Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per Share and Raises Quarterly Dividend

New senior notes carried a 5.45% weighted-average coupon, while secured loans carried a 6.33% weighted-average interest rate.

Rhea-AI Summary

Simon Property Group (SPG) raised its full-year 2026 Real Estate FFO outlook after reporting higher third-quarter property operating income.

Real Estate funds from operations, a non-GAAP earnings measure, rose to $3.37 per diluted share from $3.22 a year earlier. Net income fell to $1.54 per diluted share from $1.86, including $0.27 per share of non-cash after-tax valuation losses. Domestic property net operating income increased 6.6%; occupancy reached 96.5%.

Simon now expects 2026 Real Estate FFO of $13.30–$13.40 per share, up $0.10, while its net income estimate declined to $6.32–$6.42 from $6.47–$6.57. The fourth-quarter common dividend increased 4.5% year over year to $2.30, payable December 31 to holders of record December 10, 2026. Quarterly repurchases totaled $236.5 million. Simon completed $800 million of senior notes and approximately $970 million of secured loans; liquidity was approximately $9.0 billion.

17 points · 1 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 Real Estate FFO guidance increased $0.10 to $13.30–$13.40 per share.
• Moderate pointThird-quarter Real Estate FFO per share rose 4.7% to $3.37 from $3.22 a year earlier.
• Moderate pointFourth-quarter common dividend rose 4.5% year over year to $2.30, payable December 31, 2026.
• Moderate pointThird-quarter revenue increased to $1,814.556 million from $1,601.572 million a year earlier.
• Moderate pointThird-quarter portfolio net operating income increased 6.7% year over year.
• Moderate pointBase minimum rent per square foot increased 6.1% to $62.75 from $59.14 a year earlier.
• Moderate pointTrailing-12-month retailer sales per square foot rose 14.8% to $852 from $742 a year earlier.
• Moderate pointCompleted senior notes offering provided $800 million of financing. 1.1% of market cap
• Moderate pointSeven completed secured loan transactions provided approximately $970 million in U.S. dollar equivalent financing. 1.3% of market cap

8 minor points

• Minor pointThird-quarter domestic property net operating income increased 6.6% year over year.
• Minor pointNine-month Real Estate FFO per share increased 6.3% to $9.82 from $9.24 a year earlier.
• Minor pointNine-month FFO increased to $9.12 per diluted share from $9.07 a year earlier.
• Minor pointNine-month revenue increased to $5,362.247 million from $4,573.043 million a year earlier.
• Minor pointNine-month domestic property net operating income increased 7.3% year over year.
• Minor pointNine-month portfolio net operating income increased 7.2% year over year.
• Minor pointU.S. malls and Premium Outlets occupancy reached 96.5%, versus 96.4% at September 30, 2025.
• Minor pointQuarterly repurchases returned $236.5 million, buying 1,137,182 common shares at an average $207.98 each.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 net income guidance fell to $6.32–$6.42 per diluted share from $6.47–$6.57.
• Moderate pointThird-quarter net income fell to $1.54 per diluted share from $1.86 a year earlier.
• Moderate pointThird-quarter FFO fell to $3.09 per diluted share from $3.25, including current-period valuation losses.
• Moderate pointThird-quarter operating expenses increased to $1,010.106 million from $788.658 million a year earlier.
• Moderate pointThird-quarter interest expense increased to $287.590 million from $242.790 million a year earlier.
• Moderate pointNew senior notes add $800 million of debt with 7.7-year weighted-average term and 5.45% weighted-average coupon. 1.1% of market cap
• Moderate pointSecured loans add approximately $970 million of debt at a 6.33% weighted-average interest rate. 1.3% of market cap

4 minor points

• Minor pointThird-quarter non-cash after-tax valuation losses totaled $99.6 million, or $0.27 per diluted share.
• Minor pointNine-month net income fell to $4.51 per diluted share from $4.83 a year earlier.
• Minor pointNine-month operating expenses increased to $2,971.537 million from $2,288.316 million a year earlier.
• Minor pointNine-month interest expense increased to $844.417 million from $702.509 million a year earlier.

Key Figures

2026 Real Estate FFO guidance: $13.30-$13.40 per diluted share; increased by $0.10 per share Real Estate FFO: $3.37 per diluted share; up 4.7% Net income per diluted share: $1.54 vs. $1.86 +3 more

2026 Real Estate FFO guidance

$13.30-$13.40 per diluted share; increased by $0.10 per share

Full year 2026; revised from previous estimates

Real Estate FFO

$3.37 per diluted share; up 4.7%

Third quarter 2026 versus prior-year quarter

Net income per diluted share

$1.54 vs. $1.86

Third quarter 2026 versus 2025

Common quarterly dividend

$2.30 per share; increased by $0.10, or 4.5% year-over-year

Fourth quarter 2026

NOI growth

6.6% domestic property; 6.7% portfolio

Third quarter 2026 versus prior-year period

Retailer sales per square foot

$852; up 14.8%

Trailing 12 months ended September 30, 2026, compared with $742 in 2025

Previous Dividends,earnings Reports

2 past events · Latest: May 11

Same Type 2 events

1. May 11

   Q1 earnings

   24h Move

   +2.3%

   Raised 2026 Real Estate FFO guidance and quarterly dividend after Q1 results.

