SIMON PROPERTY GROUP INC. Earnings Per Share Disclosure
5. Per Share and Per Unit Data
We determine basic earnings per share and basic earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding during the period and we consider any participating securities for purposes of applying the two-class method. We determine diluted earnings per share and diluted earnings per unit based on the weighted average number of shares of common stock or units, as applicable, outstanding combined with the incremental weighted average number of shares or units, as applicable, that would have been outstanding assuming all potentially dilutive securities were converted into shares of common stock or units, as applicable, at the earliest date possible. The following tables set forth the components of basic and diluted earnings per share and basic and diluted earnings per unit.
Simon
For the Year Ended December 31, | |||||||||
| 2025 | 2024 | 2023 | ||||||
Net Income attributable to Common Stockholders — Basic and Diluted | | 4,624,275 | | 2,367,559 | | 2,279,789 | |||
Weighted Average Shares Outstanding — Basic and Diluted |
| 326,366,632 |
| 326,097,137 |
| 326,807,326 | |||
For the year ended December 31, 2025, potentially dilutive securities include units that are exchangeable for common stock and long-term incentive performance units, or LTIP units, granted under our long-term incentive performance programs that are convertible into units and exchangeable for common stock. No securities had a material dilutive effect for the years ended December 31, 2025, 2024, and 2023. We have not adjusted net income attributable to common stockholders and weighted average shares outstanding for income allocable to limited partners or units, respectively, as doing so would have no dilutive impact. We accrue dividends when they are declared.
The Operating Partnership
For the Year Ended December 31, | |||||||||
| 2025 | 2024 | 2023 | ||||||
Net Income attributable to Unitholders — Basic and Diluted |
| 5,354,802 | | 2,725,765 | | 2,613,117 | |||
Weighted Average Units Outstanding — Basic and Diluted |
| 377,924,881 |
| 375,434,534 |
| 374,589,788 | |||
For the year ended December 31, 2025, potentially dilutive securities include LTIP units. No securities had a material dilutive effect for the years ended December 31, 2025, 2024, and 2023. We accrue distributions when they are declared.
The taxable nature of the dividends declared and Operating Partnership distributions declared for each of the years ended as indicated is summarized as follows:
For the Year Ended December 31, |
| |||||||||
| 2025 | | 2024 | | 2023 |
| ||||
Total dividends/distributions paid per common share/unit | | $ | 8.55 | | $ | 8.10 | | $ | 7.45 | |
Percent taxable as ordinary income |
| 100.00 | % |
| 99.40 | % |
| 99.70 | % | |
Percent taxable as long-term capital gains |
| 0.00 | % |
| 0.60 | % |
| 0.30 | % | |
| 100.00 | % |
| 100.00 | % |
| 100.00 | % | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.