A month has gone by since the last earnings report for Simon Property (SPG - Free Report) . Shares have lost about 3.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Simon Property due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Simon Property Group, Inc. before we dive into how investors and analysts have reacted as of late.
Simon Property's Q2 FFO Tops Estimates on Leasing Strength, Guidance RaisedSimon Property Group delivered second-quarter 2026 Real Estate FFO of $3.29 per share, topping the Zacks Consensus Estimate of $3.18 by 3.46% and increasing 7.9% year over year. Total revenues of $1.79 billion beat the consensus mark of $1.71 billion by 4.49% and rose 19.5% from the year-ago quarter.
Broad-based leasing demand, higher traffic, retailer sales growth and contributions from acquisitions supported results. U.S. Malls and Premium Outlets occupancy remained 96%, unchanged year over year, while retailer sales per square foot jumped 13.9%.
Simon Property's Lease Income Powers Revenue GrowthLease income increased 20.3% year over year to $1.66 billion. Fixed lease income reached $1.35 billion compared with $1.13 billion a year earlier, while variable lease income increased to $310.6 million from $246.7 million.
Management fees and other revenues rose 7.7% to $40.8 million. Other income advanced 11.1% to $90.1 million, aided by higher mixed-use and franchise operations income and other ancillary sources.
Simon Property’s Property Metrics Stay FirmBase minimum rent per square foot for U.S. Malls and Premium Outlets climbed 6.3% year over year to $62.42. Reported retailer sales per square foot increased to $838 for the trailing 12 months ended June 30, 2026, from $736 a year earlier.
The Mills portfolio remained highly occupied at 98.8%, down from 99.3% a year ago. Its base minimum rent per square foot increased to $42.28 from $37.65, indicating higher rental rates across the portfolio.
Simon Property Posts Strong Property-Level NOI GrowthDomestic property NOI increased 8.5% year over year to $1.51 billion. Portfolio NOI, which includes domestic and international properties, rose 8.3% to $1.60 billion.
Beneficial interest of the combined NOI increased 6.4% to $1.75 billion. International property NOI totaled $96 million compared with $91.3 million in the prior-year quarter, while NOI from other platform investments declined to $31.8 million from $41.7 million.
Simon Property Sees Higher Costs & Interest ExpenseTotal operating expenses increased 28.1% year over year to $966.5 million. Depreciation and amortization rose to $459.9 million from $339.1 million, while property operating expenses increased to $171.4 million from $139.8 million. Interest expense climbed 20.8% to $281.2 million.
Simon Property Maintains Ample Balance Sheet LiquiditySimon ended the June 2026 quarter with approximately $9.3 billion of liquidity, comprising $1.7 billion of cash on hand, including its share of joint venture cash, and $7.6 billion of available capacity under its revolving credit facilities.
During the second quarter, Simon Property completed eight secured loan transactions totaling approximately $1.4 billion at a weighted average interest rate of 5.36%. It also issued €500 million of five-year senior notes carrying a 3.65% coupon and closed a $460 million five-year term loan priced at SOFR plus 0.70%.
Simon Property Raises 2026 Real Estate FFO OutlookSimon increased its full-year 2026 Real Estate FFO per share guidance to $13.20-$13.30 from $13.10-$13.25. The midpoint of the updated range is 8 cents above the midpoint of the previous outlook.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in fresh estimates.
VGM ScoresCurrently, Simon Property has a poor Growth Score of F, a score with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Simon Property has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerSimon Property is part of the Zacks REIT and Equity Trust - Retail industry. Over the past month, Regency Centers (REG - Free Report) , a stock from the same industry, has gained 0.2%. The company reported its results for the quarter ended June 2026 more than a month ago.
Regency Centers reported revenues of $413.51 million in the last reported quarter, representing a year-over-year change of +8.6%. EPS of $0.61 for the same period compares with $1.16 a year ago.
For the current quarter, Regency Centers is expected to post earnings of $1.22 per share, indicating a change of +6.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.4% over the last 30 days.
Regency Centers has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
California State Teachers Retirement System boosted its holdings in Simon Property Group, Inc. (NYSE:SPG – Free Report) by 20,284.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,279,435 shares of the real estate investment trust’s stock after purchasing an additional 104,762,975 shares during the quarter. California State Teachers Retirement System owned approximately 32.54% of Simon Property Group worth $23,545,746,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in SPG. Stance Capital LLC acquired a new stake in shares of Simon Property Group during the third quarter worth $26,000. Ancora Advisors LLC acquired a new position in shares of Simon Property Group in the 2nd quarter valued at about $27,000. Wilkerson Advisory Group LLC bought a new stake in shares of Simon Property Group during the 4th quarter valued at about $29,000. Osbon Capital Management LLC bought a new stake in shares of Simon Property Group during the 2nd quarter valued at about $32,000. Finally, SHP Wealth Management acquired a new stake in Simon Property Group during the fourth quarter worth about $34,000. Institutional investors own 93.01% of the company’s stock.
Insider Buying and Selling at Simon Property Group In related news, Director Glyn Aeppel bought 243 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $223.36 per share, for a total transaction of $54,276.48. Following the transaction, the director directly owned 21,067 shares of the company’s stock, valued at approximately $4,705,525.12. This represents a 1.17% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel Smith bought 372 shares of the stock in a transaction on Tuesday, June 30th. The shares were bought at an average cost of $223.31 per share, for a total transaction of $83,071.32. Following the purchase, the director owned 34,480 shares in the company, valued at $7,699,728.80. This trade represents a 1.09% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 2,387 shares of company stock valued at $533,056. 8.73% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In A number of brokerages have commented on SPG. Jefferies Financial Group upgraded Simon Property Group to a “strong-buy” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. raised their price target on Simon Property Group from $210.00 to $217.00 and gave the stock a “neutral” rating in a report on Monday, June 1st. UBS Group boosted their price objective on Simon Property Group from $199.00 to $222.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Bank of America upped their price objective on Simon Property Group from $225.00 to $236.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, Morgan Stanley increased their target price on Simon Property Group from $205.00 to $207.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 9th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $228.14. Check Out Our Latest Research Report on SPG
Simon Property Group Stock Performance Shares of NYSE SPG opened at $209.49 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 5.19. The stock has a 50 day simple moving average of $222.17 and a 200-day simple moving average of $208.60. The company has a market cap of $67.78 billion, a PE ratio of 14.77, a P/E/G ratio of 3.16 and a beta of 1.28. Simon Property Group, Inc. has a 12-month low of $172.19 and a 12-month high of $238.50.
Simon Property Group (NYSE:SPG – Get Free Report) last posted its earnings results on Monday, August 10th. The real estate investment trust reported $1.49 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.15). The business had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.61 billion. Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The firm’s revenue was up 19.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.70 earnings per share. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. On average, equities research analysts forecast that Simon Property Group, Inc. will post 13.2 EPS for the current year.
Simon Property Group Dividend Announcement The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be paid a dividend of $2.25 per share. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, September 9th. Simon Property Group’s payout ratio is currently 63.47%.
Simon Property Group Profile (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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Welltower, Simon Property Group, Blackstone, Equinix, and Digital Realty Trust are the five Real Estate stocks to watch today, according to MarketBeat’s stock screener tool. Real estate stocks are shares of publicly traded companies that own, develop, manage, or finance real estate properties. For stock market investors, they provide exposure to the real estate sector and may generate returns through share-price appreciation and dividends, particularly in the case of real estate investment trusts (REITs). These companies had the highest dollar trading volume of any Real Estate stocks within the last several days.
Welltower (WELL) Welltower Inc. (NYSE:WELL), a real estate investment trust (“REIT”) and S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. Welltower invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.
Read Our Latest Research Report on WELL Simon Property Group (SPG) Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and its subsidiaries.
Read Our Latest Research Report on SPG
Blackstone (BX) Blackstone Inc. is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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Digital Realty Trust (DLR) Digital Realty Trust, Inc. operates as a real estate investment trust, which engages in the provision of data center, colocation and interconnection solutions. It serves the following industries: artificial intelligence (AI), networks, cloud, digital media, mobile, financial services, healthcare, and gaming.
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Adelante Capital Management LLC decreased its stake in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 7.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 417,092 shares of the real estate investment trust’s stock after selling 32,241 shares during the period. Simon Property Group accounts for 6.1% of Adelante Capital Management LLC’s portfolio, making the stock its 4th largest position. Adelante Capital Management LLC owned about 0.13% of Simon Property Group worth $93,282,000 as of its most recent filing with the SEC.
A number of other large investors also recently bought and sold shares of the stock. Corient Private Wealth LP lifted its holdings in shares of Simon Property Group by 74.0% during the 2nd quarter. Corient Private Wealth LP now owns 92,273 shares of the real estate investment trust’s stock valued at $20,636,000 after acquiring an additional 39,245 shares in the last quarter. Ausdal Financial Partners Inc. increased its holdings in Simon Property Group by 6.4% in the 2nd quarter. Ausdal Financial Partners Inc. now owns 1,379 shares of the real estate investment trust’s stock valued at $308,000 after purchasing an additional 83 shares in the last quarter. Magnolia Capital Advisors LLC purchased a new position in Simon Property Group in the second quarter valued at about $629,000. Caisse de depot et placement du Quebec acquired a new position in shares of Simon Property Group during the second quarter worth about $143,948,000. Finally, Gallagher Fiduciary Advisors LLC purchased a new stake in shares of Simon Property Group in the second quarter worth about $448,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.
Simon Property Group Stock Down 0.9% SPG stock opened at $217.12 on Thursday. The stock has a market cap of $70.25 billion, a PE ratio of 15.31, a price-to-earnings-growth ratio of 2.73 and a beta of 1.30. The firm’s 50-day simple moving average is $223.39 and its 200 day simple moving average is $207.76. Simon Property Group, Inc. has a fifty-two week low of $172.19 and a fifty-two week high of $238.50. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 5.19.
Simon Property Group (NYSE:SPG – Get Free Report) last announced its earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.15). The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.61 billion. Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The firm’s revenue was up 19.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.70 EPS. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. As a group, sell-side analysts predict that Simon Property Group, Inc. will post 13.2 EPS for the current year. Simon Property Group Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be given a $2.25 dividend. The ex-dividend date is Wednesday, September 9th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.1%. Simon Property Group’s dividend payout ratio (DPR) is 63.47%.
Analyst Ratings Changes A number of equities analysts have weighed in on SPG shares. Truist Financial upped their price target on Simon Property Group from $196.00 to $215.00 and gave the stock a “hold” rating in a report on Tuesday, June 23rd. Morgan Stanley boosted their target price on shares of Simon Property Group from $205.00 to $207.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 9th. Weiss Ratings raised shares of Simon Property Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 12th. LADENBURG THALM/SH SH lifted their price target on shares of Simon Property Group from $250.00 to $275.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Finally, Evercore set a $215.00 price objective on shares of Simon Property Group in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $223.00.
Read Our Latest Analysis on SPG
Insider Activity at Simon Property Group In other news, Director Gary M. Rodkin purchased 256 shares of Simon Property Group stock in a transaction that occurred on Tuesday, June 30th. The stock was acquired at an average price of $223.34 per share, for a total transaction of $57,175.04. Following the transaction, the director owned 21,016 shares in the company, valued at $4,693,713.44. The trade was a 1.23% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Glyn Aeppel bought 243 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average cost of $223.36 per share, with a total value of $54,276.48. Following the transaction, the director owned 21,067 shares of the company’s stock, valued at $4,705,525.12. This trade represents a 1.17% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 2,387 shares of company stock valued at $533,056. Corporate insiders own 8.73% of the company’s stock.
Simon Property Group Company Profile (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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Simon Media Network combines Simon's premier destinations, first-party consumer intelligence and integrated marketing capabilities to connect brands with high-intent consumers.
, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced the launch of Simon Media Network™, a next-generation commerce media platform that helps brands reach high-intent consumers across Simon's portfolio of more than 200 destinations.
Brickell City Centre® Simon Media Network extends the company's ability to connect brands with consumers where they already gather, discover, and spend time. With billions of visits worldwide and over $100 billion in commerce generated across Simon's portfolio of premier retail destinations, Simon Media Network creates one of the richest real-world signals of consumer behavior.
As consumer attention becomes increasingly fragmented across channels and marketers demand greater accountability, Simon Media Network offers a differentiated approach to commerce media. Unlike traditional retail media networks that are built around purchases from a single retailer, Simon Media Network provides advertisers with a broader view of consumer behavior across an ecosystem of shopping, dining, entertainment, and lifestyle experiences. This enables brands to understand not only what consumers buy, but where they spend time, what captures their attention, and how those behaviors translate into measurable business outcomes.
"Today's marketers need more than impressions. They need partners who can prove a campaign actually moved someone to visit, engage and buy," said Jared Blechman, Chief Revenue Officer at Simon. "Simon is where consumers discover brands in the real world. Simon Media Network builds on that foundation, transforming those interactions into intelligence that helps brands better understand, reach and engage consumers."
Through Simon Media Network, advertisers can activate campaigns across Simon's integrated marketing ecosystem, including high-impact digital displays throughout Simon destinations, experiential activations, ShopSimon.com®, the Simon+® loyalty program, and Simon-owned social and digital channels, as well as off-platform media environments. Campaigns can be executed nationally, regionally, by market, or at individual properties, giving brands flexibility to align campaigns with specific business objectives while maintaining consistent measurement across channels.
Powered by Simon's first-party consumer intelligence, Simon Media Network provides advertisers with transparent, verified insights into campaign performance including visitation, transactions, and consumer engagement. By combining audience insights, activation, and closed-loop attribution, Simon enables brands to build more meaningful consumer connections and demonstrate an incremental return on advertising spend.
"What makes Simon Media Network attractive is our ability to bring together brands, consumers and experiences in places where real life happens. Every day, millions of people come to Simon destinations to shop, discover something new, spend time with family and friends, and create lasting memories," said Lee Sterling, Chief Marketing Officer at Simon. "Simon Media Network gives marketers an opportunity to reach those audiences, be part of those moments and understand the impact those connections create."
For more information about Simon Media Network, visit business.simon.com/media.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Key Takeaways Simon Property Group launched a commerce media platform spanning more than 200 destinations.The network combines first-party data, digital displays and other channels with flexible campaign targeting.Simon Property Group will offer verified insights and closed-loop attribution to measure ad returns. Simon Property Group (SPG - Free Report) has launched Simon Media Network, a new commerce media platform designed to help brands reach high-intent consumers across its portfolio of more than 200 shopping, dining, entertainment and mixed-use destinations. The platform combines Simon’s physical properties, first-party consumer intelligence and marketing capabilities to connect advertisers with consumers where they already shop and spend time.
The initiative gives Simon a differentiated position in the fast-growing retail media market. Unlike traditional retail media networks that are largely based on transactions from a single retailer, Simon can draw insights from consumer activity across a broader ecosystem of stores, restaurants, entertainment venues and lifestyle experiences. Its properties generate billions of visits globally and more than $100 billion in commerce, giving the company a sizable pool of real-world behavioral data.
Advertisers will be able to run campaigns across Simon’s digital displays, experiential activations, ShopSimon.com, the Simon+ loyalty program, social and digital channels, as well as off-platform media. Campaigns can also be targeted nationally, regionally, by market or at individual properties, giving brands flexibility in how they deploy advertising budgets.
A key selling point is measurement. Simon says the network will use its first-party consumer intelligence to provide verified insights on visitation, transactions and engagement, while offering closed-loop attribution to help advertisers measure incremental return on advertising spend. This could make Simon’s physical traffic and consumer data more valuable by converting them into a measurable advertising product rather than relying solely on traditional mall-based revenues.
OutlookFor SPG, the launch is strategically positive. Simon Media Network creates an additional monetization opportunity from an asset base it already owns. If advertiser adoption scales, it could add a higher-margin, less capital-intensive revenue stream, deepen relationships with retailers and brands, and improve the economics of Simon’s properties beyond rent and occupancy-related income.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have gained 3.9% compared with the industry’s growth of 0.5%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for AMT’s 2026 FFO per share has been revised upward marginally to $11.07 over the past week.
The consensus estimate for LAMR’s 2026 FFO per share has been revised up 1.4% over the past month to $8.93.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
B. Metzler seel. Sohn & Co. AG bought a new position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 19,456 shares of the real estate investment trust’s stock, valued at approximately $4,351,000.
Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Simon Property Group during the 4th quarter valued at about $1,112,111,000. Wellington Management Group LLP raised its position in shares of Simon Property Group by 7.7% during the 4th quarter. Wellington Management Group LLP now owns 7,939,861 shares of the real estate investment trust’s stock worth $1,469,748,000 after purchasing an additional 569,772 shares during the last quarter. Bank of America Corp DE lifted its stake in Simon Property Group by 6.1% in the 1st quarter. Bank of America Corp DE now owns 8,503,133 shares of the real estate investment trust’s stock valued at $1,586,089,000 after buying an additional 491,519 shares in the last quarter. Cardano Risk Management B.V. acquired a new position in shares of Simon Property Group during the second quarter valued at approximately $104,281,000. Finally, BlackRock Inc. raised its holdings in shares of Simon Property Group by 1.2% during the second quarter. BlackRock Inc. now owns 37,269,192 shares of the real estate investment trust’s stock valued at $8,335,255,000 after acquiring an additional 455,543 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.
Simon Property Group Trading Down 0.6% Shares of Simon Property Group stock opened at $218.52 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 5.19. The company has a fifty day simple moving average of $223.06 and a 200-day simple moving average of $207.13. The stock has a market cap of $70.70 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 2.74 and a beta of 1.30. Simon Property Group, Inc. has a 12-month low of $172.19 and a 12-month high of $238.50.
Simon Property Group (NYSE:SPG – Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.15). Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The company had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the firm earned $1.70 earnings per share. Simon Property Group’s revenue was up 19.5% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. On average, equities analysts forecast that Simon Property Group, Inc. will post 13.2 EPS for the current fiscal year. Simon Property Group Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be issued a $2.25 dividend. This represents a $9.00 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, September 9th. Simon Property Group’s payout ratio is presently 63.47%.
Insiders Place Their Bets In related news, Director Reuben S. Leibowitz acquired 508 shares of Simon Property Group stock in a transaction on Tuesday, June 30th. The stock was purchased at an average cost of $223.38 per share, with a total value of $113,477.04. Following the purchase, the director directly owned 55,797 shares in the company, valued at approximately $12,463,933.86. The trade was a 0.92% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel C. Smith acquired 372 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was purchased at an average price of $223.31 per share, for a total transaction of $83,071.32. Following the completion of the transaction, the director owned 34,480 shares in the company, valued at $7,699,728.80. The trade was a 1.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 2,387 shares of company stock worth $533,056. Corporate insiders own 8.73% of the company’s stock.
Analysts Set New Price Targets Several equities analysts have recently weighed in on the stock. Morgan Stanley raised their price target on shares of Simon Property Group from $205.00 to $207.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 9th. UBS Group upped their price target on Simon Property Group from $199.00 to $222.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Evercore set a $215.00 price target on Simon Property Group in a report on Tuesday, July 7th. Citigroup lifted their price objective on Simon Property Group from $205.00 to $230.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Stifel Nicolaus upped their price objective on shares of Simon Property Group from $194.00 to $209.00 and gave the company a “hold” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $223.00.
Get Our Latest Analysis on SPG
Simon Property Group Company Profile (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
Featured Stories Five stocks we like better than Simon Property Group Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates? Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG – Free Report).
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Advisors Capital Management LLC acquired a new stake in Simon Property Group, Inc. (NYSE:SPG – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,201 shares of the real estate investment trust’s stock, valued at approximately $940,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in Simon Property Group in the fourth quarter valued at $295,000. Marshall Wace LLP grew its holdings in Simon Property Group by 316.2% in the second quarter. Marshall Wace LLP now owns 19,787 shares of the real estate investment trust’s stock valued at $3,181,000 after purchasing an additional 15,033 shares during the last quarter. Jump Financial LLC raised its position in Simon Property Group by 80.1% during the second quarter. Jump Financial LLC now owns 16,881 shares of the real estate investment trust’s stock worth $2,714,000 after acquiring an additional 7,506 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Simon Property Group by 1.7% during the 2nd quarter. Cerity Partners LLC now owns 35,740 shares of the real estate investment trust’s stock worth $5,745,000 after purchasing an additional 598 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Simon Property Group by 13.4% during the second quarter. NewEdge Advisors LLC now owns 28,444 shares of the real estate investment trust’s stock valued at $4,573,000 after acquiring an additional 3,372 shares during the last quarter. Institutional investors and hedge funds own 93.01% of the company’s stock.
Wall Street Analyst Weigh In A number of analysts recently commented on the company. Citigroup lifted their price objective on Simon Property Group from $205.00 to $230.00 and gave the stock a “neutral” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft downgraded Simon Property Group from a “buy” rating to a “hold” rating and set a $220.00 price target for the company. in a report on Thursday, July 9th. Scotiabank increased their price target on Simon Property Group from $220.00 to $222.00 and gave the stock a “sector perform” rating in a research note on Thursday. Wolfe Research cut shares of Simon Property Group from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, June 30th. Finally, UBS Group lifted their price target on shares of Simon Property Group from $199.00 to $222.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $223.00.
Read Our Latest Report on SPG Simon Property Group Stock Down 0.6% Shares of NYSE:SPG opened at $218.52 on Friday. The stock has a market capitalization of $70.70 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. Simon Property Group, Inc. has a 1-year low of $172.19 and a 1-year high of $238.50. The company’s fifty day moving average is $223.06 and its two-hundred day moving average is $207.13. The company has a debt-to-equity ratio of 5.19, a quick ratio of 1.05 and a current ratio of 1.05.
Simon Property Group (NYSE:SPG – Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.15). Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business posted $1.70 earnings per share. Simon Property Group’s revenue for the quarter was up 19.5% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. Equities analysts anticipate that Simon Property Group, Inc. will post 13.2 EPS for the current year.
Simon Property Group Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be paid a dividend of $2.25 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $9.00 annualized dividend and a yield of 4.1%. Simon Property Group’s dividend payout ratio (DPR) is currently 63.47%.
Insider Buying and Selling at Simon Property Group In related news, Director Daniel C. Smith purchased 372 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were acquired at an average cost of $223.31 per share, with a total value of $83,071.32. Following the completion of the purchase, the director owned 34,480 shares of the company’s stock, valued at $7,699,728.80. The trade was a 1.09% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reuben S. Leibowitz purchased 508 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were purchased at an average cost of $223.38 per share, with a total value of $113,477.04. Following the completion of the purchase, the director directly owned 55,797 shares in the company, valued at approximately $12,463,933.86. This represents a 0.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have purchased 2,387 shares of company stock valued at $533,056. Corporate insiders own 8.73% of the company’s stock.
Simon Property Group Profile (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
Read More Five stocks we like better than Simon Property Group Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?
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Bruni J V & Co. Co. acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 24,746 shares of the real estate investment trust’s stock, valued at approximately $5,534,443,000. Simon Property Group comprises 0.5% of Bruni J V & Co. Co.’s investment portfolio, making the stock its 29th biggest holding.
A number of other large investors also recently added to or reduced their stakes in the business. Stance Capital LLC bought a new position in shares of Simon Property Group in the 3rd quarter valued at about $26,000. Wilkerson Advisory Group LLC bought a new stake in shares of Simon Property Group during the fourth quarter worth approximately $29,000. N.E.W. Advisory Services LLC lifted its holdings in Simon Property Group by 335.0% in the second quarter. N.E.W. Advisory Services LLC now owns 174 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 134 shares during the period. WPG Advisers LLC lifted its holdings in Simon Property Group by 40.3% in the second quarter. WPG Advisers LLC now owns 181 shares of the real estate investment trust’s stock valued at $40,000 after buying an additional 52 shares during the period. Finally, SHP Wealth Management bought a new position in Simon Property Group in the fourth quarter valued at approximately $34,000. 93.01% of the stock is currently owned by institutional investors and hedge funds.
Simon Property Group Stock Down 0.3% Shares of NYSE:SPG opened at $221.07 on Wednesday. The company has a 50 day moving average price of $222.76 and a two-hundred day moving average price of $206.61. The company has a debt-to-equity ratio of 5.19, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $71.53 billion, a PE ratio of 15.59, a PEG ratio of 2.74 and a beta of 1.30. Simon Property Group, Inc. has a 52 week low of $172.09 and a 52 week high of $238.50.
Simon Property Group (NYSE:SPG – Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.15). Simon Property Group had a net margin of 66.56% and a return on equity of 89.32%. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the firm earned $1.70 EPS. Simon Property Group’s quarterly revenue was up 19.5% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.200-13.300 EPS. Analysts forecast that Simon Property Group, Inc. will post 13.2 earnings per share for the current year. Simon Property Group Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be issued a dividend of $2.25 per share. The ex-dividend date is Wednesday, September 9th. This represents a $9.00 annualized dividend and a yield of 4.1%. Simon Property Group’s payout ratio is currently 63.47%.
Wall Street Analyst Weigh In A number of analysts have commented on SPG shares. Jefferies Financial Group raised shares of Simon Property Group to a “strong-buy” rating in a report on Friday, June 26th. Evercore set a $215.00 price target on Simon Property Group in a research note on Tuesday, July 7th. Scotiabank raised their price target on Simon Property Group from $206.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 18th. Piper Sandler lifted their price objective on Simon Property Group from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Finally, JPMorgan Chase & Co. increased their target price on Simon Property Group from $210.00 to $217.00 and gave the company a “neutral” rating in a research note on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, Simon Property Group presently has an average rating of “Hold” and a consensus price target of $222.87.
View Our Latest Analysis on Simon Property Group
Insider Transactions at Simon Property Group In other Simon Property Group news, Director Larry C. Glasscock purchased 397 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were bought at an average price of $223.38 per share, with a total value of $88,681.86. Following the completion of the transaction, the director directly owned 45,902 shares in the company, valued at $10,253,588.76. This trade represents a 0.87% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reuben S. Leibowitz acquired 508 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were acquired at an average price of $223.38 per share, for a total transaction of $113,477.04. Following the acquisition, the director directly owned 55,797 shares in the company, valued at $12,463,933.86. This represents a 0.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 2,387 shares of company stock valued at $533,056. Insiders own 8.73% of the company’s stock.
Simon Property Group Profile (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
Featured Stories Five stocks we like better than Simon Property Group The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG – Free Report).
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St. Albert, Alberta--(Newsfile Corp. - August 19, 2026) - Evolution PowerX Corp. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Evolution"). Evolution, a Canadian leading provider of site power systems, turbine electrification and infrastructure services, is pleased to announce it has entered into a Canadian Exclusive Distribution Agreement for the SPG4 3.2 megawatt (ISO Rated) combustion turbine generator.
Under the agreement, Signal Power Group ("Signal"), and Evolution Power ("Evolution") have entered an exclusive Canadian distribution arrangement for the SPG4 combustion turbine generator platform, establishing Evolution as Signal's exclusive distributor for the platform across Canada. This arrangement provides Evolution with the exclusive right to market, promote, rent, sell and distribute SPG4 Turbine Units throughout all provinces and territories of Canada. The agreement establishes a framework for Evolution to develop the Canadian market for the SPG4 platform, supported by Signal through product information, technical training and OEM technical support. Evolution will maintain the inventory, demonstration equipment, parts and field-service capabilities required to support Canadian customers, while the parties will collaborate on customer opportunities, service performance and joint marketing initiatives. Signal's established turbine supply and manufacturing capabilities provides a strong foundation to support Evolution's continued growth and expanding market presence across Canada.
The addition of the SPG4 significantly accelerates Evolution's power generation capabilities and broadens the Company's addressable market beyond its established mobile and distributed power applications. Delivering 3.2 MW from a single compact, natural gas turbine platform, the SPG4 enables Evolution to pursue larger-scale power requirements while retaining the flexibility to configure solutions for mobile, semi-permanent or permanent installations. The increased generating capacity creates opportunities across a wider range of industrial and commercial markets, including large-scale energy operations, mining, combined heat and power (CHP), remote and grid-constrained facilities, and the rapidly expanding data centre sector. Importantly, the SPG4 complements Evolution's existing smaller-scale, Flex turbine fleet, allowing the Company to offer a broader spectrum of scalable power solutions and positioning Evolution to participate in projects requiring substantially greater power density, capacity and long-term deployment.
"The combination of our exclusive Canadian relationships with FlexEnergy and Signal Power Group represents an important strategic advancement for Evolution and further strengthens our position in the distributed power market," said Leonard D. Jaroszuk, Chairman and CEO of Evolution PowerX Corp. "With these generation platforms, and the ability to synchronize multiple units into larger scalable power systems, we can now address a significantly broader spectrum of customer requirements with turbine-based solutions." Jaroszuk adds that, "These advanced offerings fortifies our position as a leading provider of flexible, scalable distributed power solutions in Canada."
"Evolution PowerX is an important partner for Signal as we expand the SPG4 platform into the Canadian market," said Blaine Wilbanks, Chief Executive Officer of Signal Power Group. "We are excited to work with the Evolution team to bring Signal's proven turbine technology and power generation capabilities to a broader range of customers across Canada. Evolution's market presence, operating experience and customer relationships make them a strong partner to represent the SPG4 platform in this important market."
The addition of the SPG4 represents a natural extension of Evolution's established natural gas-to-electricity business and the operating expertise developed through its growing fleet of 333 kW FlexEnergy turbine generators, the gold standard in micro-turbines. Evolution's exclusive Canadian relationship with FlexEnergy provides the Company with a strong foundation in turbine-based power generation, through which it has successfully deployed the 333 kW platform across a broad range of mobile and distributed power applications, including multi-unit configurations synchronized to create scalable microgrids. The 3.2 MW SPG4 builds upon this proven operating model by extending the same core principles of reliable and fuel-flexible turbine generation into a substantially larger power class. The SPG4 through its own multi-unit synchronized configurations expands the range and scale of projects the Company can address, allowing Evolution to more efficiently match generating capacity to customer requirements while leveraging its existing expertise in turbine operations, power distribution, microgrid integration, mobilization and field service.
About Signal Power Group
Signal Power Group maintains a strategic technology relationship with Honeywell under which Signal has licensed technology from Honeywell's proven T55 family of turbines for application in non-aerospace markets. Signal serves as the original equipment manufacturer for industrial turbine drivetrains incorporating this technology, adapting the proven T55 technology platform for distributed power generation, energy and marine applications. The relationship provides Signal with access to a mature turbine architecture with an extensive operating history, while enabling Signal to integrate the technology into purpose-built power systems designed for commercial and industrial markets.
The T55 family has more than six decades of operating history in demanding applications, with more than 6,000 engines produced and approximately 12 million operating hours. This proven technology heritage provides the foundation for Signal's purpose-built industrial turbine platforms, including the SPG4 power-generation platform.
About Evolution PowerX Corp.
Evolution PowerX Corp. is a Canadian power solutions and specialized infrastructure company delivering reliable, scalable and lower-emission energy solutions to industrial and commercial customers. Through its growing portfolio of natural gas turbine generation, mobile and semi-permanent power systems, microgrid integration and complementary site infrastructure, Evolution provides flexible Concept-to-Completion solutions engineered around customers' operating requirements. Building on more than two decades of experience supporting some of Canada's largest energy and resource companies, Evolution is expanding its capabilities beyond traditional energy services into broader power markets. Further information is available at the Company's website www.evolutionpowerx.com Corporate filings can be found on www.sedarplus.com.
For questions or additional information, please contact:
Leonard Jaroszuk: Chairman & CEO, or
Desmond O'Kell: President & Director [email protected]
780-418-4400
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements in this news release includes, without limitation, the Company's plans to develop a broader fleet of larger capacity natural gas turbine solutions; the potential benefits and anticipated demand for the Company's natural gas turbine solutions and corporate development opportunities available to the Company. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR+ website www.sedarplus.ca) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310347
Source: Evolution PowerX Corp.
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Simon Property Group is downgraded to Hold as the stock now reflects fair value, balancing risk and reward. SPG continues to post strong results: Q2 revenue up 19.3%, occupancy at 96%, and FFO per share guidance raised. The company maintains a robust balance sheet, with net debt/EBITDA below 5.0x, $1.02B in cash, and a 4.10% dividend yield.
