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Simon Property
(NYSE:SPG)
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Rating:66Neutral
Price Target:
$238.00
â–²(3.58% Upside)
Action:Reiterated
Date:08/11/26
SPG’s score is anchored by strong earnings-call momentum (raised FFO guidance, solid NOI/leasing trends) and supportive valuation via a ~4% dividend yield. These positives are tempered most by financial risk from a heavily leveraged balance sheet and some atypical profitability line behavior in the financial statements, while technical indicators show softer near-term momentum.
Positive Factors
Leasing momentum & economics
Sustained high-volume leasing and sharply improved lease economics (higher initial rents, lower tenant allowances) indicate durable pricing power and faster rent reversion. Over 2–6 months this should drive higher cash rents, improve lease roll yields and support recurring FFO growth as new leases stabilize.
Negative Factors
Refinancing / maturity concentration
Concentrated near‑term unsecured maturities create structural refinancing risk. In a higher‑rate environment, replacing sizable debt can raise ongoing interest costs, compress free cash flow and limit capital allocation flexibility, affecting dividend and development plans over the next 12–24 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing momentum & economics
Sustained high-volume leasing and sharply improved lease economics (higher initial rents, lower tenant allowances) indicate durable pricing power and faster rent reversion. Over 2–6 months this should drive higher cash rents, improve lease roll yields and support recurring FFO growth as new leases stabilize.
Read all positive factors
Simon Property Key Performance Indicators (KPIs)
Any
Revenue by Segment
Highlights income from different business areas, revealing which segments drive growth and profitability, and indicating strategic focus or potential vulnerabilities.
Highlights income from different business areas, revealing which segments drive growth and profitability, and indicating strategic focus or potential vulnerabilities.
Data provided by:
The Fly
The FlySimon Property (SPG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$71.52B
Dividend Yield4.01%
Average Volume (3M)2.17M
Price to Earnings (P/E)19.7
Beta (1Y)0.72
Revenue Growth15.01%
EPS Growth-25.41%
CountryUS
Employees3,350
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)14.14
Shares Outstanding324,281,920
10 Day Avg. Volume1,346,747
30 Day Avg. Volume2,173,352
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)11.59
Price to Sales (P/S)9.48
P/FCF Ratio16.93
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$228.53Price Target Upside-0.54% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)6.55
Revenue Forecast (FY)$6.66B
Simon Property Business Overview & Revenue Model
Company Description
Simon Property Group (NYSE: SPG) is a prominent S&P 100 real estate investment trust that specializes in owning and developing a portfolio of world-class shopping, dining, entertainment, and mixed-use destinations. These significant properties, st...
How the Company Makes Money
SPG generates revenue primarily from its retail real estate operations. The largest revenue stream is rental income from tenants under lease agreements (generally base rent and, where applicable, percentage rent tied to tenant sales). In addition ...
Simon Property Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call highlights strong operating momentum: accelerating NOI and real estate FFO growth, robust leasing demand with improving leasing economics, healthy shopper traffic and sales, a sizable high-yield development pipeline, solid liquidity and continued shareholder returns. Headwinds are present — notably higher interest expense, upcoming refinancing needs in a higher rate environment, timing lag on bankruptcy-related rent uplift, and localized category/region softness (restaurants and some outlet/geography exposures). On balance, the positive operating trends, pipeline and balance sheet flexibility materially outweigh the financing and timing risks.Positive Updates
Strong FFO and NOI Growth
Real estate FFO of $1.25 billion ($3.29 per share) in Q2, up 7.9% year-over-year; domestic property NOI increased 8.5% in the quarter (7.6% for the first half); portfolio NOI (including international at constant currency) grew 8.3% in the quarter and 7.5% for the first half.
Negative Updates
Interest Expense Headwinds
Higher interest expense and lower interest income combined for a $0.06 per share drag year-over-year; management had guided $0.25–$0.30 negative impact for the year and has realized ~$0.10 to date with ~ $0.20 remaining under current market conditions; exposure to higher rates when refinancing.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong FFO and NOI Growth
Real estate FFO of $1.25 billion ($3.29 per share) in Q2, up 7.9% year-over-year; domestic property NOI increased 8.5% in the quarter (7.6% for the first half); portfolio NOI (including international at constant currency) grew 8.3% in the quarter and 7.5% for the first half.
