Simon Property Group, Inc. (SPG) 10-Year Financial Performance & Capital Metrics

SPG • • REIT / Real Estate

Real EstateRetail REITsRegional Malls & Outlet CentersPremium Regional Malls

AboutSimon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.Show more

Revenue $5.96B +5.4%
FFO $3.73B +3.2%
FFO/Share 11.44 +3.4%
FFO Payout 70.9% +5.1%
FFO per Share 11.44 +3.4%
NOI Margin 82.5% +0.8%
FFO Margin 62.56% -2.1%
ROE 65.07% +7.0%
ROA 7.11% +4.8%
Debt/Assets 76.48% -1.1%
Net Debt/EBITDA 5.25 -14.2%
Book Value/Share 11.04 -2.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 59.3%
✓Strong Piotroski F-Score: 8/9
✓Sustainable FFO payout ratio of 70.9%
✓High NOI margin of 82.5%
✓Healthy dividend yield of 4.4%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 6.9x
✗Dividend payout exceeds 100% of earnings
✗Expensive at 16.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.05%

5Y0.71%

3Y5.24%

TTM4.17%

Profit (Net Income) CAGR

10Y5.34%

5Y2.44%

3Y1.77%

TTM-8.86%

EPS CAGR

10Y4.85%

5Y1.35%

3Y2.01%

TTM-72.73%

ROCE

10Y Avg9.27%

5Y Avg8.59%

3Y Avg9.4%

Latest10.34%

Peer Comparison

Premium Regional Malls

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SPGSimon Property Group, Inc.	59.52B	182.31	25.11	5.39%	36.29%	75.1%	5.14%	6.89
CBLCBL & Associates Properties, Inc.	1.14B	37.14	19.86	-3.68%	22.36%	36.35%	17.75%	7.07
SRGSeritage Growth Properties	199.95M	3.55	-1.26	-15.19%	-404.37%	-21.96%		0.59
MACThe Macerich Company	4.69B	18.32	-23.49	3.86%	-37.97%	-15.09%	6.04%	1.78