Key Takeaways SPG's Q2 FFO and revenues beat estimates, supported by leasing demand and retailer sales growth.Lease income rose 20.3%, while retailer sales per square foot jumped 13.9% year over year.SPG raised 2026 FFO guidance and lifted its quarterly dividend 4.7% year over year. Simon Property Group, Inc. (SPG - Free Report) delivered second-quarter 2026 Real Estate Funds From Operations (FFO) of $3.29 per share, topping the Zacks Consensus Estimate of $3.18 by 3.46% and increasing 7.9% year over year. Total revenues of $1.79 billion beat the consensus mark of $1.71 billion by 4.49% and rose 19.5% from the year-ago quarter.
Broad-based leasing demand, higher traffic, retailer sales growth and contributions from acquisitions supported results. U.S. Malls and Premium Outlets occupancy remained 96%, unchanged year over year, while retailer sales per square foot jumped 13.9%.
SPG's Lease Income Powers Revenue GrowthLease income increased 20.3% year over year to $1.66 billion. Fixed lease income reached $1.35 billion compared with $1.13 billion a year earlier, while variable lease income increased to $310.6 million from $246.7 million.
Management fees and other revenues rose 7.7% to $40.8 million. Other income advanced 11.1% to $90.1 million, aided by higher mixed-use and franchise operations income and other ancillary sources.
SPG’s Property Metrics Stay FirmBase minimum rent per square foot for U.S. Malls and Premium Outlets climbed 6.3% year over year to $62.42. Reported retailer sales per square foot increased to $838 for the trailing 12 months ended June 30, 2026 from $736 a year earlier.
The Mills portfolio remained highly occupied at 98.8%, down from 99.3% a year ago. Its base minimum rent per square foot increased to $42.28 from $37.65, indicating higher rental rates across the portfolio.
SPG Posts Strong Property-Level NOI GrowthDomestic property net operating income (NOI) increased 8.5% year over year to $1.51 billion. Portfolio NOI, which includes domestic and international properties, rose 8.3% to $1.60 billion.
Beneficial interest of the combined NOI increased 6.4% to $1.75 billion. International property NOI totaled $96 million compared with $91.3 million in the prior-year quarter, while NOI from other platform investments declined to $31.8 million from $41.7 million.
SPG Sees Higher Costs & Interest ExpenseTotal operating expenses increased 28.1% year over year to $966.5 million. Depreciation and amortization rose to $459.9 million from $339.1 million, while property operating expenses increased to $171.4 million from $139.8 million.
Interest expense climbed 20.8% to $281.2 million.
SPG Maintains Ample Balance Sheet LiquiditySimon ended the June 2026 quarter with approximately $9.3 billion of liquidity, comprising $1.7 billion of cash on hand, including its share of joint venture cash, and $7.6 billion of available capacity under its revolving credit facilities.
During the second quarter, SPG completed eight secured loan transactions totaling approximately $1.4 billion at a weighted average interest rate of 5.36%. It also issued €500 million of five-year senior notes carrying a 3.65% coupon and closed a $460 million five-year term loan priced at SOFR plus 0.70%.
SPG Raises 2026 Real Estate FFO OutlookSimon increased its full-year 2026 Real Estate FFO per share guidance to $13.20-$13.30 from $13.10-$13.25. The midpoint of the updated range is 8 cents above the midpoint of the previous outlook. The Zacks Consensus Estimate of $13.21 is within the guided range.
The company also declared a third-quarter common stock dividend of $2.25 per share, up 4.7% year over year. The dividend will be payable on Sept. 30, 2026, to shareholders of record on Sept. 9, 2026.
SPG’s Zacks RankCurrently, SPG carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Retail REITsFederal Realty Investment Trust (FRT - Free Report) reported second-quarter 2026 core FFO per share of $1.88, up 6.8% year over year and above the Zacks Consensus Estimate of $1.85.
Total revenues increased 7.8% year over year to $335.7 million and surpassed the consensus mark of $333.5 million by 0.66%. FRT’s results reflected higher rental income, record comparable leasing volume and growth in adjusted comparable property operating income. FRT carries a Zacks Rank #3.
Regency Centers Corporation (REG - Free Report) reported second-quarter 2026 NAREIT FFO per share of $1.21, beating the Zacks Consensus Estimate of $1.20 by 0.8%. The metric increased 4.3% from the year-ago quarter.
Total revenues of $413.5 million rose 8.6% year over year and topped the consensus mark of $405 million by 2.1%. The company’s results reflected solid leasing demand, with same-property NOI advancing 3.8%. REG carries a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
SummarySimon Property Group (SPG) remains a strong buy for defensive positioning as market risks rise and the bull market matures. SPG offers resilience through scale, diversification, high debt ratings, and opportunistic acquisitions, making it attractive for long-term investors. The recent dividend increase to $2.25 per share, up ~4% year-over-year, underscores SPG’s financial strength. Despite a current hold rating from Seeking Alpha’s quant system, SPG’s management quality supports superior long-term total returns. For me, this is a core holding I do not intend to sell. This idea was discussed in more depth with members of my private investing community, Oil & Gas Value Research. Learn More » jetcityimage/iStock Editorial via Getty Images
The last article I wrote mentioned that Simon Property Group (SPG) was the place to be when the going got tough. Unfortunately for the market and investors, that "tough going" part is getting closer to reality. So, I
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Real Estate FFO: $1.25 billion, or $3.29 per share, up 7.9% year-over-year.Reported FFO: $3.12 per share, compared to $3.15 per share in the prior-year period.D
Three Oversold REITs With Strong FundamentalsSimon Property Group NYSE: SPG reported accelerating second-quarter growth in domestic property net operating income and real estate funds from operations, citing continued tenant demand, higher lease income, acquisitions and solid retailer sales.
Chief Executive Officer, President and Chief Operating Officer Eli Simon said domestic property NOI increased 8.5% year over year in the quarter, while real estate FFO rose 7.9%. He said shopper traffic accelerated and retailer sales continued to grow, supporting management’s view that its malls, Premium Outlets and other properties remain attractive destinations for consumers and tenants.
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AI Panic Hits Wall Street: 3 Financial Stocks on Sale“Tenant demand continues to be widespread with no slowdown,” Simon said, pointing to interest from established and emerging retailers across categories, platforms and geographies.
Leasing activity and retailer sales The company signed more than 1,200 leases covering over 4.8 million square feet during the second quarter. New deals increased more than 20% from the prior-year period and represented about 28% of total leased square feet.
2 REITs That Look Attractive in a Stable Rate EnvironmentThrough the second quarter, initial base minimum rent per square foot on new leases rose 17% year over year, while tenant allowances per square foot for new leases declined 12%, according to Simon. The company had completed more than 87% of its 2026 lease expirations and was negotiating expirations scheduled for 2027 and 2028.
Simon said the prospective-deal pipeline remained ahead of last year’s pace, with more than 100 additional deals and a 26% increase from the year-earlier period. He added that new leases signed year to date carried rents of roughly $78 per square foot, though he cautioned that lease renewals and tenant mix decisions mean expiring inline-shop rents cannot simply be compared with new-deal rates.
Malls and Premium Outlets reported sales of $838 per square foot, up 13.9%. Total sales volume increased 6.6% over the trailing 12 months and 7.6% in the second quarter, while comparable sales grew 5.7% in the quarter.
Simon said sales momentum was broad-based rather than concentrated in the company’s largest properties. Luxury, jewelry and watches remained strong, while brands targeting Gen Z consumers recorded 16 consecutive months of positive comparable sales. Restaurants trailed the broader portfolio, he said, while international travel patterns moderated growth at some outlet properties in markets including Las Vegas and Orlando.
Occupancy and Saks OFF 5TH replacement leases Chief Financial Officer Brian McDade said Malls and Premium Outlets occupancy ended the quarter at 96%, unchanged from both the prior quarter and the prior year. The Mills portfolio was 98.8% occupied. Average base minimum rent at Malls and Premium Outlets increased 6.3% from a year earlier, while average daily rent at The Mills increased 12.3%.
The company absorbed approximately 1 million square feet of bankruptcy-related space returned during the quarter and relet it, McDade said. Simon identified nearly all of that space as former Saks OFF 5TH locations.
According to Simon, the affected outlet boxes had generated about $18 million of rent. Leases signed for approximately half the space were already “well in excess” of that amount, and the remaining space was under discussion or near-final agreements. He said the company expects to convert the $18 million in former rent into roughly $44 million, although the contribution will be more meaningful in 2027 because Simon did not regain the boxes until mid-May.
Signed-but-not-open occupancy remained near 310 basis points, Simon said. He added that the tenant watch list was at a low point and that any normal-course store closures could create opportunities to improve tenant mix.
Financial results, capital returns and outlook Real estate FFO totaled $1.25 billion, or $3.29 per share, compared with $1.15 billion, or $3.05 per share, a year earlier. McDade said domestic and international operations contributed $0.29 per share of growth, supported by lease income, cost management and acquisitions. Higher interest expense and lower interest income represented a combined $0.06 per-share year-over-year headwind.
Reported FFO was $3.12 per share, compared with $3.15 per share in the prior-year quarter, which included a $0.21-per-share non-cash after-tax gain primarily related to Catalyst Brands’ deconsolidation of Forever 21.
Domestic property NOI rose 7.6% in the first half. McDade said about 120 basis points of NOI growth in both the quarter and first half came from Simon’s acquisition of the remaining 12% interest in Taubman Realty Group. Portfolio NOI, including international properties at constant currency, increased 8.3% in the quarter and 7.5% for the first half.
The board declared a third-quarter dividend of $2.25 per share, payable Sept. 30 to shareholders of record, representing a 4.7% increase from a year earlier. During the quarter, the company repurchased approximately 793,000 common shares and 238,000 limited partnership units for $211 million, at an average price of $205.10 per share.
Simon Property Group increased its full-year 2026 real estate FFO outlook to $13.20 to $13.30 per share, up $0.08 at the midpoint from its previous range. Management said the outlook assumes moderation in retailer sales growth, though Simon said results could exceed the range if current sales trends continue.
Development, balance sheet and growth initiatives The company had development projects underway with its share of net costs totaling $1.07 billion and a blended expected yield of 9%. About half of the cost was tied to mixed-use projects. Simon said projects representing more than $600 million of additional net cost could begin construction in the second half, while the broader development pipeline exceeds $4 billion.
McDade said Simon Property Group completed $1.4 billion of secured loan transactions during the quarter at a weighted average rate of 5.36%, issued €500 million of five-year senior notes at 3.65%, and closed a $460 million five-year term loan. The company ended the quarter with approximately €9.3 billion of liquidity, net debt to EBITDA below 5 times and fixed-charge coverage of 4.7 times.
Simon also said the company expects to announce the launch of the Simon Media Network in coming weeks, an initiative intended to use first-party customer data, digital platforms and more than 4,000 in-property screens to expand advertising and media opportunities. He described the business as growing at a mid-teens annual percentage rate, while emphasizing that its longer-term potential remains uncertain.
About Simon Property Group (NYSE:SPG)Simon Property Group, Inc NYSE: SPG is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon's portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
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Simon Property (SPG - Free Report) reported $1.79 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 19.5%. EPS of $3.29 for the same period compares to $1.70 a year ago.
The reported revenue represents a surprise of +4.49% over the Zacks Consensus Estimate of $1.71 billion. With the consensus EPS estimate being $3.18, the EPS surprise was +3.46%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Simon Property performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
U.S. Malls and Premium Outlets - Occupancy - Total Portfolio: 96% compared to the 96% average estimate based on two analysts.Revenue- Management fees and other revenues: $40.83 million versus $39.62 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +7.7% change.Revenue- Other income: $90.06 million versus $74.19 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +11.1% change.Revenue- Lease income: $1.66 billion compared to the $1.6 billion average estimate based on two analysts. The reported number represents a change of +20.3% year over year.Net Earnings Per Share (Diluted): $1.49 versus $1.49 estimated by three analysts on average.View all Key Company Metrics for Simon Property here>>>
Shares of Simon Property have returned +1.9% over the past month versus the Zacks S&P 500 composite's +3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Simon Property Group, saw the results from its premium outlets and other destinations remain strong during the second quarter as the company tied into special events to highlight the unique offerings of physical retail, executives said during a Monday (Aug. 10) earnings call.
“Shopper traffic accelerated in the quarter, and retailer sales volume again grew solidly year over year, further evidence that our portfolio is well positioned and our properties are the places where shoppers and tenants want to be,” Eli Simon, CEO, president and chief operating officer of Simon Property Group, said during the call.
Simon Property Group owns shopping, dining, entertainment and mixed-use destinations across North America, Europe and Asia, according to a Monday press release.
As of the end of the second quarter, June 30, Simon Property Group saw results that held steady or increased year over year in its U.S. malls and premium outlets operating statistics, per the release.
Over the year, occupancy remained unchanged at 96%, base minimum rent per square foot increased 6.3% to $62.42 and reported retailer sales per square foot for the trailing 12 months increased 13.9% to $838, the release said.
U.S. malls and premium outlets accounted for 76.9% of Simon Property Group’s net operating income during the second quarter, according to a supplemental presentation released Monday.
“We continue to host unique activations that highlight the incredible value our portfolio offers,” Simon said during the call.
Simon highlighted the company’s fifth annual National Outlet Shopping Day, saying the event saw growth in both shopper traffic and retailer sales growth as well as a 25% year-over-year increase in retailer participation.
National Outlet Shopping Day was held June 11-14 at 90 premium outlets and other destinations, according to a June 8 press release. Each year’s event features exclusive offers and is designed to rival Black Friday, the release said.
Simon also highlighted soccer fan experiences and programming offered at select locations this summer, saying they “built on the momentum around the World Cup.”
These experiences included large-scale block parties, soccer watch parties, and exclusive Adidas product releases and in-store activations, according to a May 28 press release.
“The shopper and retailer response to these types of events underscores Simon’s offering, the ability to turn major moments into large-scale real-world experiences that bring our consumers, brands and communities together,” Simon said during the call.
Simon Property Group Inc (SPG) released its 8-K filing for the second quarter of 2026 on August 10, 2026, showcasing a healthy uptick in its earnings and funds
Simon Property (SPG - Free Report) came out with quarterly funds from operations (FFO) of $3.29 per share, beating the Zacks Consensus Estimate of $3.18 per share. This compares to FFO of $3.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +3.46%. A quarter ago, it was expected that this shopping mall real estate investment trust would post FFO of $2.98 per share when it actually produced FFO of $3.17, delivering a surprise of +6.38%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Simon Property, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $1.79 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.49%. This compares to year-ago revenues of $1.5 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Simon Property shares have added about 20.4% since the beginning of the year versus the S&P 500's gain of 13.3%.
What's Next for Simon Property?While Simon Property has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Simon Property was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $3.29 on $1.78 billion in revenues for the coming quarter and $13.21 on $7.15 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Retail is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Finance sector, BitFuFu Inc. (FUFU - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of -111.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BitFuFu Inc.'s revenues are expected to be $75.02 million, down 35% from the year-ago quarter.
, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended June 30, 2026.
"We delivered excellent financial and operational results this quarter," said Eli Simon, Chief Executive Officer, President and Chief Operating Officer. "Real Estate FFO per share grew 7.9% year-over-year, supported by consistent broad-based leasing demand, accelerated traffic increases, strong retailer sales growth, and the contribution from acquisitions completed over the past year. Today, we are once again increasing our guidance for full-year 2026 Real Estate FFO per share."
Results for the Quarter
Net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share, as compared to $556.1 million, or $1.70 per diluted share in 2025. Net income for the second quarter of 2025 included a non-cash after-tax gain of $0.21 per diluted share from investment activity. Real Estate Funds From Operations ("Real Estate FFO") was $1.249 billion, or $3.29 per diluted share as compared to $1.154 billion, or $3.05 per diluted share in the prior year, an increase of 7.9%. Funds From Operations ("FFO") was $1.185 billion, or $3.12 per diluted share as compared to $1.189 billion, or $3.15 per diluted share in the prior year, inclusive of the $0.21 per diluted share non-cash after-tax gain in the prior year period. Domestic property Net Operating Income ("NOI") increased 8.5% and portfolio NOI increased 8.3% compared to the prior year period. Results for the Six Months
Net income attributable to common stockholders was $962.7 million, or $2.97 per diluted share, as compared to $969.8 million, or $2.97 per diluted share in 2025. Real Estate FFO was $2.457 billion, or $6.46 per diluted share as compared to $2.268 billion, or $6.01 per diluted share in the prior year, an increase of 7.5%. FFO was $2.293 billion, or $6.03 per diluted share as compared to $2.194 billion, or $5.82 per diluted share in the prior year. Domestic property NOI increased 7.6% and portfolio NOI increased 7.5% compared to the prior year period. U.S. Malls and Premium Outlets Operating Statistics
Occupancy at June 30, 2026 was 96.0%, unchanged from June 30, 2025. Base minimum rent per square foot was $62.42 at June 30, 2026, compared to $58.70 at June 30, 2025, an increase of 6.3%. Reported retailer sales per square foot was $838 for the trailing 12 months ended June 30, 2026, compared to $736 at June 30, 2025, an increase of 13.9%. Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.25 for the third quarter of 2026. This is an increase of $0.10, or 4.7% year-over-year. The dividend will be payable on September 30, 2026 to shareholders of record on September 9, 2026.
Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on September 30, 2026 to shareholders of record on September 16, 2026.
Common Stock Repurchase Program
During the quarter ended June 30, 2026, the Company repurchased 793,077 shares of its common stock and 237,618 limited partnership units at an average price of $205.10 per share/unit, for a total investment of $211.4 million.
Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed 8 secured loan transactions totaling approximately $1.4 billion (U.S. dollar equivalent). The weighted average interest rate on these loans was 5.36%.
The Company completed a Euro senior notes offering totaling €500 million with a 3.65% coupon rate and term of 5 years. Proceeds were used for general corporate purposes.
Additionally, the Company closed a $460 million 5-year term loan priced at SOFR +0.70%. Proceeds were used to repay the $460 million draw under the Company's $5 billion revolving credit facility.
As of June 30, 2026, Simon had approximately $9.3 billion of liquidity consisting of $1.7 billion of cash on hand, including its share of joint venture cash, and $7.6 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities.
2026 Guidance
The Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2026 are included in the table below and are reconciled in the Company's supplemental information. The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.20 to $13.30, an increase of $0.08 per diluted share at the midpoint.
Current
Previous
Low End
High End
Low End
High End
Estimated net income attributable to
common stockholders per diluted share
$6.47
$7.47
$6.61
$6.76
Estimated Real Estate FFO per share
$13.20
$13.30
$13.10
$13.25
Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, August 10, 2026. A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com. An audio replay of the conference call will be available until August 17, 2026. To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13761320.
Supplemental Materials and Website
Supplemental information on our second quarter 2026 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.
We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures. Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.
Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real Estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter. FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.
Simon discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. Simon may update that discussion in subsequent other periodic reports, but except as required by law, Simon undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Simon Property Group, Inc.
Unaudited Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
For the Three Months
For the Six Months
Ended June 30,
Ended June 30,
2026
2025
2026
2025
REVENUE:
Lease income
$ 1,659,709
$ 1,379,454
$ 3,288,240
$ 2,746,882
Management fees and other revenues
40,834
37,931
81,022
71,723
Other income
90,055
81,074
178,429
152,867
Total revenue
1,790,598
1,498,459
3,547,691
2,971,472
EXPENSES:
Property operating
171,440
139,816
342,200
276,637
Depreciation and amortization
459,876
339,058
918,773
667,109
Real estate taxes
131,905
105,315
267,865
212,768
Repairs and maintenance
32,687
26,238
72,888
56,380
Advertising and promotion
39,056
36,310
72,986
70,566
Home and regional office costs
69,842
57,564
137,498
122,630
General and administrative
12,004
14,298
66,303
26,927
Other
49,690
35,663
82,918
66,641
Total operating expenses
966,500
754,262
1,961,431
1,499,658
OPERATING INCOME BEFORE OTHER ITEMS
824,098
744,197
1,586,260
1,471,814
Interest expense
(281,164)
(232,724)
(556,826)
(459,720)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net
(11,950)
104,499
(18,329)
80,507
Income and other tax (expense) benefit
(10,809)
(35,107)
9,125
(27,470)
Income from unconsolidated entities
119,127
122,875
97,879
153,234
Unrealized losses in fair value of publicly traded equity instruments and
derivative instrument, net
(56,425)
(50,455)
(31,037)
(87,220)
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
(8,747)
(9,604)
55,593
(9,604)
CONSOLIDATED NET INCOME
574,130
643,681
1,142,665
1,121,541
Net income attributable to noncontrolling interests
90,157
86,714
178,288
150,040
Preferred dividends
834
834
1,669
1,669
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 483,139
$ 556,133
$ 962,708
$ 969,832
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders
$ 1.49
$ 1.70
$ 2.97
$ 2.97
Simon Property Group, Inc.
Unaudited Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
June 30,
December 31,
2026
2025
ASSETS:
Investment properties, at cost
$ 51,094,995
$ 50,946,067
Less - accumulated depreciation
21,382,543
20,701,510
29,712,452
30,244,557
Cash and cash equivalents
1,019,091
823,147
Tenant receivables and accrued revenue, net
884,241
934,077
Investment in other unconsolidated entities, at equity
4,012,480
4,362,339
Investment in Klépierre, at equity
1,377,318
1,505,377
Right-of-use assets, net
731,200
755,934
Deferred costs and other assets
1,972,484
1,981,035
Total assets
$ 39,709,266
$ 40,606,466
LIABILITIES:
Mortgages and unsecured indebtedness
$ 28,699,607
$ 28,430,175
Accounts payable, accrued expenses, intangibles, and deferred revenues
1,806,922
1,954,402
Cash distributions and losses in unconsolidated entities, at equity
1,808,807
1,739,418
Dividend payable
1,318
2,723
Lease liabilities
727,902
756,539
Other liabilities
818,183
1,017,816
Total liabilities
33,862,739
33,901,073
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling
redeemable interests
271,827
233,306
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000
shares of excess common stock, 100,000,000 authorized shares of preferred stock):
796,948 issued and outstanding with a liquidation value of $39,847
40,287
40,451
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,059,947 and
343,060,687 issued and outstanding, respectively
33
33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000
issued and outstanding
-
-
Capital in excess of par value
12,394,125
12,347,192
Accumulated deficit
(5,128,188)
(4,608,136)
Accumulated other comprehensive loss
(233,740)
(251,361)
Common stock held in treasury, at cost, 19,508,432 and 17,844,817 shares, respectively
(2,638,101)
(2,319,911)
Total stockholders' equity
4,434,416
5,208,268
Noncontrolling interests
1,140,284
1,263,819
Total equity
5,574,700
6,472,087
Total liabilities and equity
$ 39,709,266
$ 40,606,466
Simon Property Group, Inc.
Unaudited Joint Venture Combined Statements of Operations
(Dollars in thousands)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026
2025
2026
2025
REVENUE:
Lease income
$ 937,653
$ 757,888
$ 1,859,445
$ 1,507,695
Other income
103,708
112,941
208,889
207,008
Total revenue
1,041,361
870,829
2,068,334
1,714,703
OPERATING EXPENSES:
Property operating
201,456
165,960
416,398
332,607
Depreciation and amortization
177,211
159,675
362,376
318,687
Real estate taxes
67,310
58,606
133,709
117,398
Repairs and maintenance
23,159
18,204
49,440
38,967
Advertising and promotion
25,085
22,474
50,018
44,623
Other
67,184
61,308
139,469
118,155
Total operating expenses
561,405
486,227
1,151,410
970,437
OPERATING INCOME BEFORE OTHER ITEMS
479,956
384,602
916,924
744,266
Interest expense
(205,540)
(174,995)
(410,577)
(345,363)
NET INCOME
$ 274,416
$ 209,607
$ 506,347
$ 398,903
Third-Party Investors' Share of Net Income
$ 142,119
$ 107,651
$ 258,581
$ 204,248
Our Share of Net Income
132,297
101,956
247,766
194,655
Amortization of Excess Investment (A)
(48,684)
(13,871)
(96,341)
(28,336)
Income from Unconsolidated Entities (B)
$ 83,613
$ 88,085
$ 151,425
$ 166,319
Note:
The above financial presentation does not include any information related to our investments in Klépierre S.A. ("Klépierre"), our other platform investments, and our previously held equity investment in The Taubman Realty Group ("TRG") up to the October 31, 2025 transaction.
For additional information, see footnote B.
Simon Property Group, Inc.
Unaudited Joint Venture Combined Balance Sheets
(Dollars in thousands)
June 30,
December 31,
2026
2025
Assets:
Investment properties, at cost
$ 21,519,924
$ 22,077,749
Less - accumulated depreciation
10,083,799
9,020,481
11,436,125
13,057,268
Cash and cash equivalents
1,511,847
1,264,619
Tenant receivables and accrued revenue, net
599,064
605,756
Right-of-use assets, net
111,163
108,349
Deferred costs and other assets
645,256
572,826
Total assets
$ 14,303,455
$ 15,608,818
Liabilities and Partners' Deficit:
Mortgages
$ 16,605,493
$ 16,374,773
Accounts payable, accrued expenses, intangibles, and deferred revenue
1,149,481
1,117,855
Lease liabilities
112,971
99,837
Other liabilities
377,817
334,246
Total liabilities
18,245,762
17,926,711
Preferred units
67,450
67,450
Partners' deficit
(4,009,757)
(2,385,343)
Total liabilities and partners' deficit
$ 14,303,455
$ 15,608,818
Our Share of:
Partners' deficit
$ (1,805,176)
$ (1,247,554)
Add: Excess Investment
3,055,376
2,773,173
Our net Investment in unconsolidated entities, at equity
$ 1,250,200
$ 1,525,619
Note:
The above financial presentation does not include any information related to our investments in Klépierre and our other platform investments.
For additional information, see footnote B.
Simon Property Group, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures (C)
(Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO and Real Estate FFO
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Consolidated Net Income (D)
$ 574,130
$ 643,681
$ 1,142,665
$ 1,121,541
Adjustments to Arrive at FFO:
Depreciation and amortization from consolidated
properties
455,655
335,157
910,434
659,479
Our share of depreciation and amortization from
unconsolidated entities, including Klépierre, TRG and other corporate investments
160,762
207,587
322,370
416,551
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
8,747
9,604
(55,593)
9,604
Net (gain) loss attributable to noncontrolling interest holders in
properties
(6,400)
(26)
(12,021)
1,266
Noncontrolling interests portion of depreciation and amortization
(6,917)
(6,346)
(13,202)
(12,339)
Preferred distributions and dividends
(1,032)
(1,126)
(2,064)
(2,252)
FFO of the Operating Partnership (1)
$ 1,184,945
$ 1,188,531
$ 2,292,589
$ 2,193,850
FFO of the Operating Partnership (1)
$ 1,184,945
$ 1,188,531
$ 2,292,589
$ 2,193,850
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
9,818
(78,374)
15,136
(60,381)
Other platform investments, net of tax
(2,624)
(6,594)
117,758
47,591
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
56,425
50,455
31,037
87,220
Real Estate FFO (1)
$ 1,248,564
$ 1,154,018
$ 2,456,520
$ 2,268,280
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share
$ 1.49
$ 1.70
$ 2.97
$ 2.97
Depreciation and amortization from consolidated properties
and our share of depreciation and amortization from unconsolidated
entities, including Klépierre, TRG and other corporate investments, net of noncontrolling
interests portion of depreciation and amortization
1.61
1.42
3.21
2.82
Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net
0.02
0.03
(0.15)
0.03
Diluted FFO per share (1)
$ 3.12
$ 3.15
$ 6.03
$ 5.82
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax
0.03
(0.21)
0.04
(0.16)
Other platform investments, net of tax
(0.01)
(0.02)
0.31
0.12
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net
0.15
0.13
0.08
0.23
Real Estate FFO per share (1)
$ 3.29
$ 3.05
$ 6.46
$ 6.01
7.9 %
7.5 %
Details for per share calculations:
FFO of the Operating Partnership
$ 1,184,945
$ 1,188,531
$ 2,292,589
$ 2,193,850
Diluted FFO allocable to unitholders
(174,687)
(159,806)
(336,951)
(295,091)
Diluted FFO allocable to common stockholders
$ 1,010,258
$ 1,028,725
$ 1,955,638
$ 1,898,759
Basic and Diluted weighted average shares outstanding
324,018
326,487
324,458
326,401
Weighted average limited partnership units outstanding
56,029
50,714
55,903
50,727
Basic and Diluted weighted average shares and units outstanding
380,047
377,201
380,361
377,128
Basic and Diluted FFO per Share
$ 3.12
$ 3.15
$ 6.03
$ 5.82
Percent Change
-1.0 %
3.6 %
(1)
FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense recorded in the first quarter of 2026, of which $8.3 million, or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platform investments, net of tax.
Simon Property Group, Inc.
Footnotes to Unaudited Financial Information
Notes:
(A)
Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein. The Company generally amortizes excess investment over the life of the related assets.
(B)
The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction. For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.
(C)
This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share. FFO is a performance measure that is standard in the REIT business. We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs. We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.
We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.
(D)
Includes our share of:
-
Gain on land sales of $0.0 million and $1.2 million for the three months ended June 30, 2026 and 2025, respectively, and $1.8 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively.
-
Straight-line adjustments increased income by $19.0 million and $3.7 million for the three months ended June 30, 2026 and 2025, respectively, and $24.9 million and $5.9 million for the six months ended June 30, 2026 and 2025, respectively.
-
Amortization of fair market value of leases increased income by $0.4 million and $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively.
Simon Property Group, Inc. (NYSE:SPG) will release its second quarter earnings report after the closing bell on Monday, Aug. 10.
Analysts expect the Indianapolis, Indiana-based company to report quarterly earnings of $1.57 per share, up from $1.36 per share in the year-ago period. The consensus estimate for Simon Property’s quarterly revenue is $1.61 billion. It reported $1.38 billion last year, according to Benzinga Pro.
On May 11, Simon Property posted mixed results for the first quarter.
Simon Property shares gained 0.5% to close at $222.91 on Friday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Piper Sandler analyst Alexander Goldfarb maintained an Overweight rating and raised the price target from $230 to $285 on July 21, 2026. This analyst has an accuracy rate of 55%. UBS analyst Michael Goldsmith maintained a Neutral rating and boosted the price target from $199 to $222 on July 9, 2026. This analyst has an accuracy rate of 80%. Evercore ISI Group analyst Steve Sakwa maintained an In-Line rating and boosted the price target from $208 to $215 on July 7, 2026. This analyst has an accuracy rate of 63%. Barclays analyst Richard Hightower maintained an Equal-Weight rating and raised the price target from $212 to $213 on June 25, 2026. This analyst has an accuracy rate of 56%. Truist Securities analyst Ki Bin Kim maintained a Hold rating and raised the price target from $196 to $215 on June 23, 2026. This analyst has an accuracy rate of 68%. Considering buying SPG stock? Here’s what analysts think:
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Po nabitém minulém týdnu výsledková sezóna zpomaluje. V tuzemsku bude pozornost směřovat především k energetické společnosti ČEZ. V Německu budou reportovat například energetické společnosti E.ON a RWE, zajišťovna Hannover Re či distributor chemikálií Brenntag. Ve zbytku Evropy budou sledované výsledky společnosti ON Holding a Adyen. V USA se pozornost zaměří především na technologické tituly. Výsledky zveřejní Cisco Systems, Applied Materials, CoreWeave, Nebius, Super Micro Computer a Lumentum.
Přehled vybraných společností reportujících své výsledky v tomto týdnu (zdroj: síť X - Earnings Whispers)
Pondělí (10. 8.) Německo (před trhem): GEA Group
USA (před trhem): Barrick Mining, Ferguson Enterprises
USA (po trhu): Simon Property Group, Rocket Lab
Úterý (11. 8.) ČR (před trhem): ČEZ
Evropa (před trhem): On Holding
USA (před trhem): Sea, Cardinal Health, Venture Global
USA (po trhu): Lumentum Holdings, CoreWeave, Super Micro Computer
Středa (12. 8.) Německo (před trhem): E.ON, Hannover Re, Brenntag
After a lengthy run of disappointment, real estate investment trusts (REITs) and the related ETFs are notching some impressive performances this year, with the largest ETF in the category higher by 11%.
Proving active management brings benefits to the real estate sector, the ALPS Active REIT ETF (REIT) is higher by more than 17% year-to-date. REIT’s status as an active ETF is all the more important, because it’s more than just data center REITs propelling sector gains in 2026, and investors are pondering how much upside real estate stocks can deliver into year-end.
Confirming it’s not data center-dependent, REIT is getting a lift this year from Welltower (WELL), which is the ETF’s largest holding at a weight of 9.65%.
