At a glance
Simon Property Group Inc is worth $71.74B, about 16 times its fiscal 2025 earnings. Revenue grew 6.7% to $6.36B in fiscal 2025, with 72.7% kept as profit; over 5 years it has grown 6.7% a year. It pays a 4.01% dividend yield, raised every year for at least 4 years, and returned $547.8M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +31.9% over the past year with dividends reinvested and +12.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 68.4% in the 2020 crash (S&P 500: 33.7%) and 44.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low.
The business in plain English
Simon Property Group is a real estate investment trust, or REIT: a company that owns income-producing property and must pay out at least 90% of its taxable income as dividends. Simon owns, develops and manages shopping, dining, entertainment and mixed-use destinations. Most of its money comes from rent paid by the retailers, restaurants and other businesses that lease space in its centers, from large national anchor stores to smaller shops.
Its main formats are traditional malls, Premium Outlets (outlet centers) and The Mills. As of December 31, 2025, Simon owned or held an interest in 212 income-producing U.S. properties in 38 states and Puerto Rico: 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers and 12 other retail properties. Abroad, it had stakes in 42 properties, mainly in Asia, Europe and Canada, plus 22.2% of Klépierre, a Paris-based company with shopping centers in 13 European countries.
Simon also holds what it calls platform investments: the retailer Catalyst Brands, the online seller Rue Gilt Groupe (which runs shop.simon.com) and the real estate investment manager Jamestown. On October 31, 2025, it bought the remaining 12% of The Taubman Realty Group, taking its stake from 88% to full ownership. Revenue was $6.36 billion in 2025, up 6.7% from 2024 and up from $4.61 billion in 2020.
Price history
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SPG +31.9% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.79B, up 19.5% from a year earlier, and net income was $483.1M (-13.1%).
- For fiscal 2025, revenue was $6.36B (+6.7% year over year; +6.7% a year from FY2020 to FY2025) with a 72.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.7% good |
|---|---|
| Operating margin | 49.9% good |
| Free cash flow margin | 50.3% good |
| Return on equity (FY2025) | 88.8% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 11.4% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.61B | $1.11B | $1.84B |
| FY2021 | $5.12B | $2.25B | $3.11B |
| FY2022 | $5.29B | $2.14B | $3.12B |
| FY2023 | $5.66B | $2.28B | $3.14B |
| FY2024 | $5.96B | $2.37B | $3.06B |
| FY2025 | $6.36B | $4.62B | $3.20B |
Valuation snapshot
| Market value | $71.74B |
|---|---|
| P/E ratio | 15.6 |
| Dividend yield | 4.01% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SPG price data to Nov 2, 2026 | +23.8% | +31.9% | +30.4% | +12.7% | +7.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.8% |
| 2025 | +12.9% |
| 2024 | +26.9% |
| 2023 | +29.3% |
| 2022 | -21.9% |
| 2021 | +95.8% |
| 2020 | -38.6% |
| 2019 | -6.8% |
| 2018 | +2.5% |
| 2017 | +1.0% |
| 2016 | -5.5% |
| 2015 | +10.2% |
| 2014 | +33.1% |
| 2013 | -0.9% |
| 2012 | +26.0% |
| 2011 | +33.6% |
| 2010 | +28.4% |
| 2009 | +55.4% |
| 2008 | -35.4% |
| 2007 | -11.6% |
| 2006 | +36.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.9% over that stretch · deepest drop along the way 73.7%, back to its old high 17.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 63.4% over that stretch · deepest drop along the way 68.4%, back to its old high 14.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.9% over that stretch · deepest drop along the way 44%, back to its old high 14.6 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 35 open-market purchases ($930K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 30, 2026 | Reuben S Leibowitz Director | buy | $97K |
| Jun 30, 2026 | Reuben S Leibowitz Director | buy | $96K |
| Sep 30, 2026 | Larry C Glasscock Director | buy | $74K |
| Jun 30, 2026 | Larry C Glasscock Director | buy | $74K |
| Sep 30, 2026 | Daniel C. Smith Director | buy | $71K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.62% | Jun 30, 2026 |
| Vanguard Capital Management | 7.38% | Mar 31, 2026 |
| COHEN & STEERS, INC. | 4.73% | Jan 31, 2025 |
| Melvin Simon & Associates, Inc. | 3.7% | Mar 31, 2025 |
ETFs with the most weight in SPG
| GQRE FlexShares Global Quality Real Estate Index Fund | 5.1% |
| ICF iShares Cohen & Steers REIT ETF | 4.92% |
| XLRE Real Estate Select Sector SPDR Fund | 4.64% |
| VGSR Vert Global Sustainable Real Estate ETF | 4.58% |
| TBG TBG Dividend Focus ETF | 4.48% |
| USRT iShares Core U.S. REIT ETF | 4.45% |
| RWR SPDR Dow Jones REIT ETF | 4.4% |
| FRI First Trust S&P REIT Index Fund | 4.36% |
What could go wrong
- Losing anchor stores or major tenants. Some properties rely on anchor stores, the large national retailers that draw crowds, to bring in shoppers. If an anchor leaves, fewer visitors may come, which can hurt the smaller stores around it.
