Simon Property Group (SPG) Q1 2026 earnings summary

Executive summary

• First quarter 2026 results exceeded plan, with net income attributable to common stockholders rising to $479.6 million ($1.48 per diluted share), up from $413.7 million ($1.27 per share) year-over-year, driven by occupancy gains, increased shopper traffic, and higher retailer sales.

• Real Estate FFO increased 7.5% to $1.208 billion ($3.17 per share), and FFO rose 9.0% to $1.108 billion ($2.91 per share), reflecting strong fundamentals and resilient consumer demand.

• Over 1,100 leases signed totaling 4.7 million sq ft, with 25% being new deals; more than 75% of 2026 expirations completed.

• Quarterly dividend increased by 7.1% to $2.25 per share, and 965,296 shares were repurchased for $175 million.

• Leadership transition has not altered strategy or capital allocation priorities; business continues as usual with a focus on disciplined execution.

Financial highlights

• Total consolidated revenue for Q1 2026 was $1.76 billion, up from $1.47 billion in Q1 2025.

• Domestic property NOI and portfolio NOI both increased 6.7% year-over-year, with 120 bps of growth from the TRG acquisition.

• Occupancy at U.S. malls and premium outlets reached 96%, up 10 bps year-over-year; mall occupancy at 99.2%, up 80 bps.

• Average base minimum rent for malls and outlets increased 5.2% year-over-year to $61.99 per sq. ft.; malls alone up 9.1%.

• Dividend for Q2 set at $2.25 per share, up 7.1% year-over-year; $175 million in share repurchases during the quarter.

Outlook and guidance

• Full-year 2026 Real Estate FFO per diluted share guidance raised to $13.10–$13.25, a 5% increase at the midpoint over last year.

• Estimated net income attributable to common stockholders per diluted share for 2026 is $6.61–$6.76.

• Domestic NOI guidance remains at least 3%, with a strong start to the year and ongoing focus on outperformance.

• Expects positive cash flow from operations in 2026, sufficient to meet operating expenses, debt service, capital expenditures, and dividends.

• Ongoing development and redevelopment projects with $1.1 billion in costs under construction; $416 million net cash funding required through 2027.