$SPG · SIMON PROPERTY GROUP INC.
Simon Property Group filed an 8-K with its Q3 2026 earnings release. Net income attributable to common stockholders was $499.0M ($1.54/diluted share) vs $606.2M ($1.86) a year ago, while Real Estate FFO rose 4.7% to $1.277B ($3.37/share). The company raised full-year 2026 Real Estate FFO guidance to $13.30–$13.40 and declared a $2.30 quarterly dividend, up 4.5%.
- Real Estate FFO was $1.277B ($3.37/share), up 4.7% from $1.215B ($3.22) a year ago.
- Net income attributable to common stockholders fell to $499.0M ($1.54/share) from $606.2M ($1.86).
- Domestic property NOI rose 6.6% and portfolio NOI rose 6.7% year over year.
- Occupancy hit 96.5% and base minimum rent rose 6.1% to $62.75 per square foot.
- Company repurchased 1,137,182 shares for $236.5M at an average $207.98 per share.
Extended-hours last trade $226.00, down 0.24% vs the $226.55 regular close, a muted reaction despite the guidance raise and dividend hike.
A guidance raise plus dividend hike signals management confidence in mall fundamentals despite GAAP earnings pressure from non-cash mark-to-market losses.
Strong NOI growth and 14.8% retailer sales-per-square-foot growth underscore resilient mall fundamentals versus a challenged retail real estate peer group.
Non-cash mark-to-market losses of $99.6M ($0.27/share) from Klépierre exchangeable bonds and a revalued equity security pressured GAAP net income. E-commerce competition and tenant bankruptcy/insolvency remain flagged risks.