2. Aug 04

   Q2 earnings

   24h Move

   +3.3%

   Reported Q2 results, higher FFO and NOI, and raised guidance and dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

funds from operations, net operating income, mark-to-market, gaap

4 terms

funds from operations financial

"Funds From Operations ("FFO") was $1.172 billion"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

View in glossary

net operating income financial

"Domestic property Net Operating Income ("NOI") increased 6.6%"

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

mark-to-market financial

"due to unrealized mark-to-market adjustments attributable to the Klépierre exchangeable bonds"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

gaap financial

"financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP")"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

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INDIANAPOLIS, Nov. 5, 2026 /PRNewswire/ -- Simon^®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended September 30, 2026.

"We delivered another quarter of excellent financial and operational results," said Eli Simon, Chief Executive Officer, President and Chief Operating Officer.  "Leasing momentum continued, rents and occupancy increased and shopper traffic growth accelerated for the third consecutive quarter, driving robust retailer sales growth across our portfolio. Today, we are once again increasing our full-year 2026 Real Estate FFO per share guidance and raising our quarterly dividend."  

Results for the Quarter

• Net income attributable to common stockholders was $499.0 million, or $1.54 per diluted share, as compared to $606.2 million, or $1.86 per diluted share in 2025.  Net income for the third quarter of 2026 includes non-cash after-tax losses of $99.6 million, or $0.27 per diluted share, due to unrealized mark-to-market adjustments attributable to the Klépierre exchangeable bonds and the revaluation of an equity security that became publicly traded during the quarter and is held by one of our unconsolidated Other Platform Investments. 
• Real Estate Funds From Operations ("Real Estate FFO") was $1.277 billion, or $3.37 per diluted share as compared to $1.215 billion, or $3.22 per diluted share in the prior year, an increase of 4.7%.
• Funds From Operations ("FFO") was $1.172 billion, or $3.09 per diluted share as compared to $1.228 billion, or $3.25 per diluted share in the prior year, inclusive of the $0.27 per diluted share non-cash after-tax losses in the current year period.
• Domestic property Net Operating Income ("NOI") increased 6.6% and portfolio NOI increased 6.7% compared to the prior year period. 

Results for the Nine Months

• Net income attributable to common stockholders was $1.462 billion, or $4.51 per diluted share, as compared to $1.576 billion, or $4.83 per diluted share in 2025.
• Real Estate FFO was $3.733 billion, or $9.82 per diluted share as compared to $3.484 billion, or $9.24 per diluted share in the prior year, an increase of 6.3%.
• FFO was $3.464 billion, or $9.12 per diluted share as compared to $3.421 billion, or $9.07 per diluted share in the prior year. 
• Domestic property NOI increased 7.3% and portfolio NOI increased 7.2% compared to the prior year period. 

U.S. Malls and Premium Outlets Operating Statistics

• Occupancy at September 30, 2026 was 96.5%, a 0.1% increase compared to 96.4% at September 30, 2025.
• Base minimum rent per square foot was $62.75 at September 30, 2026, compared to $59.14 at September 30, 2025, an increase of 6.1%. 
• Reported retailer sales per square foot was $852 for the trailing 12 months ended September 30, 2026, compared to $742 at September 30, 2025, an increase of 14.8%.

Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.30 for the fourth quarter of 2026.  This is an increase of $0.10, or 4.5% year-over-year.  The dividend will be payable on December 31, 2026 to shareholders of record on December 10, 2026. 

Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on December 31, 2026 to shareholders of record on December 17, 2026. 

Common Stock Repurchase Program
During the quarter ended September 30, 2026, the Company repurchased 1,137,182 shares of its common stock at an average price of $207.98 per share for a total investment of $236.5 million.

Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed a two-tranche senior notes offering totaling $800 million.  Combined, the two new issues of senior notes had a weighted-average term of 7.7 years and a weighted-average coupon rate of 5.45%. 

We also completed seven secured loan transactions totaling approximately $970 million (U.S. dollar equivalent).  The weighted-average interest rate on these loans was 6.33%.

As of September 30, 2026, Simon had approximately $9.0 billion of liquidity consisting of $1.3 billion of cash on hand, including its share of joint venture cash, and $7.7 billion of available capacity, net of outstanding commercial paper, under its $8.5 billion of total revolving credit facilities.

