Simon® Reports First Quarter 2025 Results and Reaffirms Full Year 2025 Real Estate FFO Per Share Guidance

Rhea-AI Summary

Simon reported strong Q1 2025 results with net income of $413.7 million ($1.27 per share), compared to $731.7 million ($2.25 per share) in 2024. Real Estate FFO reached $1.113 billion ($2.95 per share), up from $1.090 billion ($2.91 per share) last year. The company showed solid operational performance with domestic property NOI increasing 3.4% and portfolio NOI up 3.6%. U.S. Malls and Premium Outlets achieved 95.9% occupancy, with base minimum rent increasing 2.4% to $58.92 per square foot. Simon expanded internationally by acquiring The Mall Luxury Outlets in Italy and opening Jakarta Premium Outlets in Indonesia. The company increased its quarterly dividend by 5% to $2.10 per share and reaffirmed its 2025 Real Estate FFO guidance of $12.40 to $12.65 per diluted share.

Positive

• Net income of $413.7 million and Real Estate FFO of $1.113 billion in Q1 2025
• Portfolio NOI increased 3.6% and domestic property NOI up 3.4% year-over-year
• Strong occupancy rate of 95.9%, up 0.4% from previous year
• Base minimum rent increased 2.4% to $58.92 per square foot
• Quarterly dividend increased 5% to $2.10 per share
• Strategic expansion with Italian luxury outlets acquisition and new Indonesian outlet opening
• Strong liquidity position of $10.1 billion

Negative

• Net income decreased significantly from $731.7 million in Q1 2024 to $413.7 million in Q1 2025
• $54.8 million losses due to unrealized mark-to-market loss in Klépierre exchangeable bonds
• Higher interest rates on new secured loans at 5.73%

Insights

Real Estate Investment Analyst

Simon reported solid Q1 results with growing NOI, high occupancy, and reaffirmed 2025 guidance, showcasing operational strength despite profit decline.

Simon's Q1 2025 results demonstrate resilience in the premium retail real estate market. Net income fell significantly to $413.7 million ($1.27 per share) from $731.7 million ($2.25 per share) in Q1 2024, but this decline is largely attributable to one-time items. The $54.8 million loss from mark-to-market adjustments on Klépierre bonds this quarter contrasts with last year's $303.9 million gain from selling their Authentic Brands Group stake.

Looking at the more relevant Real Estate FFO metric, which better reflects operating performance, Simon actually grew to $1.113 billion ($2.95 per share) from $1.090 billion ($2.91 per share) year-over-year. This 1.4% FFO growth demonstrates underlying operational strength.

Particularly encouraging are the domestic property NOI growth of 3.4% and portfolio NOI increase of 3.6%. These metrics signal Simon's ability to effectively manage its properties and grow revenue at rates exceeding inflation. The 95.9% occupancy rate (up 0.4% YoY) is impressively high, indicating strong tenant demand despite retail sector challenges.

Base minimum rent per square foot grew 2.4% to $58.92, reflecting Simon's pricing power. The $733 in reported retailer sales per square foot shows healthy tenant performance, which supports sustainable rent growth.

Simon continues strategic expansion with The Mall luxury outlets acquisition in Italy and Jakarta Premium Outlets opening in Indonesia, diversifying its portfolio internationally. Their financial position remains robust with $10.1 billion in liquidity and successful completion of $2.6 billion in secured loans.

The board's decision to increase the quarterly dividend by 5% to $2.10 demonstrates confidence in future cash flows. Management's reaffirmation of 2025 Real Estate FFO guidance at $12.40 to $12.65 per diluted share suggests steady performance expectations for the remainder of the year.

INDIANAPOLIS, May 12, 2025 /PRNewswire/ -- Simon^®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2025.

"Our first quarter results underscore the strength of our business," said David Simon, Chairman, Chief Executive Officer and President. "We delivered strong financial and operational performance and enhanced our portfolio with the acquisition of The Mall Luxury Outlets in Italy and the successful opening of Jakarta Premium Outlets in Indonesia.  As macroeconomic conditions continue to shift, we are well-positioned with a fortress balance sheet and a proven track record of navigating successfully through a wide range of economic cycles."  

