Simon Property | 10-Q: FY2025 Q2 Revenue: USD 1.498 B

Revenue: As of FY2025 Q2, the actual value is USD 1.498 B.

EPS: As of FY2025 Q2, the actual value is USD 1.7, beating the estimate of USD 1.4714.

Lease Income: $1,379,454 for the three months ended June 30, 2025, compared to $1,315,740 for the same period in 2024. For the six months ended June 30, 2025, lease income was $2,746,882 compared to $2,618,412 for the same period in 2024.
Management Fees and Other Revenues: $37,931 for the three months ended June 30, 2025, compared to $33,186 for the same period in 2024. For the six months ended June 30, 2025, management fees and other revenues were $71,723 compared to $62,642 for the same period in 2024.
Other Income: $81,074 for the three months ended June 30, 2025, compared to $109,340 for the same period in 2024. For the six months ended June 30, 2025, other income was $152,867 compared to $219,802 for the same period in 2024.

Net Income: $643,681 for the three months ended June 30, 2025, compared to $569,435 for the same period in 2024. For the six months ended June 30, 2025, net income was $1,121,541 compared to $1,410,591 for the same period in 2024.
Depreciation and Amortization: $339,058 for the three months ended June 30, 2025, compared to $310,016 for the same period in 2024. For the six months ended June 30, 2025, depreciation and amortization were $667,109 compared to $617,384 for the same period in 2024.
Interest Expense: $232,724 for the three months ended June 30, 2025, compared to $221,338 for the same period in 2024. For the six months ended June 30, 2025, interest expense was $459,720 compared to $451,960 for the same period in 2024.
Home and Regional Office Costs: $57,564 for the three months ended June 30, 2025, compared to $50,481 for the same period in 2024. For the six months ended June 30, 2025, home and regional office costs were $122,630 compared to $111,204 for the same period in 2024.
General and Administrative Expenses: $14,298 for the three months ended June 30, 2025, compared to $10,839 for the same period in 2024. For the six months ended June 30, 2025, general and administrative expenses were $26,927 compared to $19,970 for the same period in 2024.

Operating Cash Flow: $2,042,550 for the six months ended June 30, 2025, compared to $1,836,254 for the same period in 2024.
Free Cash Flow: - $1,088,423 for the six months ended June 30, 2025, compared to $588,166 for the same period in 2024.

Average Base Minimum Rent per Square Foot: $58.70 for U.S. Malls and Premium Outlets as of June 30, 2025, compared to $57.94 as of June 30, 2024.
Ending Occupancy: 96.0% for U.S. Malls and Premium Outlets as of June 30, 2025, compared to 95.6% as of June 30, 2024.

Growth Targets: Focus on enhancing profitability and market share of existing assets through redevelopment and expansion projects, including the addition of anchors, big box tenants, and restaurants.
Market Expansion: Internationally, ownership in 38 Premium Outlets, Designer Outlets, and Luxury Outlet properties primarily located in Asia, Europe, and Canada.
Operational Improvements: Improved operating performance and solid core business fundamentals in 2025, with increased lease income and occupancy rates.

Divestitures: Disposition of properties that no longer meet strategic criteria or are not primary retail venues within their trade area.
Emerging Segments: Investments in retail operations (such as Catalyst Brands LLC), an e-commerce venture (Rue Gilt Groupe), and Jamestown (a global real estate investment and management company).

Concrete Projections: Projected net cash funding required to complete new development and redevelopment projects currently under construction in the remainder of 2025 and 2026 is approximately $420 million.
Quantitative Indicators: Expected stabilized return on invested capital in the range of 8-10% for all new development, expansion, and redevelopment projects.