Sector: Real Estate|Industry: REIT - Retail|Market Cap: $64.40B|Employees: 3K
Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust (REIT) that owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, primarily consisting of malls, Premium Outlets, and The Mills. The company's core business model revolves around leasing retail space to tenants, and its primary revenue streams are derived from fixed minimum lease consideration and variable lease consideration based on tenants' sales. Simon is a market leader with a significant geographic presence in the United States and internationally.
The 10-K states that Portfolio NOI increased 4.6% in 2024 as compared to 2023. This indicates improved performance of the company's properties.
The 10-K indicates lease income increased by $225.4 million, driven by higher occupancy and fixed minimum lease consideration, showcasing the company's ability to generate more revenue from its properties.
Diluted earnings per share increased to $7.26, demonstrating improved profitability for the company.