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	5.27B	5.44B	5.53B	5.65B	5.76B	4.61B	5.12B	5.29B	5.66B	5.96B
Revenue Growth %	0.08%	0.03%	0.02%	0.02%	0.02%	-0.2%	0.11%	0.03%	0.07%	0.05%
Property Operating Expenses	960.19M	971.15M	980.08M	1.01B	1.02B	887.15M	971.06M	1B	1.03B	1.04B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	1.64B	1.74B	1.74B	1.71B	1.82B	1.75B	1.73B	1.71B	1.82B	1.83B
G&A Expenses	195.18M	207.88M	202.84M	197.78M	185.2M	121.19M	144.64M	142.76M	165.86M	189.29M
EBITDA+	3.91B	4.05B	4.16B	4.28B	4.31B	3.33B	3.74B	3.88B	4.14B	4.45B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	1.24B	1.33B	1.36B	1.35B	1.39B	1.35B	1.33B	1.29B	1.33B	1.36B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	2.67B	2.72B	2.8B	2.93B	2.91B	1.97B	2.41B	2.58B	2.81B	3.09B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	923.7M	857.55M	809.39M	815.92M	789.35M	784.4M	795.71M	761.25M	854.65M	905.8M
Interest Coverage	2.89x	3.17x	3.46x	3.59x	3.69x	2.51x	3.03x	3.39x	3.28x	3.41x
Non-Operating Income	-414.37M	-301.11M	-275.3M	-748.87M	-329.81M	-85.28M	-1.11B	-713.6M	-746.52M	-565.28M
Pretax Income+	2.16B	2.16B	2.27B	2.86B	2.45B	1.27B	2.73B	2.54B	2.7B	2.75B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	20.17M	29.68M	23.34M	36.9M	30.05M	-4.64M	157.2M	83.51M	81.87M	23.26M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.83B	1.84B	1.95B	2.44B	2.1B	1.11B	2.25B	2.14B	2.28B	2.37B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.3%	0.01%	0.06%	0.25%	-0.14%	-0.47%	1.02%	-0.05%	0.07%	0.04%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.14%	0.03%	0.04%	0.15%	-0.08%	-0.29%	0.45%	-0.04%	0.05%	0.03%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	5.88	5.87	6.24	7.88	6.79	3.59	6.84	6.69	6.98	7.26
EPS Growth %	0.3%	-0%	0.06%	0.26%	-0.14%	-0.47%	0.91%	-0.02%	0.04%	0.04%
EPS (Basic)	5.88	5.87	6.24	7.88	6.79	3.59	6.84	6.69	6.97	7.26
Diluted Shares Outstanding	310.1M	312.69M	311.52M	309.63M	307.95M	308.74M	328.59M	327.82M	326.81M	326.1M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	30.65B	31.1B	32.26B	30.69B	31.23B	34.79B	33.78B	33.01B	34.28B	32.41B
Asset Growth %	0.04%	0.01%	0.04%	-0.05%	0.02%	0.11%	-0.03%	-0.02%	0.04%	-0.05%
Real Estate & Other Assets+	24.62B	-30.04B	-31.09B	-29.63B	24.11B	23.33B	22.42B	21.86B	21.65B	21.28B
PP&E (Net)	23.55B	24.36B	24.46B	24.21B	514.66M	512.91M	504.12M	496.93M	484.07M	519.61M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	1.33B	1.22B	2.22B	1.28B	1.99B	2.71B	2.34B	2.11B	3.59B	2.83B
Cash & Equivalents	701.13M	560.06M	1.48B	514.34M	669.37M	1.01B	533.94M	621.63M	1.17B	1.4B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-492.58M	-465.79M	-193.17M	-662.33M	0	0
Intangible Assets	255.58M	265.04M	188.46M	130.64M	75.75M	34.96M	33.28M	17.77M	8.71M	2.75M
Total Liabilities	25.41B	26.01B	27.83B	26.66B	28.1B	31.13B	29.38B	29.19B	30.6B	28.81B
Total Debt+	22.5B	22.98B	24.63B	23.31B	24.68B	27.24B	25.83B	25.46B	26.52B	24.78B
Net Debt	21.8B	22.42B	23.15B	22.79B	24.01B	26.23B	25.29B	24.84B	25.35B	23.38B
Long-Term Debt	21.54B	22.02B	23.59B	22.48B	22.77B	26.04B	24.76B	24.9B	25.97B	24.21B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Capital Lease Obligations	0	43.41M	43.08M	67.25M	584.06M	515.49M	506.93M	497.95M	545.46M	579.35M
Total Current Liabilities+	2.69B	2.57B	2.68B	2.85B	4.28B	4B	3.51B	3.19B	3.46B	3.4B
Accounts Payable	1.32B	1.21B	1.27B	1.32B	1.39B	1.31B	1.43B	1.49B	1.69B	1.71B
Deferred Revenue	-878.66M	-953.66M	-978.47M	-758.68M	0	0	0	0	0	0
Other Liabilities	214.25M	455.04M	520.36M	500.6M	464.3M	513.51M	540.91M	535.74M	621.6M	626.15M
Total Equity+	5.24B	5.1B	4.43B	4.03B	3.13B	3.66B	4.4B	3.82B	3.69B	3.6B
Equity Growth %	-0.12%	-0.03%	-0.13%	-0.09%	-0.22%	0.17%	0.2%	-0.13%	-0.04%	-0.02%
Shareholders Equity	4.47B	4.31B	3.69B	3.3B	2.53B	3.04B	3.36B	3.14B	3.02B	2.94B
Minority Interest	770.44M	787.23M	743.08M	730.44M	603.91M	618.77M	1.04B	685.37M	664.76M	657.53M
Common Stock	31K	32K	32K	32K	32K	34K	34K	34K	33K	33K
Additional Paid-in Capital	9.38B	9.52B	9.61B	9.7B	9.76B	11.18B	11.21B	11.23B	11.41B	11.58B
Retained Earnings	-4.27B	-4.46B	-4.78B	-4.89B	-5.38B	-6.1B	-5.82B	-5.93B	-6.1B	-6.38B
Preferred Stock	43.73M	43.41M	43.08M	42.75M	42.42M	42.09M	41.76M	41.44M	41.11M	40.78M
Return on Assets (ROA)	0.06%	0.06%	0.06%	0.08%	0.07%	0.03%	0.07%	0.06%	0.07%	0.07%
Return on Equity (ROE)	0.33%	0.36%	0.41%	0.58%	0.59%	0.33%	0.56%	0.52%	0.61%	0.65%
Debt / Assets	0.73%	0.74%	0.76%	0.76%	0.79%	0.78%	0.76%	0.77%	0.77%	0.76%
Debt / Equity	4.29x	4.51x	5.56x	5.79x	7.88x	7.45x	5.87x	6.66x	7.19x	6.89x
Net Debt / EBITDA	5.58x	5.54x	5.57x	5.33x	5.57x	7.88x	6.76x	6.41x	6.12x	5.25x
Book Value per Share	16.90	16.30	14.22	13.01	10.16	11.85	13.39	11.66	11.28	11.04