“The largest REIT in the US market as of mid-2026, Welltower…focuses on senior housing. It enjoys demographic tailwinds, specifically demand from the aging baby boom generation,” noted Dan Lefkovitz of Morningstar. “But it’s also well-positioned to benefit from the Affordable Care Act given its cost and quality advantages. Welltower’s share price gained more than 30% for the first seven months of the year.”
Multiple Contributors to REIT Upside Confirming the benefits of active management and a focused lineup, the ALPS ETF has other non-data center contributors to its 2026 success, including mall REIT Simon Property Group (SPG). That stock is the ETF’s fourth-largest holding, commanding a weight of 5.15%.
“The mall operator recently posted its highest rent growth in a decade. Simon’s high-end retail properties have recovered from the pandemic-driven downturn in brick-and-mortar shopping,” added Lefkovitz.
Impressively, the notoriously rate-sensitive real estate sector and ETFs such as REIT are notching gains as the Federal Reserve appears highly unlikely to cut rates this year. Some bond market observers argue the Fed is boxed into a corner and may be forced to raise borrowing costs to ward off inflation. Even with lack of clarity from new Fed Chairman Kevin Warsh, REIT has barely budged over the past month, potentially signaling a surprising level of rate resilience.
“While lower rates could eventually provide a catalyst, REITs have shown in 2026 that they can thrive regardless,” concluded Lefkovitz. “In recent years, they have faced a range of challenges, including remote work, e-commerce, and home-sharing services. Tough times can improve operating efficiency. REITs may have emerged stronger from their challenging spell.”
For more news, information, and analysis, visit the ETF Building Blocks Content Hub.
Key Takeaways Simon Property is expected to benefit from strong leasing, firm occupancy and portfolio upgrades.Q2 lease income is expected to rise to $1.60 billion, while total revenues may climb 14.37% YoY.SPG's FFO estimate rose to $3.18, pointing to 4.26% growth from the year-ago quarter. Simon Property Group (SPG - Free Report) is slated to report second-quarter 2026 results on Aug. 10, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues as well as funds from operations (FFO) per share.
In the last reported quarter, this Indianapolis, IN-based retail real estate investment trust (REIT) delivered an FFO per share surprise of 6.38%. Results reflected an increase in revenues, backed by a rise in the base minimum rent per square foot.
Simon Property’s FFO per share surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 2.88%. This is depicted in the graph below:
In this article, we will dive deep into the U.S. retail real estate market environment and the company's fundamentals and analyze the factors that may have contributed to its second-quarter 2026 performance.
US Retail Real Estate Market in Q2The second-quarter 2026 U.S. retail market showed signs of stabilization, as shopping-center demand returned to positive territory and vacancy remained near historically low levels. Limited new construction continued to support rent growth, while resilient consumer spending favored grocery, discount and other value-oriented retailers. However, uneven regional trends and rising pressure on lower- and middle-income households kept the operating backdrop mixed.
Per the Cushman & Wakefield report, net absorption reached 708,000 square feet, while national vacancy remained broadly stable at 6%, up only 3 basis points sequentially and still below the historical average of 7.4%. Limited construction continued to support market fundamentals, with just 2.3 million square feet delivered during the quarter and the development pipeline accounting for less than 0.3% of existing inventory.
Asking rents increased 2.2% year over year to $25.65 per square foot, supported by tight availability and muted new supply. The West led demand growth with 1.3 million square feet of positive absorption and was the only region to record a decline in vacancy. In contrast, the South posted a slight rise in vacancy as earlier population growth encouraged new development, creating temporary lease-up pressure in markets such as Atlanta, Houston, Washington and Dallas-Fort Worth. Rents in the South advanced 3.3% year over year, marking the strongest growth among all regions.
Consumer spending remained resilient despite higher energy costs. Retail sales rose 6.9% year over year, or 5.4% excluding gasoline stations, while unemployment stayed low at 4.2%. However, inflation outpaced wage growth in April and May, increasing pressure on lower- and middle-income households. This widening spending divide is likely to have favored grocery, discount, value and health-and-wellness retailers over discretionary categories.
Factors to Consider Ahead of SPG’s Q2 ResultsSimon Property Group’s second-quarter 2026 results are expected to reflect steady operating momentum, backed by healthy demand for space across its high-quality retail portfolio. The company is likely to have benefited from strong leasing activity, supporting top-line growth.
Occupancy is also expected to have remained firm, aided by demand from new tenants and ongoing efforts to improve acquired assets. The to-be-reported quarter is also likely to have reflected contributions from Simon’s acquisitions and redevelopment projects.
Still, Simon’s second-quarter performance may have faced some pressure from higher interest expenses and tariff-related stress on tenants. Even so, strong leasing, resilient occupancy and continued portfolio upgrades are expected to have helped the company deliver a steady second-quarter 2026 performance.
Projections for SPGThe Zacks Consensus Estimate for second-quarter lease income is pegged at $1.60 billion, up from $1.38 billion reported in the year-ago quarter. The consensus mark for management fees and other revenues is pinned at $39.6 million, up from the prior-year quarter’s reported figure of $37.9 million.
However, the consensus mark for other income totaled $74.2 million, down from $81.1 million reported in the prior-year quarter.
The consensus estimate for quarterly revenues is presently pegged at $1.71 billion, which indicates an increase of 14.37% year over year.
Simon Property’s activities during the soon-to-be-reported quarter were adequate to gain analysts’ confidence. The Zacks Consensus Estimate for second-quarter FFO per share has been revised a cent upward to $3.18 over the past month. It suggests a 4.26% increase year over year.
Here Is What Our Quantitative Model Predicts for SPG:Our proven model predicts a likely surprise in terms of FFO per share for Simon Property this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Simon Property currently carries a Zacks Rank of 3 and has an Earnings ESP of +0.39%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Performance of Other Retail REITsFederal Realty Investment Trust (FRT - Free Report) reported second-quarter 2026 core FFO per share of $1.88, up 6.8% year over year and above the Zacks Consensus Estimate of $1.85.
Total revenues increased 7.8% year over year to $335.7 million and surpassed the consensus mark of $333.5 million by 0.66%. The company’s results reflected higher rental income, record comparable leasing volume and growth in adjusted comparable property operating income. FRT carries a Zacks Rank #3.
Regency Centers Corporation (REG - Free Report) reported second-quarter 2026 NAREIT FFO per share of $1.21, beating the Zacks Consensus Estimate of $1.20 by 0.8%. The metric increased 4.3% from the year-ago quarter.
Total revenues of $413.5 million rose 8.6% year over year and topped the consensus mark of $405 million by 2.1%. Regency Centers’ results reflected solid leasing demand, with same-property NOI advancing 3.8%. REG carries a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
Wall Street analysts expect Simon Property (SPG - Free Report) to post quarterly earnings of $3.18 per share in its upcoming report, which indicates a year-over-year increase of 4.3%. Revenues are expected to be $1.71 billion, up 14.4% from the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Bearing this in mind, let's now explore the average estimates of specific Simon Property metrics that are commonly monitored and projected by Wall Street analysts.
Analysts' assessment points toward 'Revenue- Management fees and other revenues' reaching $39.62 million. The estimate points to a change of +4.5% from the year-ago quarter.
Based on the collective assessment of analysts, 'Revenue- Other income' should arrive at $74.19 million. The estimate suggests a change of -8.5% year over year.
The consensus among analysts is that 'Revenue- Lease income' will reach $1.60 billion. The estimate indicates a change of +15.8% from the prior-year quarter.
Analysts forecast 'U.S. Malls and Premium Outlets - Occupancy - Total Portfolio' to reach 96.0%. Compared to the current estimate, the company reported 96.0% in the same quarter of the previous year.
It is projected by analysts that the 'Depreciation and amortization' will reach $391.95 million.
View all Key Company Metrics for Simon Property here>>>
Shares of Simon Property have experienced a change of -0.6% in the past month compared to the +3.5% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), SPG is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Key Takeaways HST is poised for RevPAR growth as group, transient and resort demand is expected to improve.O's diversified net lease portfolio and sustained occupancy support stable second-quarter results.SPG benefits from strong leasing, firm occupancy and healthy demand across its retail portfolio. With the second-quarter earnings season underway, the early results are drawing investor interest as companies report strong profits. Instead of buying stocks that have already rallied on solid results, it may make more sense to focus on companies that still have room to surprise positively. Earnings beat often serve as catalysts, boosting sentiment and pushing shares higher.
This is likely to be reflected in the earnings releases of Host Hotels & Resorts (HST - Free Report) , Realty Income (O - Free Report) and Simon Property Group (SPG - Free Report) .
REITs play a vital role in both the physical and digital sides of the economy and often show resilience even in challenging markets. Taking a closer look at the sector’s fundamentals can help investors identify areas of steady performance and long-term growth potential. Here’s a look at where the industry’s strengths lie and how it could still present value amid broader market uncertainty.
The hotel industry, in particular, demonstrated resilient growth in the second quarter of 2026. According to CBRE data, overall hotel occupancy increased 0.8% year over year as demand growth of 1.7% surpassed the 0.4% rise in supply during the quarter. Revenue per available room (RevPAR) climbed 5.7% year over year, bolstered by a 4.4% increase in the average daily rate (ADR), with real (inflation-adjusted) RevPAR growth settling at 1.8% after accounting for a 3.8% inflation rate.
For the retail industry, Cushman & Wakefield’s report shows that net absorption reached 708,000 square feet in the second quarter of 2026. National vacancy remained broadly stable at 6%, up only three basis points sequentially, while remaining below the historical average of 7.4%. Limited construction continued to support market fundamentals, with just 2.3 million square feet delivered during the quarter. Asking rents increased 2.2% year over year to $25.65 per square foot, supported by tight availability and muted new supply.
The Zacks MethodologyPicking the right stock could be difficult unless one knows the proper method. To make the task simple, we rely on the Zacks methodology, combining a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) and a positive Earnings ESP. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Our proprietary methodology, Earnings ESP, shows the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. Research shows that stocks with a favorable Zacks Rank and a positive Earnings ESP have as high as a 70% chance of delivering a positive earnings surprise.
Here are three REITs that have the right combination of elements to deliver positive surprises this earnings season.
Host Hotels & Resorts currently has an Earnings ESP of +1.48% and carries a Zacks Rank #2. Over the trailing four quarters, the company’s adjusted funds from operations (AFFO) per share outpaced the Zacks Consensus Estimate on all occasions, with the average beat being 8.66%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Host Hotels is likely to have benefited from its portfolio of luxury and upper-scale hotels across the top U.S. markets and the Sunbelt region. The improvement in group and transient demand, including leisure and resort demand, is expected to have supported its hotel RevPAR growth in the to-be-reported quarter. The company’s strategic capital allocations are likely to have improved portfolio quality and strengthened its position in key U.S. markets, where it has a greater scale and competitive advantage. This is likely to have given it an edge and driven margin expansion. However, high interest expenses are likely to have been a spoilsport for HST during the to-be-reported quarter.
Host Hotels is scheduled to release its second-quarter earnings on Aug. 5, after market close.
The Zacks Consensus Estimate for quarterly revenues is pegged at $1.62 billion, which suggests a 2.2% increase from the year-ago quarter’s reported figure. The consensus mark for second-quarter 2026 AFFO per share is pegged at 62 cents, implying a 6.9% increase year over year.
Realty Income currently has an Earnings ESP of +0.92% and carries a Zacks Rank of 2. Over the trailing four quarters, the company’s AFFO per share surpassed the Zacks Consensus Estimate on two occasions, met once and missed another, the average beat being 0.68%.
Realty Income is likely to have delivered stable operating performance in the second quarter, supported by its diversified net lease portfolio. The company’s sustained occupancy and resilient tenant demand are likely to have supported earnings stability. Its disciplined acquisition strategy and emphasis on high-performing assets are likely to have underpinned portfolio strength and operational consistency during the to-be-reported period. On the balance sheet side, the company is expected to have experienced a continued focus on liquidity, funding costs and leverage control.
Realty Income is slated to report second-quarter 2026 results on Aug. 5, after market close.
The Zacks Consensus Estimate for quarterly revenues is presently pegged at $1.54 billion, which indicates an increase of 8.98% year over year. The consensus mark for the quarterly AFFO per share is pegged at $1.09, which calls for 3.81% year-over-year growth.
Simon Property Group has an Earnings ESP of +0.39% and carries a Zacks Rank #3 at present. Over the trailing four quarters, SPG’s FFO per share surpassed the Zacks Consensus Estimate in each quarter, with the average beat being 2.88%.
Simon Property Group’s second-quarter 2026 results are expected to show steady operating momentum, supported by healthy demand across its high-quality retail portfolio. The company is likely to have benefited from strong leasing activity. Occupancy is also expected to have remained firm, backed by demand from new tenants. However, its second-quarter performance may have been pressured by higher interest expenses and tariff-related stress on tenants.
Simon Property is scheduled to report its quarterly figures on Aug. 10, after market close.
The Zacks Consensus Estimate for second-quarter total revenues is pegged at $1.71 billion, indicating a 14.37% increase year over year. The consensus mark for the quarterly FFO per share stands at $3.18, suggesting a 4.26% increase year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Key Takeaways Realty Income is favored for its diversified net-lease portfolio, resilient income and lower valuation.Its first-quarter AFFO per share rose 6.6%, while annual guidance increased to $4.41-$4.44.Simon offers stronger operating upside, but its retail exposure and higher multiple add more risk. Realty Income (O - Free Report) and Simon Property Group (SPG - Free Report) both offer investors large portfolios, strong balance sheets and long records of paying dividends. Yet, they solve different problems. Realty Income owns mostly single-tenant properties under long net leases, which makes its cash flow relatively steady. Simon owns leading malls, outlets and mixed-use destinations, giving it more direct exposure to retailer sales, leasing demand and redevelopment gains.
That difference matters when choosing between them. Realty Income offers broader tenant, industry and geographic diversification, while Simon provides stronger internal growth when its high-quality centers gain traffic, rents and occupancy.
Both entered 2026 with solid operating momentum and improved guidance, but their risk profiles remain distinct. The better choice depends on whether an investor prefers predictable income and repeatable acquisition-led growth or a more active retail-property model with higher operating upside and greater economic sensitivity.
The Case for ORealty Income’s core advantage is the reliability of its model. Its portfolio spans 15,571 properties, 1,786 clients and 92 industries, with 98.9% occupancy as of March 31, 2026. Most leases place taxes, insurance and maintenance on tenants, limiting property-level cost swings. Compared with Simon’s traffic-driven centers, Realty Income’s rent stream is less tied to discretionary shopping patterns.
Scale also supports a wider growth runway. Realty Income can invest across the United States, Europe, industrial properties, retail, gaming, data centers and credit structures. First-quarter investment volume reached $2.8 billion at a 7.1% initial cash yield, while management raised full-year volume guidance to $9.5 billion. Its sourcing network and ability to fund larger transactions should help it remain selective.
The private-capital strategy adds another layer. Partnerships with Apollo and GIC, the U.S. Core Plus fund and the new data-center venture can expand investment capacity without relying only on common-stock issuance. Fee income and third-party equity may improve per-share growth while keeping Realty Income in control of sourcing and asset management. The expanded $5.5 billion revolving facilities further strengthen flexibility.
Finally, the dividend remains central. Realty Income has declared 673 consecutive monthly dividends and announced an increase in the monthly rate again in June. AFFO per share rose 6.6% in the first quarter, and management lifted annual guidance to $4.41-$4.44. Same-store growth is modest, but high occupancy, broad diversification and multiple funding channels create a clearer path to steady compounding than Simon’s more cyclical operating model. That combination supports a constructive outlook for income-focused investors seeking durable growth.
The Case for SPGSimon Property Group offers a different kind of strength, which is ownership of high-quality malls, Premium Outlets and mixed-use destinations that are difficult to replace. Strong locations attract retailers, shoppers, restaurants and entertainment uses, supporting a network effect that smaller centers cannot easily copy. Simon’s first-quarter occupancy was 96.0% for malls and outlets, while base minimum rent increased 5.2%.
Retail demand also appears healthy. Simon signed more than 1,100 leases covering 4.7 million square feet during the quarter, and management said its leasing pipeline was larger than a year earlier. Retailer sales reached $819 per square foot, up 11.8%, giving tenants more capacity to absorb rent increases. This operating leverage can produce faster growth than Realty Income’s contract-based rent escalators.
