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Investing22 Dec 2023
A Crash Course in REITs
There are several reasons an investor might choose to invest in a REIT rather than in physical real estate.
Simon Property Group
Simon Property Group (SPG) investor relations material
Simon Property Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 Real Estate FFO was $1.277B, or $3.37 per diluted share, up 4.7% YoY; portfolio NOI grew 6.7%.
Leasing, higher rents and occupancy, and accelerating shopper traffic supported robust retailer sales growth.
Financial highlights
Q3 revenue was $1.815B vs. $1.602B YoY; net income attributable to common stockholders was $499.0M, or $1.54 per diluted share, vs. $606.2M, or $1.86.
Q3 FFO was $1.172B, or $3.09 per diluted share, vs. $1.228B, or $3.25; Real Estate FFO was $1.277B, or $3.37, vs. $1.215B, or $3.22.
Q3 net income included $99.6M of non-cash after-tax mark-to-market losses, or $0.27 per diluted share, on Klépierre exchangeable bonds and a publicly traded equity security.
9M Real Estate FFO was $3.733B, or $9.82 per diluted share, up 6.3% YoY; revenue was $5.362B vs. $4.573B.
Outlook and guidance
FY 2026 Real Estate FFO guidance increased $0.10 per diluted share to $13.30–$13.40 from $13.20–$13.30; net income guidance is $6.32–$6.42 per share.
Management expects next-year interest expense to be a headwind of roughly $0.30 per share; 2027 sales visibility depends on the 2026 holiday season.
Development and redevelopment under construction represent an estimated $1.2B share of total costs; remaining net cash funding of $342.0M is expected in the remainder of 2026 and 2027.
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Latest events from Simon Property Group
- Record FY FFO and stronger property metrics underpin higher 2024 dividend and guidance.SPG
Q4 2023 - Strong leasing and traffic support reinvestment, expansion and data-led retail growth.SPGBofA NY Global Real Estate Conference 2026
- Real Estate FFO per share up 7.9% year-over-year; guidance and dividend increased.SPGQ2 2026
- Q1 2026 saw strong growth in income, FFO, and NOI, with raised guidance and higher dividend.SPGQ1 2026
- Record Real Estate FFO, strong NOI growth, and a major acquisition drove robust 2025 results.SPGQ4 2025
- Q2 2024 delivered record NOI, higher earnings, and raised guidance amid strong leasing and asset sales.SPGQ2 2024
- Record growth, digital expansion, and strong leasing drive sector leadership and future upside.SPGCiti’s 30th Annual Global Property CEO Conference 2025
- Q1 2025 saw Real Estate FFO per share rise, NOI up 3.6%, and strong international expansion.SPGQ1 2025
- Record FFO, robust leasing, and higher dividends highlight strong 2024 performance.SPGQ4 2024
Next Simon Property Group earnings date
Q4 20262 Feb, 2027
Simon Property Group
Next Simon Property Group earnings date
Q4 20262 Feb, 2027
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Frequently asked questions
Simon Property Group Inc is a real estate investment trust specializing in the ownership, development, and management of retail real estate properties. Its portfolio includes shopping malls, premium outlets, and lifestyle centers across North America, Europe, and Asia. The company primarily serves retailers, entertainment providers, and commercial tenants. Simon Property Group Inc is headquartered in Indianapolis, Indiana, and its shares are listed on the NYSE.