Simon Property (SPG)
NYSE:SPG
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Simon Property
(NYSE:SPG)
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Rating:75Outperform
Price Target:
$228.00
▲(10.56% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by strong earnings-call momentum (raised 2026 FFO guidance, solid NOI/leasing/occupancy trends) and solid underlying cash generation. This is tempered by balance-sheet leverage risk and a less favorable valuation backdrop (higher P/E), while technicals are supportive but not strongly overextended.
Positive Factors
Strong cash generation
Simon generates durable, high-quality cash flow: ~ $4.2B operating cash flow and $3.3B free cash flow in the TTM. That steady cash conversion supports dividends, buybacks and internally funding development, reducing reliance on external capital for growth over the medium term.
Negative Factors
High leverage relative to equity
Simon’s capital structure remains heavily levered: roughly $29B of debt against a relatively modest equity base. This higher leverage limits financial flexibility, increases exposure to valuation-driven equity volatility and heightens sensitivity to refinancing and covenant pressure over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Simon generates durable, high-quality cash flow: ~ $4.2B operating cash flow and $3.3B free cash flow in the TTM. That steady cash conversion supports dividends, buybacks and internally funding development, reducing reliance on external capital for growth over the medium term.
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
$64.98B
Dividend Yield4.56%
Average Volume (3M)1.68M
Price to Earnings (P/E)31.5
Beta (1Y)0.82
Revenue Growth10.91%
EPS Growth-18.35%
CountryUS
Employees3,600
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)14.35
Shares Outstanding324,840,180
10 Day Avg. Volume1,348,230
30 Day Avg. Volume1,681,493
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 Cap1.44
Enterprise Value/Revenue14.05
Enterprise Value/Gross Profit16.48
Enterprise Value/Ebitda12.12
Forecast
1Y Price Target
$213.33Price Target Upside3.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)6.59
Revenue Forecast (FY)$6.52B
Simon Property Business Overview & Revenue Model
Company Description
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia p...
How the Company Makes Money
SPG primarily makes money by owning and operating income-producing retail properties and monetizing them through leasing and property operations. Its main revenue stream is rental income paid by tenants under lease agreements (typically base rent)...
Simon Property Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call emphasized multiple clear operational and financial positives: strong leasing, accelerating retailer sales (comps +6.5% in Q1), NOI and FFO growth (+7.5% FFO YoY), an accretive development pipeline (9% blended yield), robust liquidity (~$8.7B) and continued capital returns (dividend +7.1%). Offsetting these strengths are measurable interest-rate driven headwinds to interest expense and refinancing costs, softness in food & beverage and some tourist-driven markets, and remaining exchangeable bond exposure. Overall, the positive operational momentum, disciplined capital allocation, and strengthened guidance materially outweigh the financing/sector headwinds described.Positive Updates
Real Estate FFO Growth
Real estate FFO of $1.2 billion, or $3.17 per share, vs $1.1 billion / $2.95 prior year, a 7.5% increase year-over-year.
Negative Updates
Interest Expense Headwind
Higher interest expense and lower interest income combined were a $0.05 per share drag year-over-year on FFO; company still expects an interest income/expense headwind in the range originally estimated ($0.25–$0.30), now trending closer to ~$0.25 for the year as base rates remain elevated.
Read all updates
Q1-2026 Updates
Positive
Negative
Real Estate FFO Growth
Real estate FFO of $1.2 billion, or $3.17 per share, vs $1.1 billion / $2.95 prior year, a 7.5% increase year-over-year.