Redevelopment is another useful lever. Simon had projects underway at 29 centers, with its share of costs at about $1.06 billion and an expected blended yield of 9%. Mixed-use additions, anchor replacements, hotels and apartments can raise traffic and improve land productivity. The company can fund these projects from internal cash flow, reducing dependence on new equity.
Still, Simon’s results are more connected to consumer spending, tourism, retailer health and execution on large projects. Its international interests and platform investments add complexity, while malls require ongoing capital to stay relevant. The balance sheet is sound, with $8.7 billion of liquidity and net debt to EBITDA of 5.0 times, and guidance improved. Even so, strong recent trends do not remove retail-cycle risk for long-term shareholders.
How Do Estimates Compare for Realty Income & Simon Property?The Zacks Consensus Estimate for Realty Income’s 2026 and 2027 sales implies year-over-year growth of 9.03% and 8.13%, respectively. The consensus mark for 2026 and 2027 funds from operations (FFO) per share suggests a year-over-year increase of 3.97% and 3.34%, respectively. Over the past 60 days, estimates for O’s 2026 and 2027 FFO per share have been tweaked northward.
For Realty Income:
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Simon Property’s 2026 and 2027 sales calls for year-over-year growth of 12.34% and 3.59%, respectively. The consensus estimates for both 2026 and 2027 FFO per share have been revised marginally upward over the past 30 days. The figures suggest a year-over-year increase of 3.77% and 3.45%, respectively.
For Simon Property Group:
Image Source: Zacks Investment Research
Price Performance and Valuation of O & SPGSo far in the year, Realty Income shares have risen 16.3%, while Simon Property stock has rallied 27.3%. In comparison, the Zacks REIT and Equity Trust - Retail has advanced 16.3% in the same time frame.
Image Source: Zacks Investment Research
O is trading at a forward 12-month price-to-FFO, which is a commonly used multiple for valuing REITs, of 14.45X, which is above its three-year median of 13.24X.
Meanwhile, SPG is presently trading at a forward 12-month price-to-FFO of 17.49X, which is also above its three-year median of 13.16X. Both O and SPG carry a Value Score of D.
Image Source: Zacks Investment Research
Conclusion: O Has the EdgeBoth REITs have strengths. Simon owns scarce, productive retail destinations and has ways to lift cash flow through leasing, redevelopment and mixed-use projects. Its operating momentum supports keeping an existing position, but the higher forward multiple and closer link to consumer conditions limit the appeal of adding aggressively now.
Realty Income offers the better overall setup. Its diversified net-lease portfolio, monthly dividend record, growing private-capital platform and lower forward earnings multiple provide a stronger balance of income, resilience and growth. For investors choosing one name now, Realty Income is the more attractive stock to accumulate, while Simon is best retained.
While O has a Zacks Rank #2 (Buy), SPG carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Amundi increased its position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) by 19.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,990,741 shares of the real estate investment trust’s stock after purchasing an additional 317,901 shares during the quarter. Amundi owned 0.61% of Simon Property Group worth $371,334,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the company. Stance Capital LLC acquired a new position in shares of Simon Property Group during the 3rd quarter worth $26,000. Wilkerson Advisory Group LLC purchased a new position in Simon Property Group during the 4th quarter valued at about $29,000. SHP Wealth Management acquired a new position in Simon Property Group during the fourth quarter worth about $34,000. Dynamic Wealth Strategies LLC raised its position in Simon Property Group by 195.8% during the first quarter. Dynamic Wealth Strategies LLC now owns 210 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 139 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings in shares of Simon Property Group by 79.3% in the fourth quarter. Cullen Frost Bankers Inc. now owns 251 shares of the real estate investment trust’s stock valued at $46,000 after purchasing an additional 111 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth Several analysts have recently commented on SPG shares. Stifel Nicolaus increased their price target on shares of Simon Property Group from $185.00 to $194.00 and gave the company a “hold” rating in a research report on Tuesday, May 12th. Weiss Ratings raised Simon Property Group from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, July 14th. Citigroup upped their target price on Simon Property Group from $189.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Jefferies Financial Group upgraded Simon Property Group to a “strong-buy” rating in a report on Friday, June 26th. Finally, Evercore set a $215.00 price target on Simon Property Group in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $216.14.
Check Out Our Latest Stock Analysis on SPG
Simon Property Group Stock Down 0.5% Shares of SPG opened at $235.44 on Thursday. Simon Property Group, Inc. has a fifty-two week low of $159.70 and a fifty-two week high of $238.50. The company’s fifty day moving average is $217.90 and its two-hundred day moving average is $202.78. The firm has a market cap of $76.35 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 3.06 and a beta of 1.29. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 4.68.
Simon Property Group (NYSE:SPG – Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The real estate investment trust reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.02. Simon Property Group had a net margin of 70.60% and a return on equity of 104.54%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the company earned $2.95 EPS. The firm’s revenue was up 19.3% on a year-over-year basis. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. Analysts forecast that Simon Property Group, Inc. will post 13.21 earnings per share for the current year.
Simon Property Group Increases Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were given a dividend of $2.25 per share. The ex-dividend date of this dividend was Tuesday, June 9th. This is an increase from Simon Property Group’s previous quarterly dividend of $2.20. This represents a $9.00 dividend on an annualized basis and a dividend yield of 3.8%. Simon Property Group’s dividend payout ratio is presently 62.54%.
Insiders Place Their Bets In other Simon Property Group news, Director Larry C. Glasscock acquired 397 shares of the stock in a transaction on Tuesday, June 30th. The stock was purchased at an average price of $223.38 per share, for a total transaction of $88,681.86. Following the purchase, the director directly owned 45,902 shares in the company, valued at $10,253,588.76. This trade represents a 0.87% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel C. Smith acquired 372 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were acquired at an average price of $223.31 per share, for a total transaction of $83,071.32. Following the completion of the acquisition, the director directly owned 34,480 shares in the company, valued at $7,699,728.80. The trade was a 1.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 2,387 shares of company stock valued at $533,056. Corporate insiders own 8.73% of the company’s stock.
Simon Property Group Company Profile (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
Featured Articles Five stocks we like better than Simon Property Group Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG – Free Report).
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Arrowstreet Capital Limited Partnership acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG – Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 138,126 shares of the real estate investment trust’s stock, valued at approximately $25,765,000.
Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Simon Property Group by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 46,969,966 shares of the real estate investment trust’s stock worth $8,694,610,000 after buying an additional 286,464 shares during the last quarter. State Street Corp lifted its holdings in Simon Property Group by 1.5% during the 3rd quarter. State Street Corp now owns 21,765,492 shares of the real estate investment trust’s stock worth $4,084,730,000 after buying an additional 312,995 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Simon Property Group by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 10,572,677 shares of the real estate investment trust’s stock worth $1,950,967,000 after acquiring an additional 363,337 shares in the last quarter. Capital World Investors grew its position in shares of Simon Property Group by 2.7% in the 4th quarter. Capital World Investors now owns 8,610,404 shares of the real estate investment trust’s stock worth $1,593,872,000 after acquiring an additional 226,271 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Simon Property Group by 7.7% in the 4th quarter. Wellington Management Group LLP now owns 7,939,861 shares of the real estate investment trust’s stock valued at $1,469,748,000 after acquiring an additional 569,772 shares during the last quarter. 93.01% of the stock is owned by institutional investors and hedge funds.
Simon Property Group Stock Performance Shares of SPG stock opened at $235.44 on Thursday. Simon Property Group, Inc. has a 12-month low of $159.70 and a 12-month high of $238.50. The firm has a market capitalization of $76.35 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 3.06 and a beta of 1.29. The business has a 50 day simple moving average of $217.90 and a 200 day simple moving average of $202.78. The company has a debt-to-equity ratio of 4.68, a current ratio of 0.84 and a quick ratio of 0.84.
Simon Property Group (NYSE:SPG – Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The real estate investment trust reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.02. Simon Property Group had a return on equity of 104.54% and a net margin of 70.60%.The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company earned $2.95 earnings per share. The company’s quarterly revenue was up 19.3% compared to the same quarter last year. Simon Property Group has set its FY 2026 guidance at 13.100-13.250 EPS. On average, equities research analysts anticipate that Simon Property Group, Inc. will post 13.21 EPS for the current year.
Simon Property Group Increases Dividend The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th were paid a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, June 9th. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.20. Simon Property Group’s dividend payout ratio is 62.54%.
Insider Activity In other news, Director Gary M. Rodkin bought 256 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were purchased at an average cost of $223.34 per share, with a total value of $57,175.04. Following the completion of the acquisition, the director directly owned 21,016 shares in the company, valued at approximately $4,693,713.44. The trade was a 1.23% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Larry C. Glasscock acquired 397 shares of the stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average cost of $223.38 per share, for a total transaction of $88,681.86. Following the purchase, the director directly owned 45,902 shares in the company, valued at approximately $10,253,588.76. The trade was a 0.87% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 2,387 shares of company stock worth $533,056 in the last 90 days. 8.73% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes A number of research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Simon Property Group from a “buy” rating to a “hold” rating and set a $220.00 price target on the stock. in a research report on Thursday, July 9th. Bank of America boosted their price objective on shares of Simon Property Group from $225.00 to $236.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Piper Sandler increased their price objective on shares of Simon Property Group from $230.00 to $285.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. raised their target price on shares of Simon Property Group from $210.00 to $217.00 and gave the stock a “neutral” rating in a report on Monday, June 1st. Finally, Scotiabank lifted their target price on Simon Property Group from $206.00 to $220.00 and gave the company a “sector perform” rating in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $216.14.
Check Out Our Latest Report on Simon Property Group
About Simon Property Group (Free Report)
Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon’s portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
Further Reading Five stocks we like better than Simon Property Group Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock Want to see what other hedge funds are holding SPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Simon Property Group, Inc. (NYSE:SPG – Free Report).
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Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.
We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.
The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.
The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.
The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction. The Zacks Rank is also factored into the ESP metric to better help find companies that appear poised to top their next bottom-line consensus estimate, which will hopefully help lift the stock price.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.
Should You Consider Simon Property?The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. Simon Property (SPG - Free Report) holds a #3 (Hold) at the moment and its Most Accurate Estimate comes in at $3.25 a share 25 days away from its upcoming earnings release on August 10, 2026.
SPG has an Earnings ESP figure of +2.12%, which, as explained above, is calculated by taking the percentage difference between the $3.25 Most Accurate Estimate and the Zacks Consensus Estimate of $3.18. Simon Property is one of a large database of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
SPG is just one of a large group of Finance stocks with a positive ESP figure. Digital Realty Trust (DLR - Free Report) is another qualifying stock you may want to consider.
Digital Realty Trust is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on July 23, 2026. DLR's Most Accurate Estimate sits at $2.03 a share seven days from its next earnings release.
For Digital Realty Trust, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.98 is +2.30%.
SPG and DLR's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Simon Property Group (NYSE:SPG | SPG Price Prediction) is having the kind of year most REIT investors would celebrate. The stock is up 21.33% year to date through the July 9, 2026 close of $219.71, the dividend yields roughly 4.0%, and Q1 revenue blew past estimates. Wall Street just downgraded it anyway.
The Downgrade: “Fully Valued” On July 9, 2026, Deutsche Bank analyst Omotayo Okusanya cut SPG from Buy to Hold, calling it “fully valued” and setting a $220 price target, essentially matching the current quote. The stock trades near 16x price-to-FFO, a premium to REIT peers. Okusanya wrote that “the premium valuation is warranted, but future stock upside is heavily dependent on earnings growth, which will remain somewhat below recent trend given about 200 bps of FFO/sh earnings growth headwinds in both 2026 and 2027 due to upcoming debt refinancing at higher rates.”
The Refinancing Speed Bump REITs are valued on Funds From Operations (FFO), not EPS, because FFO adds back depreciation charges that real estate accrues on paper even as properties often appreciate. A 200 basis point FFO headwind means growth runs about 2 percentage points slower than otherwise. It is not a loss or dividend cut.
SPG issued $800 million of 5-year senior notes at a 4.300% coupon to repay $800 million of 3.300% notes maturing in 2026, alongside a €500 million euro-denominated unsecured note offering at 3.650% due 2031. With the 10-year Treasury at 4.56%, higher interest expense as low-coupon debt rolls over is unforgiving.
What SPG Actually Is The largest U.S. retail REIT, anchored by Class A malls and Premium Outlets. Q1 2026 revenue hit $1.76 billion, up 19.3% year over year, easily beating the $1.51 billion consensus, though growth was largely driven by Macerich and Taubman acquisitions. GAAP EPS of $1.48 came in fractionally below the $1.49 estimate. Real Estate FFO per share reached $3.17, up 7.5%, and management guided full-year Real Estate FFO to $13.10 to $13.25 per share. Occupancy is 96.0%, base minimum rent per square foot is $61.99, and the redevelopment pipeline targets a 9% stabilized return. Deutsche Bank calls SPG a beneficiary of the K-shaped economy.
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A Leadership Transition Worth Watching Long-time Chairman, CEO and President David Simon passed away on March 22, 2026 at age 64, after a battle with cancer. Eli Simon was appointed CEO and President effective March 23, 2026, while continuing as COO, and Larry Glasscock was appointed Non-Executive Chairman. The new CEO inherits refinancing at scale and a large development pipeline. That is execution risk to monitor.
The Analyst Landscape Consensus is now overwhelmingly Hold. Wolfe Research downgraded to Peer Perform from Outperform on valuation, Morgan Stanley stays Equal Weight with a target of $207, JPMorgan is Neutral at $217, and Argus maintains Buy at $210. For investors interested in how income-focused REITs fit into retirement planning, 24/7 Wall St.’s Paycheck Portfolio Method report frames the tradeoffs.
Bull Case, Bear Case The bull view: a 7.1% dividend hike to $2.25 per share pays investors to wait, the pipeline compounds value, and Class A properties keep defying the death-of-retail narrative. The bear view: at a premium multiple, a two-year growth shortfall is punished harder, and elevated Treasury yields keep rate sensitivity elevated. SPG is a premium-priced operator facing a two-year earnings-growth speed bump. Whether a 4%+ yield plus modest appreciation compensates for valuation risk is the question each investor must answer.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Simon Property Group didn't make the cut. Grab the names FREE today.
, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced details for its second quarter earnings release and conference call.
Simon's financial and operational results for the quarter ending June 30, 2026, will be released after the market close on August 10, 2026. Simon will host its quarterly earnings conference call and an audio webcast on August 10 from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time.
The live webcast will be available in listen-only mode at investors.simon.com. Interested parties can join the call by dialing:
1-877-423-9813 United States participants 1-201-689-8573 Participants outside the United States The conference ID for the call is "13761320." An audio replay will be available from approximately 9:00 p.m. Eastern Daylight Time on August 10, 2026 until 11:00 p.m. Eastern Daylight Time on August 17, 2026. The replay can be accessed within the United States by dialing 1-844-512-2921. Callers outside the U.S. can access the replay at 1-412-317-6671. The replay passcode is "13761320." The call will also be archived on investors.simon.com for approximately 90 days.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
Simon Property Group delivered robust Q1 results, raising full-year FFO guidance and demonstrating strong leasing and portfolio growth. SPG's balance sheet remains a core strength, with A credit rating, low leverage at 5.0x, and high fixed-rate debt, supporting future flexibility. The current valuation at 16.01x forward P/FFO appears fully priced, limiting near-term upside and exposing shares to downside risk amid macro uncertainty.
For the quarter ended March 2026, Simon Property (SPG - Free Report) reported revenue of $1.76 billion, up 19.3% over the same period last year. EPS came in at $3.17, compared to $1.27 in the year-ago quarter.
The reported revenue represents a surprise of +12.08% over the Zacks Consensus Estimate of $1.57 billion. With the consensus EPS estimate being $2.98, the EPS surprise was +6.49%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Simon Property performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
U.S. Malls and Premium Outlets - Occupancy - Total Portfolio: 96% compared to the 96.4% average estimate based on two analysts.Revenue- Management fees and other revenues: $40.19 million versus $34.36 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +18.9% change.Revenue- Other income: $88.37 million versus $78.87 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +23.1% change.Revenue- Lease income: $1.63 billion versus the two-analyst average estimate of $1.48 billion. The reported number represents a year-over-year change of +19.1%.Net Earnings Per Share (Diluted): $1.48 versus $1.43 estimated by three analysts on average.View all Key Company Metrics for Simon Property here>>>
Shares of Simon Property have returned +0.8% over the past month versus the Zacks S&P 500 composite's +9.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Retailers are looking to renew their leases on space in malls as much as three years before their current lease expires, Simon Property Group CEO, President and Chief Operating Officer Eli Simon said Monday (May 11).