2026 Guidance
The Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2026 are included in the table below and are reconciled in the Company's supplemental information.  The Company is increasing its outlook for full year 2026 Real Estate FFO per diluted share to $13.30 to $13.40, an increase of $0.10 per diluted share from previous estimates. 

					Current		Previous
					Low End	High End	Low End	High End
Estimated net income attributable to
common stockholders per diluted share					$6.32	$6.42	$6.47	$6.57
Estimated Real Estate FFO per share					$13.30	$13.40	$13.20	$13.30

Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Time, Thursday, November 5, 2026.  A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com.  An audio replay of the conference call will be available until November 12, 2026.  To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 10212388. 

Supplemental Materials and Website
Supplemental information on our third quarter 2026 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures.  Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real Estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net.  Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter.  FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce, as well as evolving consumer preferences and purchasing habits; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities, or inappropriate or unacceptable behavior by visitors, at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; risks associated with artificial intelligence, including generative artificial intelligence technologies, and the evolving regulatory environment applicable to those technologies; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.

Simon discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC.  Simon may update that discussion in subsequent other periodic reports, but except as required by law, Simon undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon
Simon^® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Simon Property Group, Inc. Unaudited Consolidated Statements of Operations (Dollars in thousands, except per share amounts)
	For the Three Months			For the Nine Months
	Ended September 30,			Ended September 30,
	2026	2025		2026	2025
REVENUE:
Lease income	$ 1,681,393	$ 1,452,930		$ 4,969,633	$ 4,199,812
Management fees and other revenues	46,181	36,925		127,203	108,648
Other income	86,982	111,717		265,411	264,583
Total revenue	1,814,556	1,601,572		5,362,247	4,573,043
EXPENSES:
Property operating	180,827	149,811		523,026	426,447
Depreciation and amortization	510,768	338,639		1,429,541	1,005,748
Real estate taxes	126,335	115,400		394,200	328,168
Repairs and maintenance	31,600	25,595		104,487	81,975
Advertising and promotion	35,945	38,645		108,930	109,211
Home and regional office costs	70,349	64,282		207,847	186,912
General and administrative	11,164	16,091		77,468	43,018
Other	43,118	40,195		126,038	106,837
Total operating expenses	1,010,106	788,658		2,971,537	2,288,316
OPERATING INCOME BEFORE OTHER ITEMS	804,450	812,914		2,390,710	2,284,727
Interest expense	(287,590)	(242,790)		(844,417)	(702,509)
(Loss) gain due to disposal, exchange, or revaluation of equity interests, net	(8,259)	(8,871)		(26,588)	71,636
Income and other tax benefit (expense)	22,565	(15,114)		31,691	(42,584)
Income from unconsolidated entities	152,992	143,916		250,871	297,150
Unrealized (losses) gains in fair value of publicly traded equity instruments and
derivative instrument, net	(129,565)	2,243		(160,602)	(84,977)
Gain on acquisition of controlling interest, sale or disposal of, or recovery on,
assets and interests in unconsolidated entities and impairment, net	10,701	10,398		66,294	794
CONSOLIDATED NET INCOME	565,294	702,696		1,707,959	1,824,237
Net income attributable to noncontrolling interests	65,501	95,688		243,788	245,728
Preferred dividends	834	834		2,503	2,503
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 498,959	$ 606,174		$ 1,461,668	$ 1,576,006
BASIC AND DILUTED EARNINGS PER COMMON SHARE:
Net income attributable to common stockholders	$ 1.54	$ 1.86		$ 4.51	$ 4.83

 

Simon Property Group, Inc. Unaudited Consolidated Balance Sheets (Dollars in thousands, except share amounts)
	September 30,	December 31,
	2026	2025
ASSETS:
Investment properties, at cost	$ 51,263,154	$ 50,946,067
Less - accumulated depreciation	21,829,576	20,701,510
	29,433,578	30,244,557
Cash and cash equivalents	569,941	823,147
Tenant receivables and accrued revenue, net	899,587	934,077
Investment in other unconsolidated entities, at equity	3,980,094	4,362,339
Investment in Klépierre, at equity	1,335,142	1,505,377
Right-of-use assets, net	725,194	755,934
Deferred costs and other assets	2,131,594	1,981,035
Total assets	$ 39,075,130	$ 40,606,466
LIABILITIES:
Mortgages and unsecured indebtedness	$ 28,423,903	$ 28,430,175
Accounts payable, accrued expenses, intangibles, and deferred revenues	1,985,380	1,954,402
Cash distributions and losses in unconsolidated entities, at equity	1,789,559	1,739,418
Dividend payable	1,578	2,723
Lease liabilities	724,961	756,539
Other liabilities	740,980	1,017,816
Total liabilities	33,666,361	33,901,073
Commitments and contingencies
Limited partners' preferred interest in the Operating Partnership and noncontrolling
redeemable interests	268,936	233,306
EQUITY:
Stockholders' Equity
Capital stock (850,000,000 total shares authorized, $0.0001 par value, 238,000,000
shares of excess common stock, 100,000,000 authorized shares of preferred stock):
Series J 8 3/8% cumulative redeemable preferred stock, 1,000,000 shares authorized,
796,948 issued and outstanding with a liquidation value of $39,847	40,205	40,451
Common stock, $0.0001 par value, 511,990,000 shares authorized, 343,129,947 and
343,060,687 issued and outstanding, respectively	33	33
Class B common stock, $0.0001 par value, 10,000 shares authorized, 8,000
issued and outstanding	-	-
Capital in excess of par value	12,445,260	12,347,192
Accumulated deficit	(5,352,962)	(4,608,136)
Accumulated other comprehensive loss	(168,039)	(251,361)
Common stock held in treasury, at cost, 20,667,736 and 17,844,817 shares, respectively	(2,879,347)	(2,319,911)
Total stockholders' equity	4,085,150	5,208,268
Noncontrolling interests	1,054,683	1,263,819
Total equity	5,139,833	6,472,087
Total liabilities and equity	$ 39,075,130	$ 40,606,466

