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Simon Property (SPG)
NYSE:SPG
Earnings Data
Report Date
May 11, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.45Last Year’s EPS
1.27Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a broadly positive operational and financial picture — record annual REFFO, strong leasing, rising rents, solid NOI growth, active M&A and redevelopment activity, robust liquidity, and sizable shareholder returns. Management acknowledged tangible near-term headwinds including tariff-driven retailer pressure, higher interest expense, an investment write-off, and some occupancy drag from recently acquired assets; many redevelopment benefits are back-end weighted. On balance, the company emphasized durable fundamentals, healthy demand, and a sizable development/redevelopment pipeline, with risks noted but viewed as manageable within guidance.Company Guidance
Record Annual REFFO and Strong Q4 REFFO Growth
Reported record real estate funds from operations (REFFO) of $4.8 billion for FY2025, or $12.73 per share; Q4 real estate FFO was $3.49 per share, up 4.2% versus prior year ($3.35).
Robust Leasing Activity and Rent Growth
Signed over 1,300 leases (4.4+ million sq ft) in the quarter and more than 4,600 leases (17+ million sq ft) for the year; ~30% of annual volume were new deals. Disclosed new rents of $55/sq ft and average base minimum rents increased 4.7% year-over-year (TRG properties contributed ~250 bps of that growth). Leasing pipeline up ~15% year-over-year.
Retail Sales and Traffic Momentum
Retailer sales per square foot for malls and premium outlets were $799 for the year; SPG-only portfolio sales rose ~2% year-over-year. Total sales volumes grew ~4% in Q4 and ~3% for the full year, with management noting accelerating shopper traffic growth.
Strong Property Net Operating Income
Domestic property NOI grew 4.8% year-over-year for the quarter and 4.4% for the year. Portfolio NOI (including international, at constant currency) grew 5.1% in the quarter and 4.7% for the year.
Active Acquisitions and Redevelopment Execution
Acquired ~$2.0 billion of high-quality retail properties in 2025 (including European luxury outlets, Brickell City Center interest, remaining Calvin Realty Group interest, Phillips Place). Completed >20 major redevelopment projects in 2025 and announced a development/redevelopment pipeline exceeding $4 billion.
Development Economics and Near-Term Yield
Share of net cost of developments across platforms totaled ~$1.5 billion at year-end with a blended yield of 9%; ~45% of net cost allocated to mixed-use. Management expects ~ $30 million of NOI contribution in 2026 from completed projects.
Capital Allocation & Shareholder Returns
Returned approximately $3.5 billion in cash to shareholders (dividends and buybacks) in the quarter/year; paid >$3.2 billion in common dividends and repurchased >1.2 million shares for ~$227 million during 2025, with an additional 273k shares repurchased for $50 million post-year-end. Announced Q1 dividend of $2.20 per share, up $0.10 or 4.8% YoY.
Balance Sheet and Liquidity
Completed ~$9 billion in financing activities during 2025 (including a $1.5 billion dual-tranche US senior notes offering with combined average term 7.8 years and weighted average coupon ~1.77%); ended year with >$9 billion of liquidity and a net debt/EBITDA of 5.0x, described as an A-rated balance sheet advantage.
Product and Market Momentum
Opened a new premium outlet in Indonesia and high-profile retail openings (e.g., Chanel at Town Center) were reported to be performing well. Early adoption of the Simon Plus loyalty program drove holiday activation and helped traffic.
2026 Guidance Provided
Issued 2026 REFFO guidance of $13.00 to $13.25 per share (midpoint $13.13), assuming at least 3% domestic property NOI growth and higher net interest expense of $0.25–$0.30 per share versus 2025.
SPG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SPG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 02, 2026 | $191.22 | $189.42 | -0.94% |
Nov 03, 2025 | $174.52 | $180.37 | +3.35% |
Aug 04, 2025 | $160.04 | $165.28 | +3.28% |
May 12, 2025 | $165.19 | $155.02 | -6.16% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Simon Property (SPG) report earnings?
Simon Property (SPG) is schdueled to report earning on May 11, 2026, Before Open (Confirmed).
What is Simon Property (SPG) earnings time?
Simon Property (SPG) earnings time is at May 11, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SPG EPS forecast?
SPG EPS forecast for the fiscal quarter 2026 (Q1) is 1.45.