FINANCIAL HIGHLIGHTS
2025
2024
YEAR ENDED DECEMBER 31
Operating Data (in millions) Consolidated Revenue
$ $ $
5,964 4,597 4,877
$ $ $
6,365 4,812 4,663
Real Estate Funds from Operations (Real Estate FFO)
Funds from Operations (FFO)
Per Share Data Net Income Per Diluted Share Real Estate FFO Per Diluted Share
$ $ $ $ $
7.26
$ $ $ $ $
14.17 12.73 12.34
12.24
FFO Per Diluted Share
12.99
Dividends Per Share
8.10
8.55
Common Stock Price at December 31
172.21
185.11
Stock and Limited Partnership Units Outstanding Shares of Common Stock (in thousands)
326,278
325,224 55,690 380,914
Limited Partnership Units (in thousands)
50,760
Total Common Stock and Limited Partnership Units
377,038
Total Equity Capitalization (in millions)
$ 64,992 $ 99,129
$ 70,564 $ 105,999
Total Market Capitalization (1) (in millions)
Other Data Total Number of Properties in the U.S.
194
212
U.S. Square Footage (in thousands)
170,675
188,430
Total Number of International Properties International Square Footage (in thousands)
35
42
11,898
17,278
(1) Includes our share of consolidated and joint venture debt.
Consolidated Revenue $ in billions
Dividends Per Share
Beneficial Interest of Combined NOI $ in billions
Real Estate FFO Per Diluted Share
25
25
25
25
22
23
24
22
23
24
22
23
24
22
23
24
This annual report contains a number of forward-looking statements. For more information, refer to the Company’s fourth quarter and full-year 2025 results and SEC filings on our website at investors.simon. com. This report also references non-GAAP financial measures including funds from operations, or FFO, FFO per share, Real Estate FFO, Real Estate FFO per share, and net operating income, or NOI. These financial measures are commonly used in the real estate industry and we believe they provide useful information to investors when used in conjunction with GAAP measures. For a definition of FFO and reconciliations of each of the non-GAAP measures used in this report to the most directly comparable GAAP measure, refer to the Company’s fourth quarter and full-year 2025 results and SEC filings under Financials / Quarterly Reports at investors.simon.com .
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2025 Annual Report XI
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