Simon Property Group Inc (NYSE:SPG) stock fell 4.33% (As on May 13, 11:19:07 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY25. 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. 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 as compared to $1.334 billion in the prior year. 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. 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. 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.

SPG in the first quarter of FY25 has reported the adjusted funds from operations per share of $2.67, missing the analysts’ estimates for the adjusted funds from operations per share of $2.91, according to analysts polled by FactSet The company had reported the adjusted revenue growth of 35.9 percent to $1.47 billion in the first quarter of FY25, beating the analysts’ estimates for revenue of $1.35 billion.

Additionally, the company has declared a quarterly common stock dividend of $2.10 for the second quarter of 2025, an increase of $0.10, or 5.0% year-over-year.

For 2025, the real estate investment trust reaffirmed its guidance, expecting funds from operations of $12.40 to $12.65. Analysts are looking for $12.58.