevated and fluctuating amounts, from $150-$645 million in 2023 quarters to $697 million in Q4 2024, which requires monitoring for underlying causes.
Net Cash Outflows in Financing Activities: In recent quarters, especially Q4 2024, heavy cash outflows related to debt repayments ($1.07 billion) and dividend payments ($800 million) led to an overall net cash decrease, impacting liquidity.
Retained Earnings Negative Balance: Retained earnings remain negative (around -$6.3 billion as of Q4 2024), reflecting accumulated losses or distributions exceeding earnings over time, which is typical for REITs but important for investors to watch.

Summary: Simon Property Group maintains robust revenues and profit growth with improving earnings per share, supported by strong cash generation from operations. The company steadily increased dividend payouts, suggesting confidence in cash flow stability. However, its substantial long-term debt and significant financing cash outflows remain key risks, alongside a negative retained earnings balance.

Investors should consider both Simon’s steady operational performance and its leveraged financial profile typical of large real estate investment trusts when evaluating future prospects.

08/08/25 03:19 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Simon Property Group's Financials

When does Simon Property Group's financial year end?

According to the most recent income statement we have on file, Simon Property Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Simon Property Group's net income changed over the last 10 years?

Simon Property Group's net income appears to be on an upward trend, with a most recent value of $2.73 billion in 2024, rising from $1.65 billion in 2014. The previous period was $2.62 billion in 2023. See where experts think Simon Property Group is headed by visiting Simon Property Group's forecast page.

What is Simon Property Group's operating income?

Simon Property Group's total operating income in 2024 was $3.09 billion, based on the following breakdown:

Total Gross Profit: $5.86 billion
Total Operating Expenses: $2.77 billion

How has Simon Property Group's revenue changed over the last 10 years?

Over the last 10 years, Simon Property Group's total revenue changed from $4.87 billion in 2014 to $5.96 billion in 2024, a change of 22.4%.

How much debt does Simon Property Group have?

Simon Property Group's total liabilities were at $28.81 billion at the end of 2024, a 5.8% decrease from 2023, and a 22.3% increase since 2014.

How much cash does Simon Property Group have?

In the past 10 years, Simon Property Group's cash and equivalents has ranged from $514.34 million in 2018 to $1.48 billion in 2017, and is currently $1.40 billion as of their latest financial filing in 2024.

How has Simon Property Group's book value per share changed over the last 10 years?

Over the last 10 years, Simon Property Group's book value per share changed from 16.25 in 2014 to 8.89 in 2024, a change of -45.3%.

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This page (NYSE:SPG) was last updated on 8/8/2025 by MarketBeat.com Staff

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Simon Property Group (SPG) Financials

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Simon Property Group (SPG) Financials

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