Simon Property Group

Real Estate Retail REITs Indianapolis, Indiana Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$6.4B
                    3y CAGR +6.3%
                    
                    P45
                    
                    +6.7%
                    
                    Net income
                    FY2025
                
$5.4B
                    Net margin +84.3%
                    
                    P97
                    
                    +96.6%
                    
                    Total assets
                    FY2025
                
$40.6B
                    ROA +13.2%
                    
                    P100
                    
                    +25.3%
                    
                    Operating cash flow
                    FY2025
                
$4.1B
                    FCF margin +32.8%
                    
                    P90
                    
                    +8.4%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

16 accounts · 5 years

Total assets $40.6B

Total liabilities $33.9B

Shareholders equity $5.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	12.9%	23.5%	20.7%	11.7%	10.4%
Real Estate	475.2%	355.4%	381.1%	411.3%	436.0%
Other Noncurrent Assets	57.7%	45.0%	60.6%	46.9%	56.5%
Total Assets	638.0%	543.4%	605.8%	623.9%	660.1%
Liabilities
Long Term Debt	446.7%	406.9%	460.0%	471.7%	494.9%
Other Noncurrent Liabilities	86.0%	76.2%	80.6%	79.9%	79.3%
Total Liabilities	532.7%	483.0%	540.7%	551.6%	574.1%
Equity
Total Stockholders Equity	81.8%	49.3%	53.4%	59.3%	65.7%
Preferred Stock	0.6%	0.7%	0.7%	0.8%	0.8%
Additional Paid In Capital	194.0%	194.2%	201.6%	212.3%	219.1%
Retained Earnings	-72.4%	-107.0%	-107.7%	-112.0%	-113.8%
Treasury Stock	36.5%	35.3%	38.1%	38.6%	36.8%
Accumulated Other Comprehensive Income	-3.9%	-3.2%	-3.1%	-3.1%	-3.6%
Noncontrolling Interest	19.9%	7.9%	8.3%	8.9%	9.6%
Temporary Equity and Other	3.7%	3.1%	3.5%	4.0%	10.7%
Total Liabilitiesand Equity	638.0%	543.4%	605.8%	623.9%	660.1%

Income Statement

Revenue, expense, and profitability

12 accounts · 5 years

Revenue $6.4B

Operating income $3.2B

Net income $5.4B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Property Operating Expenses	9.1%	8.9%	8.6%	8.8%	8.1%
Expenses Depreciation and Amortization	22.4%	21.2%	22.3%	23.2%	24.7%
Expenses Selling,General and Administrative	1.0%	0.8%	0.7%	0.7%	0.6%
Expenses Other Operating Expenses	13.7%	13.5%	15.1%	18.5%	19.4%
Other Income Expense Operating Income	49.9%	51.9%	49.6%	48.8%	47.2%
Other Income Expense Interest Expense	15.3%	15.2%	15.1%	14.4%	15.6%
Income Tax Income Tax Expense	0.6%	0.4%	1.4%	1.6%	3.1%
net Income Other Items Below Tax	34.7%	-0.3%	3.6%	7.5%	15.4%
net Income net Income	84.3%	45.8%	46.2%	46.3%	50.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $4.1B

Investing cash flow $-1.6B

Financing cash flow $-3.1B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	65.0%	64.0%	69.5%	71.2%	71.1%
Operating Activities net Income	84.3%	45.8%	46.2%	46.3%	50.2%
Operating Activities Depreciation and Amortization	24.4%	22.8%	23.6%	24.4%	25.9%
Operating Activities Other Non Cash Items	-43.7%	-4.6%	-0.4%	15.1%	16.8%
Investing Activities Capital Expenditures	-32.2%	-13.6%	-15.2%	-16.1%	-15.3%
Investing Activities Other Investing Activities	7.0%	37.2%	-8.9%	4.3%	4.5%
Investing Activities net Cash From Investing Activities	-25.2%	23.6%	-24.1%	-11.8%	-10.8%
Financing Activities Proceeds From Debt	57.6%	18.4%	64.1%	65.2%	180.8%
Financing Activities Repayment of Debt	-51.5%	-49.8%	-47.0%	-70.3%	-197.9%
Financing Activities Dividends Paid	-50.8%	-51.1%	-49.4%	-49.0%	-52.6%
Financing Activities Repurchase of Common Stock	-3.7%	-0.7%	-2.7%	-3.4%	-0.0%
Financing Activities Other Financing Activities	-0.6%	-0.5%	-0.7%	-0.1%	0.1%
Financing Activities net Cash From Financing Activities	-48.9%	-83.7%	-35.7%	-57.7%	-69.6%
Cash Reconciliation net Change In Cash	-9.1%	3.9%	9.7%	1.7%	-9.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+49.9%	+51.9%	+49.6%	+48.8%	+47.2%
Net margin	+84.3%	+45.8%	+46.2%	+46.3%	+50.2%
FCF margin	+32.8%	+50.4%	+54.3%	+55.1%	+55.7%
Growth
Revenue CAGR (3y)	+6.3%	+5.2%	+7.1%	-2.8%	-3.3%
Returns
ROE	+103.0%	+92.8%	+86.6%	+78.1%	+76.4%
ROA	+13.2%	+8.4%	+7.6%	+7.4%	+7.6%
ROIC	+9.7%	+12.0%	+10.1%	+9.4%	+8.6%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	6.51x	9.79x	10.12x	9.30x	8.74x
Interest coverage	3.26x	3.41x	3.28x	3.39x	3.03x
Efficiency
Asset turnover	0.16x	0.18x	0.17x	0.16x	0.15x
Cash conversion cycle	—	—	—	—	—

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Simon Property Group

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