---
title: "Simon Property Group: Business Model"
description: "Simon Property Group business model from its fiscal 2025 Form 10-K: one reportable segment, its revenue, significant expense categories and profit."
canonical: https://www.getswoopr.com/stocks/companies/simon-property-group/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Simon Property Group: Business Model & Revenue Engine

## Direct Answer

Simon Property Group reports a single business segment in its fiscal 2025 Form 10-K, so the whole company is managed and measured as one business. That segment's revenue was $5.9 billion (up 8.4% from the prior year), and its largest cost line was direct costs of leased and rented property or equipment at 13% of revenue.

## How Does Simon Property Group Make Money?

Since 2024, US accounting rules (ASU 2023-07) require even a single-segment company to disclose the significant expense categories its management reviews. These are the amounts Simon Property Group tags to its one segment, as a share of that segment's revenue.

| Line | FY2025 | FY2024 | Share of revenue |
| --- | --- | --- | --- |
| **Operating lease lease income** | $5.9 billion | $5.4 billion | 100.0% |
| Direct costs of leased and rented property or equipment | $766 million | $658 million | 13.1% |
| Real estate tax expense | $456 million | $409 million | 7.8% |
| Marketing and advertising expense | $160 million | $148 million | 2.7% |
| Cost of property repairs and maintenance | $118 million | $103 million | 2.0% |

## What a Single Segment Does and Does Not Tell You

One reportable segment means management runs Simon Property Group as one business; it does not mean the company sells one product. Revenue can still be spread across products, customers and countries that the filing describes in its revenue note or Item 1 without tagging them as segments. Cost lines are the company's own categories, so they compare across years within Simon Property Group more safely than against another company, and lines that are not listed are included in other expense totals rather than missing.

## Where These Numbers Come From

Every figure on this page is a value Simon Property Group reported in the segment note and revenue disclosures of its Form 10-K filed February 25, 2026 (accession 0001104659-26-019419), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### How many business segments does Simon Property Group have?

One. In its fiscal 2025 Form 10-K, Simon Property Group reports a single reportable segment, so its chief operating decision maker reviews the business as a whole rather than by division.

### What are Simon Property Group's biggest costs?

The segment expenses Simon Property Group reports, largest first: direct costs of leased and rented property or equipment ($766 million, 13% of revenue), real estate tax expense ($456 million, 8% of revenue), marketing and advertising expense ($160 million, 3% of revenue) and cost of property repairs and maintenance ($118 million, 2% of revenue).

### How profitable is Simon Property Group's business?

Simon Property Group does not tag a segment profit figure that Swoopr reads; its income statement shows operating results.

## References

- [SEC EDGAR: SIMON PROPERTY GROUP INC. Form 10-K filed February 25, 2026](https://www.sec.gov/Archives/edgar/data/1063761/000110465926019419/spg-20251231x10k.htm)
- [SEC EDGAR: SIMON PROPERTY GROUP INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1063761&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Simon Property Group company dossier](https://www.getswoopr.com/stocks/companies/simon-property-group/)
- [Simon Property Group financial metrics](https://www.getswoopr.com/stocks/companies/simon-property-group/metrics/)
- [Simon Property Group financial risk indicators](https://www.getswoopr.com/stocks/companies/simon-property-group/risks/)
- [Simon Property Group peer comparison](https://www.getswoopr.com/stocks/companies/simon-property-group/competitors/)
- [Simon Property Group business model and revenue mix](https://www.getswoopr.com/stocks/companies/simon-property-group/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).