Simon Property (SPG) Operating Expenses (2009 - 2025)
Simon Property (SPG) posted quarterly Operating Expenses of $900.8 million for Q4 2025, up 20.67% year-over-year from $746.5 million in Q4 2024, and up 14.22% quarter-over-quarter from $788.7 million in Q3 2025.
Simon Property (SPG) Operating Expenses (2009 - 2025) Analysis & Trends
Simon Property (SPG) has reported Operating Expenses for 17 consecutive years, with $900.8 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Operating Expenses rose 20.67% year-over-year to $900.8 million; the TTM figure through Dec 2025 stood at $3.2 billion (up 11.08% YoY), while the FY2025 annual figure was $3.2 billion, up 11.08% from the prior year.
- Operating Expenses grew to $900.8 million in Q4 2025 per SPG's latest filing, from $788.7 million in the prior quarter.
- Across five years, Operating Expenses topped out at $900.8 million in Q4 2025 and bottomed at $635.3 million in Q1 2021.
- Historically, Operating Expenses has averaged $716.2 million across 5 years, with a median of $712.3 million in 2023.
- Annual changes were most pronounced in 2021 — Operating Expenses slipped 9.04% — and 2025, when it grew 20.67%.
- Simon Property's Operating Expenses stood at $734.6 million in 2021, then declined by 2.57% to $715.7 million in 2022, then increased by 2.74% to $735.3 million in 2023, then gained by 1.52% to $746.5 million in 2024, then grew by 20.67% to $900.8 million in 2025.
- Business Quant data shows SPG's Operating Expenses at $900.8 million in Q4 2025, $788.7 million in Q3 2025, and $754.3 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Simon Property | 71.66 Bn | 71.66 Bn | 1.76 Bn | 900.79 Mn |
| 2 | Realty Income | 57.60 Bn | 57.60 Bn | - | 1.19 Bn |
| 3 | Kimco Realty | 16.10 Bn | 16.10 Bn | 455.67 Mn | 356.02 Mn |
| 4 | Federal Realty Investment Trust | 10.06 Bn | 10.06 Bn | 271.22 Mn | 217.66 Mn |
| 5 | Agree Realty | 8.80 Bn | 8.78 Bn | - | 112.31 Mn |
| 6 | Nnn Reit | 8.64 Bn | 8.64 Bn | - | 102.00 Mn |
| 7 | Macerich | 6.73 Bn | 6.73 Bn | 171.77 Mn | 277.43 Mn |
| 8 | Essential Properties Realty Trust | 6.51 Bn | 6.51 Bn | - | 62.12 Mn |
| 9 | Kite Realty Group Trust | 5.29 Bn | 5.29 Bn | - | 150.10 Mn |
| 10 | Phillips Edison & Company | 5.01 Bn | 5.01 Bn | - | 135.01 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 900.79 Mn |
| Sep 30, 2025 | 788.66 Mn |
| Jun 30, 2025 | 754.26 Mn |
| Mar 31, 2025 | 745.40 Mn |
| Dec 31, 2024 | 746.49 Mn |
| Sep 30, 2024 | 712.94 Mn |
| Jun 30, 2024 | 704.17 Mn |
| Mar 31, 2024 | 707.41 Mn |
| Dec 31, 2023 | 735.30 Mn |
| Sep 30, 2023 | 716.71 Mn |
| Jun 30, 2023 | 711.68 Mn |
| Mar 31, 2023 | 688.13 Mn |
| Dec 31, 2022 | 715.69 Mn |
| Sep 30, 2022 | 663.59 Mn |
| Jun 30, 2022 | 653.08 Mn |
| Mar 31, 2022 | 675.53 Mn |
| Dec 31, 2021 | 734.61 Mn |
| Sep 30, 2021 | 684.23 Mn |
| Jun 30, 2021 | 649.42 Mn |
| Mar 31, 2021 | 635.34 Mn |