Simon was speaking during the first quarter earnings call for the company, which owns shopping, dining, entertainment and mixed-use destinations across North America, Europe and Asia.
“What’s interesting when talking to the leasing team is retailers are now wanting to talk about their 2027, 2028, 2029 expirations, which historically might have been more of a luxury tenant phenomenon, who think, much like we do, in terms of decades, not quarter to quarter,” Simon said. “We’re actually hearing from legacy retailers in our existing portfolio, non-luxury, that actually want to start having those conversations because I think they understand this pipeline too and the interest in our space.”
As of the end of the first quarter, March 31, Simon Property Group had recorded year-over-year increases in its U.S. malls and premium outlets operating statistics, according to a Monday earnings release.
Over the year, occupancy rose 10 basis points to 96%, base minimum rent per square foot increased 5.2% to $61.99, and reported retailer sales per square foot rose 11.8% to $819.
U.S. malls and premium outlets accounted for 77.1% of Simon Property Group’s net operating income during the first quarter, according to a supplemental presentation released Monday.
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Simon said during the call that in the first quarter, the company signed more than 1,100 leases totaling over 4.7 million square feet, with about 25% of its leasing volume being new deals. He added that the company has completed more than 75% of its 2026 expirations, which puts it ahead of last year’s pace, and that the pipeline of deals is “significantly larger” than it was at this time last year.
“Occupancy gains, increased shopper traffic and higher retailer sales drove strong cash flow growth in the quarter, reflecting solid fundamentals across all our platforms, the resilience of the consumer, and the strength and breadth of tenant demand we have for our centers,” Simon said. “Retailer demand remains broad-based, spanning new and legacy retailers across a wide range of categories in all of our platforms and geographies.”
Key Takeaways SPG posted Q1 Real Estate FFO of $3.17/share, topping estimates as revenues rose to $1.76B.SPG's U.S. malls and outlets ended at 96% occupancy; base rent rose 5.2% to $61.99/sf.SPG raised 2026 FFO outlook to $13.10-$13.25 and lifted its Q2 dividend to $2.25/share. Simon Property Group, Inc. (SPG - Free Report) started 2026 with a stronger-than-expected first quarter, delivering Real Estate FFO of $3.17 per share. The figure topped the Zacks Consensus Estimate of $2.98 by 6.4% and increased 7.5% year over year. Total revenues of $1.76 billion beat the consensus mark of $1.57 billion by 12.1% and rose 19.3% from the year-ago period.
The quarter reflected steady demand across the portfolio, with U.S. Malls and Premium Outlets ending occupancy at 96%. Management attributed the performance to continued leasing momentum, stronger retailer sales and traffic, and disciplined capital allocation.
Importantly, SPG also paired the solid quarter with a shareholder-friendly move. The company announced a higher quarterly dividend of $2.25 per share for second-quarter 2026 and raised its full-year 2026 Real Estate FFO per share outlook to $13.10-$13.25, signaling confidence in operating momentum for the balance of the year.
SPG's Revenue Mix Shows Broad-Based LiftA key contributor to the quarter was growth across Simon’s core revenue streams. Lease income remained the dominant driver, supported by the company’s scale across malls, outlets and mixed-use destinations.
Beyond core rent, Simon also benefited from higher management fees and other revenues. The combined uplift helped reinforce operating leverage as portfolio-level activity improved.
Simon's Property Metrics Point to Pricing PowerOperating fundamentals remained firm across Simon’s U.S. Malls and Premium Outlets. Base minimum rent per square foot climbed to $61.99 at quarter-end, up 5.2% from a year earlier, reflecting positive leasing spreads and continued tenant demand.
Shopper productivity also continued to improve. Reported retailer sales per square foot rose to $819 for the trailing 12 months ended March 31, 2026, an 11.8% increase year over year. Higher sales and traffic trends typically support leasing velocity and landlord pricing over time.
SPG Highlights NOI Growth and Leasing CadenceOperating performance also translated into stronger property-level profitability. Domestic property net operating income (NOI) increased 6.7% from the prior-year quarter, with portfolio NOI up the same amount, underscoring broad-based improvement across the platform.
On the earnings call, management added color on leasing volume and execution. Simon signed more than 1,100 leases totaling more than 4.7 million square feet during the quarter, with roughly 25% of leasing volume coming from new deals. The company also noted that it had completed more than 75% of its 2026 expirations, positioning it well as the year progresses.
SPG Keeps Liquidity Ample, Taps Multiple MarketsSimon ended the quarter with approximately $8.7 billion of liquidity, consisting of $1.2 billion of cash on hand (including its share of joint venture cash) and $7.5 billion of available capacity under revolving credit facilities. This level of flexibility supports ongoing investment activity and potential opportunistic capital actions.
During the quarter, the company executed 10 secured loan transactions totaling about $2.3 billion (U.S. dollar equivalent) at a weighted average interest rate of 5.25%. Simon also completed an $800 million senior notes offering with a five-year term and a 4.30% coupon, using proceeds to repay $800 million of notes at maturity. The company amended, restated and extended its $5.0 billion multi-currency revolving credit facility, with an initial maturity of June 30, 2030 and an option to extend to 2031.
Simon Raises 2026 Real Estate FFO OutlookReflecting the stronger start to the year, Simon increased its full-year 2026 Real Estate FFO per share guidance to a range of $13.10-$13.25, lifting the midpoint by 5 cents from the prior outlook of $13.00-$13.25. The Zacks Consensus Estimate of $13.19 is within the guided range.
The company reiterated that it expects an earnings headwind of roughly 25 to 30 cents per share from higher interest expense and lower interest income, with the current environment trending closer to the lower end of that range.
Simon Steps Up Shareholder ReturnsSimon paired operating strength with higher cash returns to shareholders. The board declared a quarterly common stock dividend of $2.25 for the second quarter of 2026, representing a 7.1% year-over-year increase and a 2.3% sequential rise.
The company also remained active on repurchases, buying back 965,296 shares for approximately $175 million during the quarter. The combination of a higher dividend and continued buybacks signals confidence in cash-flow generation and balance sheet flexibility.
SPG’s Zacks RankCurrently, SPG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Retail REITsFederal Realty Investment Trust (FRT - Free Report) reported first-quarter 2026 core FFO per share of $1.88, up 10.6% year over year and ahead of the Zacks Consensus Estimate of $1.82. Total revenues of $341.08 million increased 10.3% year over year and beat the consensus mark of $333.8 million.
Federal Realty’s results were supported by strong leasing momentum and higher comparable property operating income. Federal Realty signed 101 comparable retail leases spanning 649,078 square feet, delivering cash rent spreads of 13% for the quarter.
Regency Centers Corporation (REG - Free Report) reported first-quarter 2026 NAREIT FFO per share of $1.20, missing the Zacks Consensus Estimate of $1.21 by 0.8%. However, the metric increased 4.3% from the year-ago quarter.
Regency Centers’ total revenues came in at $412.5 million, up 8.3% year over year and ahead of the Zacks Consensus Estimate of $400.9 million by 2.9%. Regency Centers’ results were aided by continued leasing traction, as reflected in same-property NOI growth of 4.4% year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Simon Property Group remains a relatively safe investment even with the new CEO, Eli Simon, due to enduring location advantages. Current economic uncertainty and inflation concerns highlight the need for safety and cash reserves. SPG's diversification and prime locations position it for faster recovery compared to industry peers during potential consumer downturns.
Key Takeaways Simon Property Group's strong Q1 results reinforced its leadership in premium retail real estateDespite an extended rally, SPG's valuation is still very reasonable with an enticing dividend above 4%SPG's ROIC highlights efficient capital allocation and durable competitive advantages Simon Property Group's (SPG - Free Report) ) stock has surged back near its 52-week highs after delivering strong Q1 results on Monday evening that reinforced its position as the premier mall REIT in the U.S.
The stock has rallied above $200, supported by resilient consumer spending, high occupancy levels, and improving operating metrics.
The key question for many investors is whether SPG still offers upside at these elevated levels or if the stock is worth holding onto because of its juicy dividend.
Image Source: Zacks Investment Research
SPG’s Q1 Results Show Continued Strength SPG posted stronger-than-expected Q1 2026 results, with earnings and revenue both comfortably ahead of Wall Street expectations. The company reported adjusted EPS of $3.17, which was up 7% from $2.95 per share a year ago and beat expectations of $2.98.
This came on Q1 sales of $1.75 billion, a 19% increase from the prior year quarter, while impressively exceeding estimates of $1.56 billion.
Furthermore, SPG’s strong Q1 results highlighted several encouraging trends: strong leasing demand across premium retail properties, healthy occupancy rates and tenant sales, continued pricing power on rents, and solid cash flow generation despite economic uncertainty.
Most importantly, management maintained a confident tone about the retail environment and the long-term strength of high-quality malls as SPG's portfolio continues to outperform lower-tier retail centers because luxury brands and experiential tenants still want access to its premium locations.
Image Source: Zacks Investment Research
SPG’s Valuation is Still Reasonable Despite an extensive rally in recent years, especially for a REIT stock, SPG does not appear excessively expensive relative to its earnings power and asset quality.
Based on current valuation metrics, SPG trades at a reasonable 15X forward earnings multiple compared to its Zacks REIT and Equity Trust-Retail Industry’s average of 17X and the benchmark S&P 500’s 23X.
Image Source: Zacks Investment Research
Furthermore, Simon Property Group owns some of the highest-quality retail real estate in the world. Its portfolio includes Class A malls, outlet centers, and mixed-use destinations that attract foot traffic even as weaker malls struggle.
This gives SPG stronger pricing power and more resilient occupancy than many retail REIT peers. Unlike many cyclical retail names, SPG generates highly stable rental income. Plus, long-term leases and diversified tenants help smooth earnings through economic cycles.
What may be most appealing is that even after the stock’s strong run, SPG still offers an above-market dividend yield (4.36%), which remains attractive for income-focused investors. The combination of yield plus moderate growth makes SPG appealing in a higher-rate environment.
Image Source: Zacks Investment Research
SPG’s ROIC Suggests Strong Capital AllocationOne of the more compelling aspects of Simon Property Group is its consistently solid return on invested capital (ROIC).
Recent data shows SPG generating ROIC of around 18.5% when excluding dividends, which is very strong for a REIT and above many peers in commercial real estate.
A REIT or any company for that matter with an ROIC near 20% or higher is important because it indicates SPG is deploying capital efficiently, with it noteworthy that management has historically made disciplined acquisitions and redevelopment investments while earning strong returns on its premium properties.
Notably, SPG’s ROIC has remained relatively stable over long periods, even during difficult retail cycles. That consistency suggests the business has durable competitive advantages.
For REIT investors, ROIC is especially valuable because it helps distinguish high-quality property owners from companies merely relying on leverage and asset appreciation.
Image Source: Zacks Investment Research
Risks Investors Should WatchEven high-quality REITs face challenges, and below are the potential challenges that investors should watch for:
Interest Rates
Higher interest rates can pressure REIT valuations because financing costs rise and income-oriented investors gain alternatives in bonds.
Consumer Spending Slowdown
If the economy weakens materially, discretionary retail spending could soften, hurting tenant sales and leasing activity.
E-Commerce Competition
While Simon’s premium malls have proven resilient, the long-term shift toward online shopping remains a structural headwind for retail real estate.
Still, Simon has adapted better than most competitors by emphasizing luxury retail, dining, entertainment, and mixed-use redevelopment.
Is SPG a Buy Near 52-Week Highs?For long-term investors, Simon Property Group still looks attractive despite trading near record levels. In this regard, SPG has strong operating momentum, high-quality assets, reliable dividends, solid ROIC, and reasonable valuation metrics.
Investors seeking a blend of income, stability, and moderate long-term appreciation may still find Simon Property Group's stock appealing. For now, SPG sports a Zacks Rank #2 (Buy).
Three Oversold REITs With Strong FundamentalsSimon Property Group NYSE: SPG reported first-quarter 2026 results that exceeded its internal plan and raised its full-year real estate funds from operations guidance, citing stronger occupancy, higher shopper traffic and accelerating retailer sales across its portfolio.
Eli Simon, the company’s chief executive officer, president and chief operating officer, said the quarter reflected “solid fundamentals across all our platforms, the resilience of the consumer, and the strength and breadth of tenant demand” for Simon’s centers. He also opened the call by thanking those who sent notes following the death of his father, saying his impact on the company and the industry was “truly powerful.”
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FFO Rises as NOI Growth Remains Strong AI Panic Hits Wall Street: 3 Financial Stocks on SaleBrian McDade, executive vice president and chief financial officer, said real estate FFO totaled $1.2 billion, or $3.17 per share, in the first quarter, compared with $1.1 billion, or $2.95 per share, in the prior-year period. That represented 7.5% growth.
McDade said domestic and international operations contributed $0.27 of growth, driven by increased lease income and disciplined cost management. Higher interest expense and lower interest income were a combined $0.05 drag year over year, as expected.
2 REITs That Look Attractive in a Stable Rate EnvironmentReported FFO was $2.91 per share and included $40 million, or $0.10 per share, of accelerated stock compensation expense. McDade said that expense reduced real estate FFO by $0.02 per share and other platform investments, net of tax, by $0.08 per share.
Domestic property net operating income increased 6.7% year over year in the quarter. McDade said approximately 120 basis points of that growth came from Simon’s acquisition of the remaining TRG interests. Portfolio NOI, which includes international properties at constant currency, also grew 6.7%.
The company increased its full-year 2026 real estate FFO guidance to a range of $13.10 to $13.25 per share, compared with $12.73 per share in 2025. McDade said the midpoint of the new range represents a 5% increase from last year.
Leasing Activity and Retailer Sales Accelerate Simon said retailer demand remained broad-based, spanning new and legacy retailers across categories, platforms and geographies. During the first quarter, the company signed more than 1,100 leases totaling over 4.7 million square feet. About 25% of leasing volume came from new deals.
The company has completed more than 75% of its 2026 lease expirations, which Simon said is ahead of where it stood at the same time last year. He said the leasing pipeline is “significantly larger” than a year ago and includes legacy brands, new-to-portfolio concepts, luxury retailers, restaurants and local and regional tenants.
Average base minimum rent for malls and premium outlets increased 5.2% year over year, while mall rent increased 9.1%. Occupancy for malls and premium outlets was 96% at quarter-end, up 10 basis points from a year earlier. McDade said occupancy cost was 12.7%.
Retailer sales at malls and premium outlets were $819 per square foot, up 11.8%. Simon said total sales volume increased 5.6% over the trailing 12 months and 8.8% in the quarter, while comparable sales grew 6.5% in the first quarter. He cited strength in luxury, jewelry, athleisure and juniors.
During the question-and-answer portion of the call, Simon pushed back on the idea that the company has leverage over retailers, saying retailers have multiple options, including online channels. Still, he said tenants increasingly want to discuss lease expirations beyond 2026, including 2027, 2028 and 2029.
Development Pipeline Totals Billions of Dollars Simon said the company has projects under construction at 29 centers, with its share of net costs at $1.06 billion and a blended yield of 9%. About half of the net cost is tied to mixed-use projects, including roughly 1,200 multifamily units at Brea Mall, Briarwood Mall and Northgate, along with more than 400 hotel keys at Northshore Mall, Roosevelt Field and The Domain.
The company also has redevelopments of former anchor boxes underway at Brea Mall and the Fashion Mall at Keystone, where it plans to add retail, restaurants, entertainment and fitness uses.
Simon said an additional $1 billion of projects could begin construction this year, including new developments, anchor redevelopments and international redevelopments and expansions. Beyond that, he said Simon has about $3 billion of projects in its pipeline that could start over the next several years.
He said the projects will be funded from internally generated cash flow and emphasized that the company has flexibility to adjust timing based on construction costs or market conditions. “We can be patient,” Simon said, adding that the company can also invest counter-cyclically.
Dividend Raised, Buybacks Continue Simon announced a second-quarter dividend of $2.25 per share, up $0.15, or 7.1%, from the prior-year period. The dividend is payable June 30.
