$SPG · SIMON PROPERTY GROUP INC.
Simon Property Group filed its Q3 FY2026 10-Q. Total revenue grew 13.3% year-over-year to $1.815B, driven by lease income up to $1.681B from $1.453B. However, net income attributable to common stockholders fell to $499.0M ($1.54/share) from $606.2M ($1.86/share), pressured by depreciation and amortization jumping to $510.8M from $338.6M and a $129.6M unrealized loss on publicly traded equity instruments versus a $2.2M gain a year ago. Nine-month revenue reached $5.36B versus $4.57B.
- Q3 revenue rose 13.3% YoY to $1.815B, with lease income up to $1.681B from $1.453B.
- EPS fell to $1.54 from $1.86 as net income attributable to common stockholders dropped to $499.0M.
- Depreciation and amortization jumped to $510.8M from $338.6M, up 51% YoY.
- Unrealized loss on publicly traded equity instruments was $129.6M versus a $2.2M gain a year ago.
- Nine-month revenue reached $5.36B versus $4.57B, up 17.3%.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
Revenue growth is strong but earnings quality is diluted by non-cash depreciation and mark-to-market losses, a key read for REIT investors.
Mall REIT peers face similar pressure from rising depreciation and interest expense even as lease income recovers.
Rising interest expense ($287.6M vs $242.8M) and volatile unrealized losses on equity instruments weigh on reported earnings despite revenue growth.