- Tenant bankruptcies leave empty space. When a retailer goes bankrupt, it can stop paying rent and give up its space. Empty space earns nothing, and Simon may not be able to re-lease it to the right tenants at desired rents.
- Online shopping and changing habits. Simon faces competition from e-commerce and other shopping venues. If shoppers keep changing how and where they buy, retailers may want less store space, which would weaken demand for Simon's centers.
- Weak shopper spending hurts tenants. Simon's rent comes from retailers in its malls, outlets and Mills centers. Conditions that hurt retail broadly, such as weaker consumer spending, can reduce what tenants can pay and how much space they want.
- A large debt load and interest rates. Simon had about $28.7 billion of debt against $39.7 billion of total assets as of June 30, 2026. Higher rates raise costs on variable-rate debt and can make refinancing maturing loans costlier or harder.
- REIT rules limit cash and tax perks. To stay a REIT, Simon must pay out at least 90% of its taxable income, so it regularly borrows to fund growth. Its dividends also generally miss the lower tax rate many dividends get.
Recent events
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Simon's dividend yield was 4.21% as of October 28, 2026. Dividends per share rose from $6.00 in 2020 to $8.55 in 2025, about 7.3% a year, but dipped to $5.85 in 2021, so the streak of yearly increases ran four years through 2025. Diluted earnings were $14.17 per share and free cash flow $3.2 billion in 2025, though net income jumped 95% that year while revenue rose 6.7%, so 2025 earnings may not be typical. As a REIT, Simon must pay out at least 90% of its taxable income. Buybacks are modest: about $548 million over 2021–2025.
The share price has fallen hard in downturns. It dropped 73.7% in the 2008 financial crisis, 68.4% in the 2020 COVID crash and 44% in the 2022 bear market, then took roughly 15 to 18 months from each low to regain its earlier high. Like any single stock, Simon carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Simon Property Group make money?
Simon makes most of its money by renting space to stores, restaurants and entertainment businesses in the centers it owns and manages. As of December 31, 2025, it owned or held an interest in 212 U.S. income-producing properties, including 108 malls, 70 Premium Outlets and 16 Mills, plus 42 properties abroad. It also owns 22.2% of Klépierre, a Paris-based shopping center owner, and stakes in retail and e-commerce businesses. Revenue was $6.36 billion in 2025.
Does Simon Property Group raise its dividend every year?
Not every year. Dividends per share fell from $6.00 in 2020 to $5.85 in 2021, then rose each year to $8.55 in 2025, a streak of four straight annual increases. From 2020 to 2025, the dividend grew about 7.3% a year. The yield was 4.21% as of October 28, 2026. Because Simon is a REIT, its dividends generally don't qualify for the lower tax rates that apply to many other dividends.
Is Simon Property Group a REIT?
Yes. Simon is a self-administered and self-managed real estate investment trust, meaning its own staff run the company and its properties rather than an outside manager. A REIT generally avoids federal corporate income tax if it pays out all of its taxable income, and it must distribute at least 90% to keep its status. Simon holds its properties through a majority-owned partnership, Simon Property Group, L.P. Because so much cash goes out as dividends, Simon regularly borrows to fund projects and refinance debt.
How much debt does Simon Property Group have?
About $28.7 billion of total debt as of June 30, 2026, against $39.7 billion of total assets and about $1.0 billion of cash and investments. Its borrowing sources include a $5.0 billion credit facility, a $3.5 billion supplemental facility and a $2.0 billion commercial paper program (short-term IOUs sold to investors). Its loan agreements cap total debt at 65% of total assets, as those agreements define it. Simon aims to keep investment-grade credit ratings but says it cannot guarantee them.
How has Simon Property Group stock performed?
Gains have come with large swings. As of October 28, 2026, the share price rose 25% over one year, about 13.4% a year over five years and about 6.9% a year over ten years. The stock lost 38.6% in 2020, then gained 95.8% in 2021. Its deepest fall in about 21 years of price history was 77%, and it dropped 44% in the 2022 bear market.