Simon Property Group (SPG) Q1 2026 earnings summary

Executive summary

• First quarter 2026 results exceeded plan, driven by occupancy gains, increased shopper traffic, higher retailer sales, and strong fundamentals, 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.

• Real Estate FFO rose 7.5% to $1.208 billion ($3.17 per share), and FFO increased 9.0% to $1.108 billion ($2.91 per share) compared to Q1 2025.

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

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

• Broad-based retailer demand across all categories and geographies, with a robust and expanding leasing pipeline.

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.

• Malls and premium outlets occupancy reached 96%, up 10 bps year-over-year; mall occupancy was 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%.

• Retailer sales per square foot rose 11.8% to $819 for the trailing 12 months.

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

• Domestic NOI guidance remains at least 3% growth, with management aiming to outperform.