FROM THE CHAIRMAN, CEO & PRESIDENT
DEAR FELLOW SHAREHOLDERS, Let me begin by thanking all Simon Property Group (“SPG,” “Simon” or the “Company”) associates for delivering yet another record-breaking year. We achieved record highs in total revenue, Domestic Property Net Operating Income (“NOI”), Funds From Operations (“FFO”) per share, dividends per share, leasing volumes and retailer sales. We recently hosted our National Conference in our hometown of Indianapolis, where our field management associates gathered with our corporate team for three days of innovating idea exchanges, corporate strategy updates, social interaction and an awards ceremony to celebrate and recognize the best at Simon. Following the Conference, the entire Simon team is energized and confident in delivering another strong year in 2025.
David Simon CHAIRMAN, CHIEF EXECUTIVE OFFICER & PRESIDENT
$6.0 Billion Consolidated Revenue $4.9 Billion FFO $6.4 Billion Beneficial Interest Of Combined NOI $3.0 Billion Cash Dividends Paid
The central theme of our Conference, “Now. New. Next.,” perfectly captures our mindset. As I look back on our recent accomplishments and industry-leading performance, I can’t think of a better mantra to describe what we are all about. We are laser-focused on today, but always looking forward to improving leasing and development activities, property management operations, capital structure, our omnichannel and marketing initiatives, ensuring we stay innovative, efficient and agile. My role as Chairman and CEO is to find the right balance between our product (the asset) and profitability, the 2P’s. We work in unison to deliver a better product for our consumers and retailers. Our asset focus encompasses many areas, including the appropriate tenant mix, ambiance, services and amenities, and our connection with the consumer. We are transforming our properties through our extensive redevelopment and expansion initiatives
and introducing innovations to make the shopping experience easier, convenient and more vibrant. We have never been more excited about our ability to improve our product and deliver more of what today’s discerning shopper wants. Our job is to continuously upgrade the merchandise mix and create unique gathering places for the communities in which we operate. We continue to differentiate our Company through investments in our physical assets, adding hospitality, wellness, food & entertainment, e-commerce, retail brands and growth stage companies that operate at the intersection of retail and technology driving forward cutting-edge customer experiences. We have built strong relationships with market leaders and entrepreneurs who understand the value of physical space and the needs of today’s consumers. Integrating mixed-use components, such as hotels and residential units, reflects our commitment to enhancing our properties in prime locations.
Simon Property Group
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