Results for the Quarter

• Net income attributable to common stockholders was $413.7 million, or $1.27 per diluted share, as compared to $731.7 million, or $2.25 per diluted share in 2024.
  • Net income for the first quarter of 2025 includes losses of $54.8 million, or $0.15 per diluted share, primarily due to an unrealized mark-to-market loss in fair value adjustment of the Klépierre exchangeable bonds the Company issued in November 2023.
  • Net income for the first quarter of 2024 included after-tax net gains of $303.9 million, or $0.81 per diluted share, primarily resulting from the sale of the Company's remaining ownership interest in Authentic Brands Group.    
• Real Estate Funds From Operations ("FFO") was $1.113 billion, or $2.95 per diluted share as compared to $1.090 billion, or $2.91 per diluted share in the prior year.
• FFO was $1.005 billion, or $2.67 per diluted share as compared to $1.334 billion, or $3.56 per diluted share in the prior year, inclusive of the current year and prior year period items mentioned above. 
• Domestic property Net Operating Income ("NOI") increased 3.4% and portfolio NOI increased 3.6% compared to the prior year period. 

U.S. Malls and Premium Outlets Operating Statistics

• Occupancy at March 31, 2025 was 95.9%, a 0.4% increase compared to 95.5% at March 31, 2024.
• Base minimum rent per square foot was $58.92 at March 31, 2025, compared to $57.53 at March 31, 2024, an increase of 2.4%. 
• Reported retailer sales per square foot was $733 for the trailing 12 months ended March 31, 2025.

Acquisition Activity and Development Activity
On January 30, 2025, the Company completed the acquisition of two luxury outlets in Italy: The Mall Firenze in Leccio, near Florence and The Mall Sanremo, on the Italian Riviera. 

On March 6, 2025, Jakarta Premium Outlets (Tangerang, Indonesia) opened with 302,000 square feet featuring global and local brands and international dining options.  Simon owns 50% of this center. 

Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed 12 secured loan transactions totaling approximately $2.6 billion (U.S. dollar equivalent).  The weighted average interest rate on these loans was 5.73%.    

As of March 31, 2025, Simon had approximately $10.1 billion of liquidity consisting of $1.9 billion of cash on hand, including its share of joint venture cash, and $8.2 billion of available capacity under its revolving credit facilities.

Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.10 for the second quarter of 2025.  This is an increase of $0.10, or 5.0% year-over-year.  The dividend will be payable on June 30, 2025 to shareholders of record on June 9, 2025. 

Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2025 to shareholders of record on June 16, 2025. 

2025 Guidance
The Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2025 are included in the table below and are reconciled in the Company's supplemental information.  The Company is reaffirming its outlook for Real Estate FFO of $12.40 to $12.65 per diluted share. 

	Low	High
	End	End
Estimated net income attributable to common stockholders per diluted share	$6.67	$6.92
Estimated Real Estate FFO per diluted share	$12.40	$12.65

Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, May 12, 2025.  A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com.  An audio replay of the conference call will be available until May 19, 2025.  To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13753110. 

Supplemental Materials and Website
Supplemental information on our first quarter 2025 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures.  Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net.  Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter.  FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms;  the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; reducing emissions of greenhouse gases; environmental liabilities; natural disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.

The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC.  The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon
Simon^® 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.

 

Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)
	For the Three Months
	Ended March 31,
	2025	2024
REVENUE:
Lease income	$ 1,367,428	$ 1,302,671
Management fees and other revenues	33,792	29,455
Other income	71,792	110,464
Total revenue	1,473,012	1,442,590
EXPENSES:
Property operating	136,821	126,114
Depreciation and amortization	328,051	307,369
Real estate taxes	107,452	109,210
Repairs and maintenance	30,142	25,728
Advertising and promotion	34,257	28,081
Home and regional office costs	65,066	60,723
General and administrative	12,629	9,132
Other	30,978	41,053
Total operating expenses	745,396	707,410
OPERATING INCOME BEFORE OTHER ITEMS	727,616	735,180
Interest expense	(226,995)	(230,623)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net	(23,992)	414,769
Income and other tax benefit (expense)	7,637	(47,603)
Income (loss) from unconsolidated entities	30,359	(34,342)
Unrealized losses in fair value of publicly traded equity instruments and
derivative instrument, net	(36,765)	(7,192)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net	-	10,966
CONSOLIDATED NET INCOME	477,860	841,155
Net income attributable to noncontrolling interests	63,327	108,619
Preferred dividends	834	834
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 413,699	$ 731,702
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$ 1.27	$ 2.25