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.02B	3.37B	3.59B	3.75B	3.81B	2.33B	3.64B	3.77B	3.93B	3.81B
Operating CF Growth %	0.11%	0.12%	0.07%	0.04%	0.02%	-0.39%	0.56%	0.04%	0.04%	-0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.83B	1.84B	1.95B	2.44B	2.42B	1.28B	2.57B	2.45B	2.28B	2.73B
Depreciation & Amortization	1.24B	1.36B	1.36B	1.35B	1.39B	1.35B	1.33B	1.29B	1.26B	1.36B
Stock-Based Compensation	34.3M	40.1M	23M	0	26.8M	1.9M	24.8M	24.7M	0	0
Other Non-Cash Items	668K	239.57M	324.66M	-30.39M	26.87M	119.41M	-648.93M	-126.78M	127.43M	-201.75M
Working Capital Changes	-77.22M	-105.31M	-59.18M	-8.65M	-36.4M	-425.02M	391.73M	148.89M	258.13M	-72.48M
Cash from Investing+	-1.46B	-969.03M	-761.47M	-236.51M	-1.08B	-3.98B	-552.76M	-626.56M	-1.36B	1.41B
Acquisitions (Net)	-1.74B	-812.14M	-421.66M	-114.46M	-76.59M	-3.8B	-313.98M	-439.16M	-149.79M	-168.76M
Purchase of Investments	-59.52M	-38.81M	-25M	-21.56M	-374.23M	-32.95M	-33.6M	-66.14M	-1.03B	-841.19M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	854.52M	637.78M	361.03M	656.42M	-625.89M	306.74M	257.25M	502.67M	307.5M	390.32M
Cash from Financing+	-1.47B	-2.54B	-1.91B	-4.48B	-2.58B	1.99B	-3.56B	-3.05B	-2.02B	-4.99B
Dividends Paid	-2.2B	-2.04B	-2.23B	-2.45B	-2.56B	-1.45B	-2.35B	-2.26B	-2.44B	-2.65B
Common Dividends	-1.88B	-2.04B	-2.23B	-2.45B	-2.56B	-1.44B	-337.02M	-326.55M	-2.44B	-2.65B
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Share Repurchases	-509.28M	-259.89M	-410.12M	-438.85M	-369.9M	-169.55M	-2.32M	-515.9M	-518.29M	-10.56M
Other Financing	-124.44M	-461.76M	-351.76M	-531.21M	-539.02M	-229.06M	-381.19M	-328.7M	-34.04M	-462.11M
Net Change in Cash+	88.85M	-141.07M	922.25M	-967.97M	155.04M	342.24M	-477.68M	87.69M	547.36M	231.35M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	612.28M	701.13M	560.06M	1.48B	514.34M	669.37M	1.01B	533.94M	621.63M	1.17B
Cash at End	701.13M	560.06M	1.48B	514.34M	669.37M	1.01B	533.94M	621.63M	1.17B	1.4B
Free Cash Flow+	2B	2.57B	2.86B	2.97B	2.93B	1.84B	3.11B	3.12B	3.14B	3.06B
FCF Growth %	0.04%	0.28%	0.11%	0.04%	-0.01%	-0.37%	0.69%	0%	0.01%	-0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	9.89	10.13	10.61	12.24	11.35	7.99	10.88	10.47	11.07	11.44
FFO Payout Ratio	61.27%	64.34%	67.51%	64.62%	73.2%	58.49%	9.43%	9.52%	67.44%	70.9%
NOI Margin	81.77%	82.13%	82.27%	82.14%	82.25%	80.75%	81.02%	81.08%	81.83%	82.5%
Net Debt / EBITDA	5.58x	5.54x	5.57x	5.33x	5.57x	7.88x	6.76x	6.41x	6.12x	5.25x
Debt / Assets	73.41%	73.87%	76.36%	75.95%	79.02%	78.3%	76.47%	77.12%	77.35%	76.48%
Interest Coverage	2.89x	3.17x	3.46x	3.59x	3.69x	2.51x	3.03x	3.39x	3.28x	3.41x
Book Value / Share	16.9	16.3	14.22	13.01	10.16	11.85	13.39	11.66	11.28	11.04
Revenue Growth	8.12%	3.21%	1.69%	2.13%	1.95%	-19.94%	11.05%	3.41%	6.94%	5.39%

Revenue by Segment

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2024
Real Estate	-	-	-	-	-	-	-	-	-	5.54B
Real Estate Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2024
Europe	1.5B	1.2B	1.5B	1.5B	1.5B	1.6B	1.5B	1.3B	1.2B	-
Europe Growth	-	-20.00%	25.00%	0.00%	0.00%	6.67%	-6.25%	-13.33%	-7.69%	-

Frequently Asked Questions

Valuation & Price

Simon Property Group, Inc. (SPG) has a price-to-earnings (P/E) ratio of 25.1x. This suggests investors expect higher future growth.

Growth & Financials

Simon Property Group, Inc. (SPG) reported $6.16B in revenue for fiscal year 2024. This represents a 43% increase from $4.31B in 2011.

Simon Property Group, Inc. (SPG) grew revenue by 5.4% over the past year. This is steady growth.

Yes, Simon Property Group, Inc. (SPG) is profitable, generating $2.23B in net income for fiscal year 2024 (39.8% net margin).

Dividend & Returns

Yes, Simon Property Group, Inc. (SPG) pays a dividend with a yield of 4.45%. This makes it attractive for income-focused investors.

Simon Property Group, Inc. (SPG) has a return on equity (ROE) of 65.1%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Simon Property Group, Inc. (SPG) generated Funds From Operations (FFO) of $3.66B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Simon Property Group, Inc. (SPG) offers a 4.45% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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