Simon Property (SPG) Operating Expenses (2009 - 2026)
Simon Property (SPG) recorded Operating Expenses of $994.93 million in Q1 2026, up 33.5% from $745.4 million a year earlier and up 10.5% from the prior quarter.
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Analysis
Simon Property (SPG) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Simon Property's Operating Expenses came in at $3.44 billion as of Mar 31, 2026, up 18.2% year-over-year; for FY2025, it was $3.19 billion, up 11.1% from FY2024.
- Annual Operating Expenses has increased for five straight years, with a five-year compound annual growth rate of 3.9% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $2.87 billion in FY2024 (+0.7%), $2.85 billion in FY2023 (+5.3%), $2.71 billion in FY2022 (+0.2%) and $2.7 billion in FY2021 (+2.6%).
- The Q1 2026 figure is the highest quarterly Operating Expenses in data going back to Q1 2009.
- On a year-over-year basis, Operating Expenses has increased for six consecutive quarters, with growth averaging 9.6% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 33.5% in Q1 2026, against a decline of 3.0% in Q3 2022 at the low end.
- Per Business Quant, the preceding three quarters came in at $900.79 million (Q4 2025), $788.66 million (Q3 2025) and $754.26 million (Q2 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 163.22 Bn | 144.72 Bn | 1.39 Bn | 3.22 Bn |
| 2 | Prologis | 123.33 Bn | 118.37 Bn | - | 1.47 Bn |
| 3 | Simon Property | 64.64 Bn | 60.49 Bn | - | 994.93 Mn |
| 4 | Realty Income | 51.06 Bn | 49.28 Bn | - | 1.19 Bn |
| 5 | Public Storage | 50.23 Bn | 49.22 Bn | - | 766.20 Mn |
| 6 | Ventas | 40.92 Bn | 39.61 Bn | - | 1.68 Bn |
| 7 | Extra Space Storage | 27.97 Bn | 27.97 Bn | 642.43 Mn | 481.97 Mn |
| 8 | Vici Properties | 24.77 Bn | 22.89 Bn | 1.05 Bn | 315.61 Mn |
| 9 | Vivmark Residential | 22.67 Bn | 22.45 Bn | - | 566.18 Mn |
| 10 | Essex Property Trust | 17.33 Bn | 17.10 Bn | - | 381.68 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Mar 31, 2026 | 994.93 Mn |
| 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 |
API Access
Simon Property Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=SPG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "SPG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=SPG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();