 

Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)
	March 31,	December 31,
	2025	2024
ASSETS:
Investment properties, at cost	$ 40,837,785	$ 40,242,392
Less - accumulated depreciation	19,296,503	19,047,078
	21,541,282	21,195,314
Cash and cash equivalents	1,380,008	1,400,345
Tenant receivables and accrued revenue, net	779,888	796,513
Investment in TRG, at equity	3,015,484	3,069,297
Investment in Klépierre, at equity	1,398,028	1,384,267
Investment in other unconsolidated entities, at equity	2,554,065	2,670,739
Right-of-use assets, net	517,531	519,607
Deferred costs and other assets	1,314,857	1,369,609
Total assets	$ 32,501,143	$ 32,405,691
LIABILITIES:
Mortgages and unsecured indebtedness	$ 24,753,200	$ 24,264,495
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,487,366	1,712,465
Cash distributions and losses in unconsolidated entities, at equity	1,729,919	1,680,431
Dividend payable	1,736	2,410
Lease liabilities	518,174	520,283
Other liabilities	743,173	626,155
Total liabilities	29,233,568	28,806,239
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling
redeemable interests	241,766	184,729
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000
shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized,
796,948 issued and outstanding with a liquidation value of $39,847	40,696	40,778
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,062,397 and
342,945,839 issued and outstanding, respectively	33	33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000
issued and outstanding	-	-
Capital in excess of par value	11,594,691	11,583,051
Accumulated deficit	(6,709,618)	(6,382,515)
Accumulated other comprehensive loss	(219,745)	(193,026)
Common stock held in treasury, at cost, 16,645,358 and 16,675,701 shares, respectively	(2,100,482)	(2,106,396)
Total stockholders' equity	2,605,575	2,941,925
Noncontrolling interests	420,234	472,798
Total equity	3,025,809	3,414,723
Total liabilities and equity	$ 32,501,143	$ 32,405,691

 

Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
	For the Three Months Ended March 31
	2025	2024
REVENUE:
Lease income	$ 749,807	$ 752,030
Other income	94,066	90,992
Total revenue	843,873	843,022
OPERATING EXPENSES:
Property operating	166,647	161,044
Depreciation and amortization	159,012	159,815
Real estate taxes	58,793	63,180
Repairs and maintenance	20,763	19,492
Advertising and promotion	22,150	21,663
Other	56,847	54,881
Total operating expenses	484,212	480,075
OPERATING INCOME BEFORE OTHER ITEMS	359,661	362,947
Interest expense	(170,368)	(176,751)
NET INCOME	$ 189,293	$ 186,196
Third-Party Investors' Share of Net Income	$ 96,594	$ 94,370
Our Share of Net Income	92,699	91,826
Amortization of Excess Investment (A)	(14,465)	(14,697)
Income from Unconsolidated Entities (B)	$ 78,234	$ 77,129

Note:	The above financial presentation does not include any information related to our investments in Klépierre S.A.
	("Klépierre"), The Taubman Realty Group ("TRG") and other platform investments. For additional information, see footnote B.

 

Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
	March 31,	December 31,
	2025	2024
Assets:
Investment properties, at cost	$ 19,014,468	$ 18,875,241
Less - accumulated depreciation	9,100,476	8,944,188
	9,913,992	9,931,053
Cash and cash equivalents	1,154,946	1,270,594
Tenant receivables and accrued revenue, net	469,879	533,676
Right-of-use assets, net	115,123	113,014
Deferred costs and other assets	540,350	531,059
Total assets	$ 12,194,290	$ 12,379,396
Liabilities and Partners' Deficit:
Mortgages	$ 13,718,783	$ 13,666,090
Accounts payable, accrued expenses, intangibles, and deferred revenue	925,463	1,037,015
Lease liabilities	106,446	104,120
Other liabilities	346,606	363,488
Total liabilities	15,097,298	15,170,713
Preferred units	67,450	67,450
Partners' deficit	(2,970,458)	(2,858,767)
Total liabilities and partners' deficit	$ 12,194,290	$ 12,379,396
Our Share of:
Partners' deficit	$ (1,231,356)	$ (1,180,960)
Add: Excess Investment (A)	1,065,955	1,077,204
Our net Investment in unconsolidated entities, at equity	$ (165,401)	$ (103,756)

Note:	The above financial presentation does not include any information related to our investments in Klépierre,
	TRG and other platform investments. For additional information, see footnote B.

