Simon dividend
Simon’s current quarterly dividend is $2.25, implying a $9.00 annual rate, and its annual dividend rose each year from 2021 through 2025. Simon’s dividend is covered by its Real Estate FFO, but the cushion is not simply spare cash.
How much does Simon pay in dividends?
Simon later sold its ABG investment, receiving $1.2 billion in cash proceeds for the remaining interest. The sales created accounting gains and tax expense, so some reported results came from selling an investment rather than recurring mall rent. The board has authorized up to $2 billion of repurchases through February 2028. The quarterly dividend rose to $2.25 in May 2026 and stayed there in August. These choices lead to Simon’s next capital question: can new investment earn enough?
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO per share | 12.34 | 12.99 | 12.51 | 11.95 | 11.94 |
| AFFO per share (company's measure) | 12.73 | 12.24 | 11.78 | 11.39 | |
| Dividend per share | 8.55 | 8.10 | 7.45 | 6.90 | 5.85 |
| AFFO payout ratio | 67.2% | 66.2% | 63.2% | 60.6% |
What this means. The company’s adjusted funds from operations is its own profit measure and does not subtract maintenance spending, so the payout percentage may look safer than it really is.
Is Simon's dividend covered by its cash?
The dividend is covered by Simon’s Real Estate FFO, but the cushion is not simply spare cash.
Simon is a REIT, a property company that generally distributes taxable income to shareholders, so dividends compete directly with investment and balance-sheet protection. In its five-year cash record, operating cash exceeded common dividends in every year.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 4,136,551 | 3,814,655 | 3,930,793 | 3,766,604 | 3,637,402 |
| − Dividends paid | 2,789,535 | 2,641,876 | 2,435,896 | 2,260,670 | 2,348,427 |
| = Operating cash after dividends | 1,347,016 | 1,172,779 | 1,494,897 | 1,505,934 | 1,288,975 |
| − Acquisitions | 1,114,368 | 56,105 | 65,829 | 203,364 | 257,080 |
| − Development and capital spending | 934,346 | 755,584 | 793,283 | 650,024 | 527,935 |
| − Shares bought back | 226,826 | 0 | 140,593 | 180,387 | 0 |
What this means. The company's total dividends and distributions are slightly higher because they include preferred dividends, which we subtract to count only dividends paid to common shareholders.
What could change Simon's dividend?
The current quarterly dividend is $2.25, implying a $9.00 annual rate. The 2026 guidance floor is $8.80, and the annual dividend rose each year from 2021 through 2025. A 68.4% Real Estate FFO payout supports moderate growth, but $5.906 billion of debt scheduled to mature in 2026 as of December 31, 2025 limits confidence in faster increases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Real Estate Funds From Operations (Real Estate FFO) | 5,266 (4,939 / 5,393) | 5,503 (4,791 / 5,771) | 5,751 (4,791 / 6,175) |
| Shares (millions) | 323 (324 / 322) | 322 (324 / 320) | 321 (324 / 318) |
| Dividends per share | 9.00 (8.80 / 9.45) | 9.36 (8.00 / 10.05) | 9.72 (8.00 / 10.65) |
| Price to Real Estate Funds From Operations (Real Estate FFO) | 15.50 (12.50 / 17.00) | 15.50 (12.00 / 18.00) | 15.50 (11.50 / 19.00) |
What is Simon's dividend yield today?
The dividend supplies cash while investors wait for growth, but the board must declare each payment. A real-estate investment trust, or REIT, generally distributes much of its taxable income to preserve its tax status, yet property income, debt costs, vacancies, and reinvestment needs can still change future distributions.