(Reuters) - Commercial real estate investment trust Simon Property Group ( SPG ) beat market expectations for fourth-quarter funds from operations on Tuesday, as leasing demand remained steady for its U.S. malls and premium outlets.

The company saw revenue growth across its businesses while maintaining cost discipline, and said it plans to open premium outlets in Jakarta, Indonesia in March.

Simon Property ( SPG ) expects 2025 net income in a range of $6.95 to $7.20 per share, above analysts' average estimate of $6.58, according to data compiled by LSEG.

The company saw occupancy rise to 96.5% as of Dec. 31, compared with 95.8% last year. Base minimum rent per square foot was $58.26, a 2.5% increase.

It reported FFO, a key measure of performance of a REIT, of $3.68 per share for the quarter, above $3.41 per share that analysts had estimated.

Quarterly revenue from lease income came in at $1.43 billion, compared with $1.40 billion analysts had estimated.

Shares of the company were largely unchanged in trading after the bell. Its stock rose 21% in 2024.