 

Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO and Real Estate FFO
					For the Three Months Ended
					March 31,
					2025		2024
Consolidated Net Income (D)					$           477,860		$         841,155
Adjustments to Arrive at FFO:
	Depreciation and amortization from consolidated
	properties				324,322		303,672
	Our share of depreciation and amortization from
	unconsolidated entities, including Klépierre, TRG and other corporate investments				208,964		204,979
	Gain on acquisition of controlling interest, sale or disposal of, or recovery on,
	assets and interests in unconsolidated entities and impairment, net				-		(10,966)
	Net loss attributable to noncontrolling interest holders in
	properties				1,292		1,470
	Noncontrolling interests portion of depreciation and amortization, gain on consolidation of properties,
	and loss (gain) on disposal of properties				(5,993)		(5,510)
	Preferred distributions and dividends				(1,126)		(1,266)
FFO of the Operating Partnership					$         1,005,319		$      1,333,534
FFO of the Operating Partnership					$         1,005,319		$      1,333,534
	Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax				17,994		(311,077)
	Other platform investments, net of tax				52,843		60,776
	Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net				36,765		7,192
Real Estate FFO					$         1,112,921		$      1,090,425
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share					$                 1.27		$              2.25
	Depreciation and amortization from consolidated properties
	and our share of depreciation and amortization from unconsolidated
	entities, including Klépierre, TRG and other corporate investments, net of noncontrolling
	interests portion of depreciation and amortization				1.40		1.34
	Gain on acquisition of controlling interest, sale or disposal of, or recovery on,
	assets and interests in unconsolidated entities and impairment, net				-		(0.03)
Diluted FFO per share					$                 2.67		$              3.56
	Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax				0.05		(0.83)
	Other platform investments, net of tax				0.13		0.16
	Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net				0.10		0.02
Real Estate FFO per share					$                 2.95		$              2.91
					1.4 %
Details for per share calculations:
FFO of the Operating Partnership					$         1,005,319		$      1,333,534
Diluted FFO allocable to unitholders					(135,284)		(173,804)
Diluted FFO allocable to common stockholders					$           870,035		$      1,159,730
Basic and Diluted weighted average shares outstanding					326,313		325,912
Weighted average limited partnership units outstanding					50,740		48,843
Basic and Diluted weighted average shares and units outstanding					377,053		374,755
Basic and Diluted FFO per Share					$                 2.67		$              3.56
Percent Change					-25.0 %

 

Simon Property Group, Inc.

Footnotes to Unaudited Financial Information

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein.  The Company generally amortizes excess investment over the life of the related assets.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, TRG and other platform investments.  Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, TRG and other platform investments.  For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share.  FFO is a performance measure that is standard in the REIT business.  We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs.  We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate.  Gains and losses of assets incidental to our main business are included in FFO.  We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

-

Gain on land sales of $0.0 million and $7.5 million for the three months ended March 31, 2025 and 2024, respectively.

-

Straight-line adjustments increased (decreased) income by $2.2 million and ($4.6) million for the three months ended March 31, 2025 and 2024, respectively.

-

Amortization of fair market value of leases increased income by $0.3 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.

 

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SOURCE Simon

FAQ

What were Simon Property Group's (SPG) Q1 2025 earnings per share?

Simon reported Q1 2025 net income of $1.27 per diluted share and Real Estate FFO of $2.95 per diluted share.

How much did Simon Property Group (SPG) increase its dividend in Q1 2025?

Simon increased its quarterly dividend by 5% to $2.10 per share, payable on June 30, 2025.

What is Simon Property Group's (SPG) occupancy rate in Q1 2025?

Simon's U.S. Malls and Premium Outlets occupancy rate was 95.9% as of March 31, 2025, up 0.4% from the previous year.

What acquisitions did Simon Property Group (SPG) complete in Q1 2025?

Simon acquired two luxury outlets in Italy: The Mall Firenze near Florence and The Mall Sanremo on the Italian Riviera, and opened Jakarta Premium Outlets in Indonesia.

What is Simon Property Group's (SPG) FFO guidance for 2025?

Simon reaffirmed its Real Estate FFO guidance for 2025 at $12.40 to $12.65 per diluted share.