Simon Property Group

Pricing power is solid but not unconstrained. Base minimum rent per square foot increased 1.3% year over year in Q2‑25 and 2.5% for full‑year 2024 as leases reprice; occupancy gains and positive releasing spreads support further rent growth, albeit at modest single digits given retailer cost sensitivity and macro conditions.

Ancillary income, specialty leasing and redevelopment densification add monetization levers. Overall margin structure is strong, yet exposure to tenant distress can intermittently pressure cash collections and concessions.