Opening its latest reports…Reading every line of the four statements…Putting it into plain words…
SPGSimon Property Group Inc.
The four financial statements
Every company that sells shares in the US files four statements with the SEC. Together they show whether Simon Property Group made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as Simon Property Group filed it, with what each one means in plain English.
As filed with the SEC on Feb 25, 2026 · the full report · SEC's figures viewer
Income statement · also called the statement of operations, statement of earnings or profit and loss
Did it make money?
Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.
- People usually check: Are sales growing compared with a year earlier?
- People usually check: How much of each dollar of sales is left at each step (the margins)?
- People usually check: Is profit growing faster or slower than sales?
Point at or tap a bar to see the lines inside it.
Out of every $100 of sales
- costs of running the business: $50
- interest, other items and tax: $34 added
- kept as profit: $84.3
Every line, explained
| Line (tap for what it means) | 12 months to Dec 31, 2025 | 12 months to Dec 31, 2024 | 12 months to Dec 31, 2023 |
|---|---|---|---|
| REVENUE | |||
| $5.8B▲ 8.3% | $5.4B | $5.2B | |
| $144.4M▲ 8.4% | $133.3M | $126.0M | |
| $380.9M▼ 14% | $440.8M | $368.5M | |
| $6.4B▲ 6.7% | $6.0B | $5.7B | |
| EXPENSES | |||
| $581.0M▲ 9.7% | $529.8M | $489.3M | |
| $1.4B▲ 13% | $1.3B | $1.3B | |
| $451.1M▲ 10% | $408.6M | $441.8M | |
| $119.9M▲ 14% | $105.0M | $97.3M | |
| $155.8M▲ 7.8% | $144.6M | $127.3M | |
| $251.7M▲ 13% | $223.3M | $207.6M | |
| $60.9M▲ 36% | $44.7M | $38.5M | |
| $142.2M▼ 5.0% | $149.7M | $187.8M | |
| $3.2B▲ 11% | $2.9B | $2.9B | |
| $3.2B▲ 2.7% | $3.1B | $2.8B | |
| −$974.8M▼ 7.6% | −$905.8M | −$854.6M | |
| −$86.1M | $451.2M | $362.0M | |
| −$35.8M▼ 54% | −$23.3M | −$81.9M | |
| $504.1M▲ 143% | $207.3M | $375.7M | |
| −$106.1M▼ 510% | −$17.4M | $11.9M | |
| $2.9B | −$75.8M | −$3.1M | |
| $5.4B▲ 97% | $2.7B | $2.6B | |
| $736.5M▲ 106% | $358.1M | $333.9M | |
| $3.3M | $3.3M | $3.3M | |
| $4.6B▲ 95% | $2.4B | $2.3B | |
| BASIC AND DILUTED EARNINGS PER COMMON SHARE | |||
| $14.17▲ 95% | $7.26 | $6.98 | |
| $14.17▲ 95% | $7.26 | $6.98 | |
| $5.4B▲ 97% | $2.7B | $2.6B | |
| −$31.4M | $16.5M | $18.4M | |
| $9.7M | −$5.6M | −$4.1M | |
| −$52.7M▼ 54% | −$34.3M | −$26.5M | |
| $3.1M | −$923.0K | $2.3M | |
| $5.3B▲ 96% | $2.7B | $2.6B | |
| $723.5M▲ 104% | $354.0M | $331.8M | |
| $4.6B▲ 94% | $2.4B | $2.3B | |
Split by Simon Property Group, L.P.
| Simon Property Group, L.P. | |||
|---|---|---|---|
| Leases (Lease income) | $5.8B | $5.4B | $5.2B |
| Sales (Management fees and other revenues) | $144.4M | $133.3M | $126.0M |
| Other item (Other income) | $380.9M | $440.8M | $368.5M |
| Sales (Total revenue) | $6.4B | $6.0B | $5.7B |
| Buildings and equipment (Property operating) | $581.0M | $529.8M | $489.3M |
| Wear and tear (depreciation and amortization) (Depreciation and amortization) | $1.4B | $1.3B | $1.3B |
| Income tax (Real estate taxes) | $451.1M | $408.6M | $441.8M |
| Buildings and equipment (Repairs and maintenance) | $119.9M | $105.0M | $97.3M |
| Marketing and advertising (Advertising and promotion) | $155.8M | $144.6M | $127.3M |
| Other item (Home and regional office costs) | $251.7M | $223.3M | $207.6M |
| Running the company (general and administrative) (General and administrative) | $60.9M | $44.7M | $38.5M |
| Other item (Other) | $142.2M | $149.7M | $187.8M |
| Total costs (Total operating expenses) | $3.2B | $2.9B | $2.9B |
| Profit from the main business (operating income) (OPERATING INCOME BEFORE OTHER ITEMS) | $3.2B | $3.1B | $2.8B |
| Interest paid on debt (Interest expense) | −$974.8M | −$905.8M | −$854.6M |
| Gains or losses ((Loss) gain due to disposal, exchange, or revaluation of equity interests, net) | −$86.1M | $451.2M | $362.0M |
| Income tax (Income and other tax expense) | −$35.8M | −$23.3M | −$81.9M |
| Share of profit from part-owned businesses (Income from unconsolidated entities) | $504.1M | $207.3M | $375.7M |
| Hedges (Unrealized (losses) gains in fair value of publicly traded equity instruments and derivative instrument, net) | −$106.1M | −$17.4M | $11.9M |
| Write-down (impairment) (Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net) | $2.9B | −$75.8M | −$3.1M |
| Profit, including partners' share (CONSOLIDATED NET INCOME) | $5.4B | $2.7B | $2.6B |
| Profit belonging to partners (non-controlling interest) (Net income (loss) attributable to noncontrolling interests) | $4.8M | −$1.6M | −$1.3M |
| Paid to preferred shareholders (Preferred dividends) | $4.5M | $4.9M | $5.2M |
| Profit for ordinary shareholders (NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS) | $5.4B | $2.7B | $2.6B |
| Profit (net income) (General Partner) | $4.6B | $2.4B | $2.3B |
| Profit (net income) (Limited Partners) | $730.5M | $358.2M | $333.3M |
| Profit per share (basic EPS) (Net income attributable to common stockholders - basic) | $14.17 | $7.26 | $6.98 |
| Profit per share, counting promised shares (diluted EPS) (Net income attributable to common stockholders - diluted) | $14.17 | $7.26 | $6.98 |
| Profit, including partners' share (Consolidated Net Income) | $5.4B | $2.7B | $2.6B |
| Hedges (Unrealized (loss) gain on derivative hedge agreements) | −$31.4M | $16.5M | $18.4M |
| Other gains and losses not in profit (other comprehensive income) (Net loss (gain) reclassified from accumulated other comprehensive loss into earnings) | $9.7M | −$5.6M | −$4.1M |
| Effect of currency moves (Currency translation adjustments) | −$52.7M | −$34.3M | −$26.5M |
| Investments (Changes in available-for-sale securities and other) | $3.1M | −$923.0K | $2.3M |
| Partners' share (non-controlling interest) (Comprehensive income) | $5.3B | $2.7B | $2.6B |
| Partners' share (non-controlling interest) (Comprehensive income attributable to noncontrolling interests) | $6.0M | $1.5M | $610.0K |
| Profit plus other gains and losses (comprehensive income) (Comprehensive income attributable to common stockholders) | $5.3B | $2.7B | $2.6B |
Every line as the company filed it (USD ($), $ in Thousands), shown in full dollars. See this statement on SEC.