The company repurchased approximately 965,000 shares of common stock in the first quarter for $175 million, at an average purchase price of $181.59. Simon said the company expects to continue to be active on buybacks but will remain prudent depending on market conditions.
On the balance sheet, McDade said Simon completed 10 secured loan transactions totaling about $2.3 billion at a weighted average interest rate of 5.25%. The company also issued $800 million of senior notes to repay $800 million of notes that matured Jan. 15 and amended, restated and extended its $5 billion revolving credit facility at a 15-basis-point lower pricing grid.
Simon ended the quarter with approximately $8.7 billion of liquidity. McDade said net debt to EBITDA was 5.0 times and the fixed charge coverage ratio was 4.6 times.
Consumer Trends and Portfolio Strategy Asked about the consumer, Simon said sales growth was broad-based, with the upper-end consumer performing well and hard luxury, jewelry and watches showing strong growth. He also cited strength in juniors brands that target Gen Z shoppers.
Food and beverage was “a touch softer,” Simon said, with comparable performance roughly flat. He also noted softness in tourist markets that rely on European and Canadian international travelers, while Florida markets, including Orlando, remained strong.
On leadership and capital allocation, Simon said the company is operating “business as usual” and does not expect a change in strategy. He said Simon will continue to evaluate development, acquisitions, share repurchases and dividends based on returns and shareholder value.
Simon also discussed the integration of Taubman assets, saying corporate integration was effectively completed by the end of April. He said the company is focused on reinvesting in assets including Green Hills in Nashville, International Plaza in Tampa and Cherry Creek in Denver, with more than $250 million of planned investment beginning later this year.
About Simon Property Group NYSE: SPGSimon Property Group, Inc NYSE: SPG is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed‑use retail destinations. The company operates retail brands that include high‑profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.
Simon's portfolio spans a broad mix of enclosed malls, open‑air centers, outlet properties and mixed‑use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways O raised its 2026 investment target to $9.5B from $8.0B after deploying $2.8B in Q1.O's Q1 mix: $1.58B acquisitions, $155.8M development, plus $1.03B in loans and financing.O added an Apollo JV and a $1.7B fund raise; Q1 AFFO/share was $1.13, and occupancy hit 98.9%. Realty Income’s (O - Free Report) higher 2026 investment target looks like a clear vote of confidence in its deal pipeline. The REIT lifted expected investment volume to $9.5 billion from $8.0 billion after putting $2.8 billion to work in the first quarter, including $2.6 billion at its pro-rata share.
The company’s investments were not limited to one track. In the first quarter, Realty Income completed $1.58 billion of real estate acquisitions, added $155.8 million in development-related investments and made about $1.03 billion of other investments, including loans and construction financing. This mix shows a wider approach than simply buying more stores or warehouses.
Management is also leaning harder into structured investments. On the call, Realty Income said that credit deals are often designed with a path toward owning the real estate later. This includes a data center loan in Virginia and construction-related investments tied to its GIC partnership in Mexico, giving the company a way to enter projects before assets are fully stabilized.
Private capital is becoming an important support for this bigger investment plan. Realty Income formed a $1.0 billion Apollo-backed joint venture involving 492 retail properties and completed a $1.7 billion cornerstone capital raise for its U.S. Core Plus fund. These channels give the company more funding options beyond public equity markets.
The raised target also comes with operating support. AFFO per share rose 6.6% year over year to $1.13 in the first quarter, occupancy stayed at 98.9%, and rent recapture reached 103.4%. With $3.9 billion of available liquidity and leverage at 5.2X net debt to annualized pro forma adjusted EBITDAre, Realty Income appears to have room to keep investing while staying selective.
How Are SPG and FRT Investing for Growth?Simon Property Group (SPG - Free Report) is investing through development and redevelopment rather than chasing volume. Simon Property Group has projects under construction at 29 centers, with $1.06 billion of net cost and a 9% blended yield. Simon Property Group also sees another $1 billion able to start this year, which the company is funding internally.
Federal Realty (FRT - Free Report) is using capital recycling and targeted acquisitions to sharpen growth. It sold assets for $159 million, then bought Congressional North for $72 million at a 7% stabilized yield. Federal Realty has $400 million allocated to residential projects adding nearly 800 units. Federal Realty expects $27 million income stabilized.
O’s Price Performance, Valuation and EstimatesShares of Realty Income have gained 10.1% so far this year, underperforming the industry’s growth of 17%.
Image Source: Zacks Investment Research
From a valuation standpoint, O trades at a forward 12-month price-to-FFO of 13.81, below the industry but ahead of its one-year median of 13.44. It carries a Value Score of D.
Image Source: Zacks Investment Research
Over the past 30 days, estimates for both 2026 and 2027 FFO per share have been revised slightly downward.
Immersive fan experiences, exclusive retail, and high-energy events bring soccer excitement to Simon destinations nationwide
, /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, is teaming up with adidas® to bring soccer fan experiences and programming to select Simon destinations this summer.
From large-scale block party experiences, to soccer watch parties, and exclusive adidas product releases and immersive in-store activations, these experiences are designed to bring the energy and culture of the global game to life.
Soccer at Simon adidas will host events at Del Amo Fashion Center® (June 14), Houston Premium Outlets® (June 18), Sawgrass Mills® (June 27), and Phipps Plaza® (July 15). Each event will feature interactive fan zones, adidas product experiences, and DJ performances, creating family-friendly environments that reflect soccer's vibrant, international spirit.
A larger-than-life adidas Match Ball installation will serve as a centerpiece of each block party and travel to additional Simon locations throughout the summer, offering fans an interactive, photo-driven moment inspired by the sport.
"Together with adidas we're creating an unforgettable fan experience across Simon destinations nationwide," said Lee Sterling, Simon's Chief Marketing Officer. "With adidas's deep connection to soccer and Simon's unmatched national reach, we're delivering engaging experiences that connect communities through a shared love of the game."
In addition to live events in select markets, adidas retail locations at 90 Simon centers will offer enhanced in-store activations, including limited-edition product, collectible merchandise, and scratch-off prizes with qualifying purchases extending fan engagement across the country.
This summer, Simon destinations will serve as gathering places for fans to experience the excitement, culture, and creativity inspired by soccer.
About adidas at Simon
adidas operates stores at approximately 90 Simon centers nationwide, offering soccer footwear, apparel, and accessories.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, and entertainment mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales. For more information, visit simon.com.
Simon Property Group (SPG) remains a Buy, supported by robust Q1 results, a guidance boost, and a sustainable, growing dividend. SPG's accretive growth pipeline, 9% blended yield on $1.06B in projects, and low-rate debt underpin long-term value creation. Net debt/EBITDA at 5.0x and a recently extended $5B credit facility reinforce SPG's financial strength amid macro headwinds.
The fifth annual signature event, that rivals Black Friday, returns this summer with the best-ever deals and experiences from over 500 participating brands
, /PRNewswire/ -- Simon® a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced the return of the shopping event of the summer, National Outlet Shopping Day®, June 11-14, across Premium Outlets® and The Mills® locations nationwide.
Simon Premium Outlets and The Mills are America's premier outlet shopping destinations, home to thousands of the world's most sought-after brands and an unparalleled collection of luxury and designer outlet stores.
National Outlet Shopping Day® National Outlet Shopping Day returns to 90 locations nationwide, inviting shoppers to enjoy exceptional savings at destinations that are conveniently located near many of the country's most visited cities and travel hubs. From iconic properties such as Woodbury Common® one of the nation's top outlet centers located just one hour from New York City with 250+ stores set against the backdrop of the Hudson Valley; Desert Hills® roughly an hour from Los Angeles and home to 180+ stores in a striking desert landscape; and Sawgrass Mills®, one of the most impressive value retail shopping destinations in the country with 350+ stores, located in sunny Sunrise, FL. Simon's portfolio spans some of the highest performing and picturesque retail environments in the U.S.
Celebrating its fifth anniversary, this year's National Outlet Shopping Day will feature more exclusive offers than ever before, with around 6,000 offers from over 500 brands*. Shoppers can take advantage of a wide range of promotions, including discounts, deals, and gifts with purchase. Highlights include up to 40% off, 20% off $100 purchases, and buy one, get one offers on select food, services, and merchandise.
Simon+® members will receive double points on qualifying purchases all weekend and enjoy exclusive gifts and experiences with purchase*, including premium brand giveaways, VIP lounge access, customization stations, and complimentary tote bags while supplies last.
The event has experienced remarkable growth, with a more than 65% increase in shopper participation since its inaugural year, extending the experience to millions more consumers nationwide and underscoring the enduring appeal of Simon Premium Outlets and The Mills.
"National Outlet Shopping Day has become one of the most anticipated shopping events of the year because it's the perfect way to kick off summer," said Lee Sterling, Simon's Chief Marketing Officer. "Shoppers enjoy unreal deals from the world's best brands and score a fashion haul right before the barbeques and beach vacations. But it's the energy and excitement that truly sets the day apart. It's a celebration of savings, style, and of spending time together."
More than a savings event, National Outlet Shopping Day is a celebration of the shopping experience. Whether finding the perfect look, getting a second opinion from a friend, grabbing a coffee at one of the new Coach Coffee Shops, or capturing memories along the way, Simon offers an experience that makes every visit memorable.
For more information about National Outlet Shopping Day 2026 and to find participating locations, visit here. To stay on top of all the latest styles, offers and events, follow @theoutlets on Instagram and TikTok.
*Deals, experiences, and giveaways vary by property and Rewards Program Terms apply to participation in and the awarding of points and other benefits of Simon+.
About Simon
Simon® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
, /PRNewswire/ -- Simon Property Group, L.P., a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations (the "Company"), today announced that its indirect subsidiary, Simon Global Development B.V., incorporated as a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) registered with the Dutch Trade Register of the Chamber of Commerce (the "Issuer"), has agreed to sell €500,000,000 principal amount of its 3.650% unsecured notes due 2031 (the "Notes") in an offering to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The Notes will be fully and unconditionally guaranteed by the Company. This offering is expected to close on June 15, 2026, subject to customary closing conditions. The Notes are expected to be admitted on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF Market.
The Company currently expects to use the net proceeds from the offering for general corporate purposes.
The Notes to be offered have not been, and will not be, registered under the Securities Act or applicable state or other securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
This press release has been prepared on the basis that any offer of the securities in any Member State of the European Economic Area ("EEA") (each, a "Relevant State") will be made pursuant to an exemption under Regulation (EU) 2017/1129, as amended (the "Prospectus Regulation"), from the requirement to publish a prospectus for offers of securities and in the United Kingdom will be made pursuant to an exception to the prohibition on public offers under the Public Offers and Admissions to Trading Regulations 2024.
In the United Kingdom, this press release is only being distributed to, and is only directed at, persons (i) that are "investment professionals" falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), (ii) falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order, or (iii) to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "Relevant Persons"). This press release is directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
Forward-Looking Statements
Certain statements made in this press release may be deemed "forward–looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward–looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company's actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties, and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at the Company's properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on the Company to the extent impacting its tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at the Company's properties; the availability of comprehensive insurance coverage; security breaches that could compromise the Company's information technology or infrastructure; changes in market rates of interest; the Company's international activities subjecting it to risks that are different from or greater than those associated with the Company's domestic operations, including changes in foreign exchange rates; the impact of the Company's substantial indebtedness on its future operations, including covenants in the governing agreements that impose restrictions on it that may affect the Company's ability to operate freely; any disruption in the financial markets that may adversely affect the Company's ability to access capital for growth and satisfy its ongoing debt service requirements; any change in the Company's credit rating or outlook; the Company's continued ability to maintain Company's status as a real estate investment trust (a "REIT") for U.S. federal income tax purposes; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to the Company's joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on the Company's business, financial condition, results of operations, cash flows and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments. The Company discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
About Simon
Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.
It has been about a month since the last earnings report for Simon Property (SPG - Free Report) . Shares have added about 3% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Simon Property due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Simon Property Q1 FFO Tops Estimates, Dividend and Guidance RaisedSimon Property Group started 2026 with a stronger-than-expected first quarter, delivering Real Estate FFO of $3.17 per share. The figure topped the Zacks Consensus Estimate of $2.98 by 6.4% and increased 7.5% year over year. Total revenues of $1.76 billion beat the consensus mark of $1.57 billion by 12.1% and rose 19.3% from the year-ago period.
The quarter reflected steady demand across the portfolio, with U.S. Malls and Premium Outlets ending occupancy at 96%. Management attributed the performance to continued leasing momentum, stronger retailer sales and traffic, and disciplined capital allocation.
Importantly, Simon Property also paired the solid quarter with a shareholder-friendly move. The company announced a higher quarterly dividend of $2.25 per share for the second quarter of 2026 and raised its full-year 2026 Real Estate FFO per share outlook to $13.10-$13.25, signaling confidence in operating momentum for the balance of the year.
Simon Property's Revenue Mix Shows Broad-Based LiftA key contributor to the quarter was growth across Simon’s core revenue streams. Lease income remained the dominant driver, supported by the company’s scale across malls, outlets and mixed-use destinations.
Beyond core rent, Simon also benefited from higher management fees and other revenues. The combined uplift helped reinforce operating leverage as portfolio-level activity improved.
Simon's Property Metrics Point to Pricing PowerOperating fundamentals remained firm across Simon’s U.S. Malls and Premium Outlets. Base minimum rent per square foot climbed to $61.99 at quarter-end, up 5.2% from a year earlier, reflecting positive leasing spreads and continued tenant demand.
Shopper productivity also continued to improve. Reported retailer sales per square foot rose to $819 for the trailing 12 months ended March 31, 2026, an 11.8% increase year over year. Higher sales and traffic trends typically support leasing velocity and landlord pricing over time.
Simon Property Highlights NOI Growth and Leasing CadenceOperating performance also translated into stronger property-level profitability. Domestic property NOI increased 6.7% from the prior-year quarter, with portfolio NOI up the same amount, underscoring broad-based improvement across the platform.
On the earnings call, management added color on leasing volume and execution. Simon signed more than 1,100 leases totaling more than 4.7 million square feet during the quarter, with roughly 25% of leasing volume coming from new deals. The company also noted that it had completed more than 75% of its 2026 expirations, positioning it well as the year progresses.
Simon Property Keeps Liquidity Ample, Taps Multiple MarketsSimon ended the quarter with approximately $8.7 billion of liquidity, consisting of $1.2 billion of cash on hand (including its share of joint venture cash) and $7.5 billion of available capacity under revolving credit facilities. This level of flexibility supports ongoing investment activity and potential opportunistic capital actions.
During the quarter, the company executed 10 secured loan transactions totaling about $2.3 billion (U.S. dollar equivalent) at a weighted average interest rate of 5.25%. Simon also completed an $800 million senior notes offering with a five-year term and a 4.30% coupon, using proceeds to repay $800 million of notes at maturity. The company amended, restated and extended its $5 billion multi-currency revolving credit facility, with an initial maturity of June 30, 2030, and an option to extend to 2031.
Simon Raises 2026 Real Estate FFO OutlookReflecting the stronger start to the year, Simon increased its full-year 2026 Real Estate FFO per share guidance to a range of $13.10-$13.25, lifting the midpoint by 5 cents from the prior outlook of $13.00-$13.25.
The company reiterated that it expects an earnings headwind of roughly 25 to 30 cents per share from higher interest expense and lower interest income, with the current environment trending closer to the lower end of that range.
Simon Steps Up Shareholder ReturnsSimon paired operating strength with higher cash returns to shareholders. The board declared a quarterly common stock dividend of $2.25 for the second quarter of 2026, representing a 7.1% year-over-year increase and a 2.3% sequential rise.
The company also remained active on repurchases, buying back 965,296 shares for approximately $175 million during the quarter. The combination of a higher dividend and continued buybacks signals confidence in cash-flow generation and balance sheet flexibility.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.
VGM ScoresAt this time, Simon Property has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Simon Property has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerSimon Property belongs to the Zacks REIT and Equity Trust - Retail industry. Another stock from the same industry, Federal Realty Investment Trust (FRT - Free Report) , has gained 7.7% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Federal Realty Investment Trust reported revenues of $341.08 million in the last reported quarter, representing a year-over-year change of +10.3%. EPS of $1.81 for the same period compares with $1.70 a year ago.
For the current quarter, Federal Realty Investment Trust is expected to post earnings of $1.85 per share, indicating a change of -3.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.2% over the last 30 days.
Federal Realty Investment Trust has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
