Simon Property Group, Inc. (NYSE: SPG), a real estate investment trust engaged in the ownership of premier shopping and entertainment destinations, has announced financial results for the first quarter of 2025, reporting a modest increase in revenues.
Net income attributable to stockholders decreased to $413.7 million or $1.27 per share in Q1 from $731.7 million or $2.25 per share last yearTotal revenue was $1.47 billion in the March quarter, compared to $1.44 billion in the corresponding quarter last yearFunds from Operations dropped to $1 billion or $2.67 per share in the first quarter from $1.33 billion or $3.56 per share in Q1 2024Real Estate funds from operations were $1.1 billion or $2.95 per share in Q1, vs. $1.09 billion or $2.91 per share a year earlierDomestic property net operating income increased by 3.4% year-over-year and portfolio net operating income rose by 3.6%As of March 31, 2025, occupancy at US malls and premium outlets was 95.9%, a 0.4% increase from 95.5% in the prior-year periodIn January 2025, the company completed the acquisition of two luxury outlets in Italy — The Mall Firenze in Leccio and The Mall SanremoThe management reaffirmed its outlook for full-year 2025 Real Estate FFO in the range of $12.40 per share to $12.65 per shareThe estimate for full-year earnings per share is between $6.67 and $6.92
