Simon Property Group (SPG) Q3 2026 earnings summary

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.