Simon Property Group, Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 1.4× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.4× operating cash profit, lifted by income outside the core business.

  Simon Property's reported profit is 1.4× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Simon Property's reported profit is 1.4× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Much more borrowing than peers. Debt is 6.5× equity vs a peer median of 0.8×.Debt is 6.5× equity vs peers 0.8×.

  Debt is 6.5× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 6.5× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $4.6B in 2020 to $6.4B in 2025.

  Simon Property's fiscal-year revenue rose in each of the five years to 2025, from $4.6B to $6.4B.

• More volatile share price. Beta 1.33: tends to move more than the market.

  Simon Property's shares have swung more with the market than most peers' (beta 1.33, above the market's 1.0).