Read all positive updates
Company Guidance
Simon raised full‑year 2026 real estate FFO guidance to $13.10–$13.25 per share (vs. $12.73 in 2025; ~5% increase at the midpoint), supported by Q1 RE FFO of $1.2B ($3.17/share) and strong operating results—domestic and portfolio NOI +6.7% in Q1, malls/Premium Outlets occupancy 96% (+10 bps YoY), The Mills occupancy 99.2% (+80 bps YoY), average base minimum rent +5.2% (malls/PO) and +9.1% (Mills), retailer sales $819/sq ft (+11.8%) with Q1 comps +6.5%, and >1,100 leases covering >4.7M sq ft (≈25% new). Management expects to fund growth from internally generated cash flow (free cash flow after dividends ≈$1.6B), has ~$1.06B of projects under construction at a blended 9% yield, an additional $1B ready to start this year and ~$3B more in the pipeline, ended the quarter with ~$8.7B liquidity, net debt/EBITDA 5.0x and fixed‑charge coverage 4.6x, affirmed a Q2 dividend of $2.25/share (+7.1% YoY), and noted an interest‑expense headwind of roughly $0.25/share for the year.Simon Property Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
58
Neutral
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.65B | 6.36B | 5.96B | 5.66B | 5.29B | 5.12B |
| Gross Profit | 5.67B | 5.46B | 4.92B | 4.63B | 4.29B | 4.15B |
| EBITDA | 7.71B | 7.86B | 5.02B | 4.89B | 4.59B | 4.85B |
| Net Income | 4.68B | 4.61B | 2.37B | 2.28B | 2.14B | 2.25B |
Balance Sheet | ||||||
| Total Assets | 39.64B | 40.61B | 32.41B | 34.28B | 33.01B | 33.78B |
| Cash, Cash Equivalents and Short-Term Investments | 542.96M | 823.15M | 1.40B | 2.17B | 621.63M | 533.94M |
| Total Debt | 28.98B | 29.19B | 24.78B | 26.52B | 25.46B | 25.83B |
| Total Liabilities | 33.30B | 33.90B | 28.81B | 30.60B | 29.19B | 29.38B |
| Stockholders Equity | 4.86B | 5.21B | 2.94B | 3.02B | 3.14B | 3.36B |
Cash Flow | ||||||
| Free Cash Flow | 3.26B | 3.57B | 3.06B | 3.14B | 3.12B | 3.11B |
| Operating Cash Flow | 4.15B | 4.48B | 3.81B | 3.93B | 3.77B | 3.64B |
| Investing Cash Flow | -1.34B | -1.94B | 1.41B | -1.36B | -626.56M | -552.76M |
| Financing Cash Flow | -3.65B | -3.11B | -4.99B | -2.02B | -3.05B | -3.56B |
Simon Property Technical Analysis
Positive
206.23
Price Trends
193.35
Positive
187.91
Positive
179.12
Positive
Market Momentum
3.74
Negative
71.96
Negative
92.22
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPG, the sentiment is Positive. The current price of 206.23 is above the 20-day moving average (MA) of 191.04, above the 50-day MA of 193.35, and above the 200-day MA of 179.12, indicating a bullish trend. The MACD of 3.74 indicates Negative momentum. The RSI at 71.96 is Negative, neither overbought nor oversold. The STOCH value of 92.22 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPG.
Simon Property Risk Analysis
Simon Property disclosed 35 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $9.84B | 14.36 | 15.55% | 4.38% | 7.43% | 65.72% | |
75 Outperform | $64.98B | 31.45 | 146.33% | 4.56% | 10.91% | -18.35% | |
73 Outperform | $15.51B | 22.89 | 5.90% | 5.02% | 4.01% | 13.27% | |
71 Outperform | $8.32B | 21.14 | 8.81% | 6.04% | 5.77% | -4.61% | |
71 Outperform | $13.93B | 27.82 | 9.51% | 4.15% | 7.84% | 37.55% | |
69 Neutral | $56.99B | 44.39 | 2.86% | 5.64% | 11.21% | 10.53% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
SPG
Simon Property
200.02
42.73
27.17%
KIM
Kimco Realty
23.00
2.31
11.15%
NNN
NNN REIT
43.72
4.07
10.26%
O
Realty Income
61.12
7.87
14.78%
REG
Regency Centers
76.06
5.17
7.29%
FRT
Federal Realty
113.16
19.50
20.83%
Simon Property Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Simon Property Announces Leadership Transition After David Simon’s Passing
Negative
Mar 24, 2026
On March 23, 2026, Simon Property Group announced that David Simon, its long-serving chairman, chief executive and president, died on March 22, 2026 at age 64 after a battle with cancer. The board, employees and wider Simon community paid tribute ...
Business Operations and StrategyPrivate Placements and Financing
Simon Property Extends and Optimizes Major Credit Facilities
Positive
Mar 5, 2026
On March 5, 2026, Simon Property Group, L.P. amended and extended its $5.0 billion senior unsecured multi-currency revolving credit facility, maintaining initial borrowing capacity with the option to increase it to $6.0 billion and pushing the ini...
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.