Read all positive updates
Company Guidance
Simon raised full‑year 2026 real estate FFO guidance to $13.20–$13.30 per share (an $0.08 lift at the midpoint versus the prior range; prior year $12.73), after Q2 real estate FFO of $1.25B ($3.29/share, +7.9% YoY) and portfolio strength (domestic property NOI +8.5% in Q2; portfolio NOI +8.3% at constant currency); management noted mall & Premium Outlet sales of $838/sq ft (+13.9%), Q2 comparable sales +5.7% and trailing‑12‑month sales +6.6%, while leasing momentum included >1,200 leases totalling 4.8M sq ft, new deals +20% YoY representing ~28% of lease sq ft, initial base rent on new deals +17% YTD and tenant allowances −12% YTD; balance sheet supports the outlook with ~$9.3B liquidity, net debt/EBITDA <5.0x, fixed‑charge coverage 4.7x, $1.07B of development in progress at a 9% blended yield and a $4B+ pipeline plus >$600M more expected to start in H2; company also declared a Q3 dividend of $2.25/share (+$0.10, +4.7% YoY) and said continued strong sales could lift results above the guided range.Simon Property Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
46
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.94B | 6.36B | 5.96B | 5.66B | 5.29B | 5.12B |
| Gross Profit | 5.84B | 5.46B | 4.92B | 4.63B | 4.29B | 4.15B |
| EBITDA | 7.56B | 7.86B | 5.02B | 4.89B | 4.59B | 4.85B |
| Net Income | 4.75B | 4.61B | 2.37B | 2.28B | 2.14B | 2.25B |
Balance Sheet | ||||||
| Total Assets | 39.71B | 40.61B | 32.41B | 34.28B | 33.01B | 33.78B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 823.15M | 1.40B | 2.17B | 621.63M | 533.94M |
| Total Debt | 29.43B | 29.19B | 24.78B | 26.52B | 25.46B | 25.83B |
| Total Liabilities | 34.13B | 33.90B | 28.81B | 30.60B | 29.19B | 29.38B |
| Stockholders Equity | 4.43B | 5.21B | 2.94B | 3.02B | 3.14B | 3.36B |
Cash Flow | ||||||
| Free Cash Flow | 3.25B | 3.57B | 3.06B | 3.14B | 3.12B | 3.11B |
| Operating Cash Flow | 4.13B | 4.48B | 3.81B | 3.93B | 3.77B | 3.64B |
| Investing Cash Flow | -754.56M | -1.94B | 1.41B | -1.36B | -626.56M | -552.76M |
| Financing Cash Flow | -3.59B | -3.11B | -4.99B | -2.02B | -3.05B | -3.56B |
Simon Property Technical Analysis
Neutral
229.78
Price Trends
220.63
Negative
208.28
Positive
195.50
Positive
Market Momentum
0.26
Positive
41.27
Neutral
11.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPG, the sentiment is Neutral. The current price of 229.78 is above the 20-day moving average (MA) of 227.19, above the 50-day MA of 220.63, and above the 200-day MA of 195.50, indicating a neutral trend. The MACD of 0.26 indicates Positive momentum. The RSI at 41.27 is Neutral, neither overbought nor oversold. The STOCH value of 11.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SPG.
Simon Property Risk Analysis
Simon Property disclosed 36 risk factors in its most recent earnings report. Simon Property reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Simon Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $13.94B | 21.79 | 9.59% | 3.62% | 8.36% | 38.21% | |
73 Outperform | $16.17B | 26.91 | 5.84% | 3.95% | 3.82% | 2.94% | |
71 Outperform | $10.24B | 23.30 | 13.28% | 3.59% | 8.04% | 25.59% | |
67 Neutral | $4.44B | 34.76 | 18.64% | 2.84% | 11.37% | 23.27% | |
66 Neutral | $71.52B | 19.74 | 86.49% | 3.83% | 15.01% | -25.41% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $7.17B | -37.74 | -6.63% | 2.63% | 9.48% | 45.78% |
* Real Estate Sector Average
SPG
Simon Property
219.53
57.99
35.90%
KIM
Kimco Realty
23.97
3.79
18.77%
MAC
Macerich
24.53
7.69
45.64%
REG
Regency Centers
75.82
6.77
9.80%
SKT
Tanger
38.56
7.22
23.04%
FRT
Federal Realty
116.74
27.77
31.22%
Simon Property Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Simon Property lifts 2026 outlook amid strong quarter
Positive
Aug 10, 2026
Simon Property Group reported strong financial and operating performance for the quarter ended June 30, 2026, highlighted by a 7.9% year‑over‑year rise in Real Estate FFO per diluted share to $3.29 and domestic property NOI growth of 8...
Executive/Board ChangesShareholder Meetings
Simon Property shareholders back directors, pay and auditor
Positive
May 15, 2026
At its annual meeting of shareholders held on May 13, 2026, Simon Property Group, Inc. reported that investors re-elected all nominated directors to serve until the 2027 annual meeting, with strong support across both common share classes. The vot...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresPrivate Placements and Financing
Simon Property Raises Guidance After Strong First Quarter
Positive
May 11, 2026
Simon Property Group reported strong first-quarter 2026 results on May 11, with net income attributable to common stockholders rising to $479.6 million, or $1.48 per diluted share, from $413.7 million a year earlier. Real Estate FFO climbed 7.5% t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.