Simon Property Group (NYSE:SPG) Posts Quarterly Earnings Results, Beats Expectations By $1.68 EPS

Simon Property Group (NYSE:SPG) posted its earnings results on Thursday. The real estate investment trust reported $3.37 earnings per share for the quarter, beating the consensus estimate of $1.69 by $1.68, Zacks reports. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.63 billion. Simon Property Group had a return on equity of 89.32% and a net margin of 66.56%. The business’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $3.22 EPS. Simon Property Group updated its FY 2026 guidance to 13.300-13.400 EPS.

Here are the key takeaways from Simon Property Group’s conference call:

• Third-quarter real estate FFO increased 4.7% per share year over year, while domestic property NOI rose 6.6%. Simon raised 2026 real estate FFO guidance by $0.10 to $13.30–$13.40 per share, implying about 5% growth at the midpoint.
• Leasing remained strong: Simon signed nearly 1,200 leases in the quarter, with year-to-date new-deal rents up 17% and tenant allowances per square foot down 10%. Malls and Premium Outlets occupancy reached 96.5%, tying the company’s highest combined level since 2016.
• Retailer sales and traffic showed broad-based momentum: comparable sales grew 4.9% in the quarter, total sales volume increased 6.8%, and October traffic was in line with third-quarter growth. Management said the leasing pipeline was up 30% year over year.
• Simon reported $1.2 billion of development projects underway at a blended yield of 9% and said the University Village acquisition is expected to be modestly accretive next year and NAV-accretive at closing. Management also highlighted continued redevelopment opportunities and plans to break ground on its Sagefield project.
• Management expects higher interest expense to remain a meaningful headwind, estimating roughly $0.30 per share of pressure next year. It noted that interest-rate conditions remain volatile, though the company cited about $9 billion in liquidity and net debt to EBITDA below 5x.

Simon Property Group Stock Performance

Shares of Simon Property Group stock traded down $1.50 during trading hours on Thursday, hitting $227.00. 2,008,903 shares of the company were exchanged, compared to its average volume of 1,332,748. 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 business has a 50-day moving average of $207.69 and a 200-day moving average of $206.54. Simon Property Group has a 1 year low of $177.88 and a 1 year high of $238.50. The stock has a market capitalization of $73.45 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 3.52 and a beta of 1.27.

Simon Property Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th were paid a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Wednesday, September 9th. Simon Property Group’s dividend payout ratio is 63.47%.

Wall Street Analyst Weigh In

Several research firms have commented on SPG. Mizuho lifted their price target on Simon Property Group from $211.00 to $226.00 and gave the stock a “neutral” rating in a research report on Thursday, August 27th. Deutsche Bank Aktiengesellschaft downgraded Simon Property Group from a “buy” rating to a “hold” rating and increased their price objective for the company from $205.00 to $220.00 in a report on Thursday, July 9th. UBS Group decreased their price objective on Simon Property Group from $222.00 to $205.00 and set a “neutral” rating for the company in a report on Friday, October 9th. Citigroup lifted their target price on shares of Simon Property Group from $205.00 to $230.00 and gave the company a “neutral” rating in a report on Monday, August 17th. Finally, Evercore upped their price target on shares of Simon Property Group from $213.00 to $216.00 in a research report on Wednesday, October 28th. Nine analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, Simon Property Group has an average rating of “Hold” and an average target price of $228.67.

Simon Property Group News Summary

Here are the key news stories impacting Simon Property Group this week:

• Positive Sentiment: Simon raised its 2026 real-estate FFO guidance to $13.30–$13.40 per share, above the prior consensus cited in the reports, and increased its quarterly dividend. Simon Q3 results, guidance and dividend announcement
• Positive Sentiment: Revenue was $1.81 billion, ahead of the $1.63 billion estimate cited in the earnings report and up 13.3% year over year, signaling continued operating growth. Simon Property Group Q3 earnings report
• Neutral Sentiment: FFO estimates differ across reports: Zacks said FFO of $3.37 per share topped its $3.32 consensus, while a MarketScreener flash cited $3.09 versus FactSet’s $3.31 estimate. That discrepancy makes the quarter’s FFO performance less uniformly positive. Zacks Q3 FFO report
• Neutral Sentiment: Simon refinanced Colorado Mills mall with a $93 million loan. The transaction provides financing for the property, but the report offered no clear indication of a material near-term earnings impact. Colorado Mills refinancing report

Insider Transactions at Simon Property Group

In other news, Director Gary Rodkin acquired 232 shares of the company’s stock in a transaction on Wednesday, September 30th. The shares were bought at an average cost of $202.78 per share, with a total value of $47,044.96. Following the purchase, the director owned 21,248 shares of the company’s stock, valued at $4,308,669.44. This represents a 1.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Reuben Leibowitz acquired 480 shares of the company’s stock in a transaction on Wednesday, September 30th. The stock was purchased at an average cost of $202.78 per share, for a total transaction of $97,334.40. Following the completion of the purchase, the director directly owned 56,277 shares in the company, valued at $11,411,850.06. This trade represents a 0.86% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 1,668 shares of company stock worth $338,237 over the last quarter. 8.73% of the stock is currently owned by corporate insiders.

Simon Property Group Company Profile

Simon Property Group, Inc is a self-administered and self-managed real estate investment trust that owns, develops, and operates premier shopping, dining, entertainment, and mixed-use destinations. Its portfolio includes regional malls, premium outlet centers, and other retail properties designed to serve both local shoppers and visitors.

The company’s properties feature a broad mix of retailers, restaurants, entertainment venues, and experiential offerings. Simon also provides property management, leasing, development, redevelopment, and marketing services associated with its real estate portfolio.

Simon Property Group was formed in 1993 through the combination of the retail real estate interests of the Simon and DeBartolo families.