Positive Start to Fiscal Year 2025
Simon Property Group started 2025 with results exceeding their plan, including the acquisition of The Mall Luxury Outlets in Italy and opening an outlet in Jakarta, Indonesia.
Strong Leasing Activity
Simon Property Group signed 1,500 leases for over 5.1 million square feet in the quarter, with new deals comprising 25% of this activity.
Increased Occupancy Rates
Malls and Premium outlet occupancy increased to 95.9%, up 40 basis points, while the mills occupancy increased to 98.4%, up 70 basis points compared to the prior year.
Rising Average Base Minimum Rents
Average base minimum rents for malls and outlets increased by 2.4% year-over-year, with the mills showing a 3.9% increase.
Dividend Increase
A dividend of $2.10 per share was announced for the second quarter, marking a 5% year-over-year increase.
Stable Guidance for 2025
Simon Property Group reaffirmed their full-year 2025 real estate FFO guidance range of $12.40 to $12.65 per share.
Positive Outlook on Debt Financing
Completed 12 secured loan transactions totaling approximately $2.6 billion with a strong fixed charge coverage ratio of 4.6 times.