Simon Property Group (SPG) Q2 2026 earnings summary

Executive summary

• Real Estate FFO per share grew 7.9% year-over-year to $3.29, driven by strong leasing demand, increased traffic, retailer sales growth, and recent acquisitions.

• Portfolio NOI increased 8.5% for domestic properties and 8.3% overall, supported by robust operations and acquisitions.

• U.S. Malls and Premium Outlets occupancy remained high at 96.0%, with base minimum rent per square foot up 6.3% to $62.42 and retailer sales per square foot up 13.9%.

• Over 1,200 leases signed in Q2, with new deals up 20% year-over-year and initial base minimum rents on new deals up 17%.

• Owns, develops, and manages 212 U.S. and 42 international properties, including malls, Premium Outlets, and mixed-use destinations as of June 30, 2026.

Financial highlights

• Real Estate FFO for Q2 was $1.25 billion ($3.29/share), up from $1.15 billion ($3.05/share) last year; for six months, Real Estate FFO was $2.46 billion ($6.46/share), up 7.5% year-over-year.

• Lease income for six months rose $541.4 million year-over-year to $3.29 billion; total revenue reached $3.55 billion.

• Net income attributable to common stockholders was $962.7 million ($2.97/diluted share) for six months, and $483.1 million ($1.49/share) for Q2.

• Dividend increased to $2.25/share for Q3, up 4.7% year-over-year.

• Cash and cash equivalents at June 30, 2026 were $1.02 billion, with total liquidity at $9.3 billion.

Outlook and guidance

• Raised full-year 2026 Real Estate FFO guidance to $13.20–$13.30/share, up $0.08 at the midpoint.

• Guidance assumes some sales moderation in the back half of the year, but continued strong trends could result in outperformance.

• Sufficient liquidity with $7.7 billion available under credit facilities and commercial paper program.

• Expectation of continued positive cash flow from operations in 2026.