 

Simon Property Group, Inc. Unaudited Joint Venture Combined Statements of Operations (Dollars in thousands)
	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2026	2025		2026	2025
REVENUE:
Lease income	$ 954,138	$ 758,148		$ 2,813,583	$ 2,265,844
Other income	102,772	110,101		311,661	317,108
Total revenue	1,056,910	868,249		3,125,244	2,582,952
OPERATING EXPENSES:
Property operating	207,754	166,804		624,152	499,411
Depreciation and amortization	176,169	152,713		538,544	471,399
Real estate taxes	70,178	50,187		203,887	167,586
Repairs and maintenance	29,408	23,564		78,849	62,531
Advertising and promotion	24,665	20,963		74,683	65,586
Other	63,892	62,078		203,360	180,233
Total operating expenses	572,066	476,309		1,723,475	1,446,746
OPERATING INCOME BEFORE OTHER ITEMS	484,844	391,940		1,401,769	1,136,206
Interest expense	(209,537)	(175,580)		(620,114)	(520,944)
Gain on sale or disposal of, or recovery on, assets and interests in unconsolidated entities, net (E)	229,636	1,217		229,636	1,217
NET INCOME	$ 504,943	$ 217,577		$ 1,011,291	$ 616,479
Third-Party Investors' Share of Net Income	$ 257,552	$ 110,051		$ 516,134	$ 314,298
Our Share of Net Income	247,391	107,526		495,157	302,181
Amortization of Excess Investment (A)	(13,708)	(13,822)		(110,049)	(42,158)
Our Share of Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (E)
	(114,588)	(722)		(114,588)	(722)
Income from Unconsolidated Entities (B)	$ 119,095	$ 92,982		$ 270,520	$ 259,301

Note: The above financial presentation does not include any information related to our investments in Klépierre S.A. ("Klépierre"), our other
platform investments, and our previously held equity investment in The Taubman Realty Group ("TRG") up to the October 31, 2025 transaction.
For additional information, see footnote B.
(E)  Represents a non-cash gain related to the recapitalization of an unconsolidated property.

 

Simon Property Group, Inc. Unaudited Joint Venture Combined Balance Sheets     (Dollars in thousands)
	September 30,	December 31,
	2026	2025
Assets:
Investment properties, at cost	$ 21,951,852	$ 22,077,749
Less - accumulated depreciation	10,289,708	9,020,481
	11,662,144	13,057,268
Cash and cash equivalents	1,572,520	1,264,619
Tenant receivables and accrued revenue, net	617,183	605,756
Right-of-use assets, net	116,537	108,349
Deferred costs and other assets	690,541	572,826
Total assets	$ 14,658,925	$ 15,608,818
Liabilities and Partners' Deficit:
Mortgages	$ 16,429,166	$ 16,374,773
Accounts payable, accrued expenses, intangibles, and deferred revenue	1,208,444	1,117,855
Lease liabilities	120,242	99,837
Other liabilities	393,534	334,246
Total liabilities	18,151,386	17,926,711
Preferred units	67,450	67,450
Partners' deficit	(3,559,911)	(2,385,343)
Total liabilities and partners' deficit	$ 14,658,925	$ 15,608,818
Our Share of:
Partners' deficit	$ (1,553,567)	$ (1,247,554)
Add: Excess Investment	2,928,745	2,773,173
Our net Investment in unconsolidated entities, at equity	$ 1,375,178	$ 1,525,619

Note: The above financial presentation does not include any information related to our investments in Klépierre and our other platform investments.

For additional information, see footnote B.

 

Simon Property Group, Inc. Unaudited Reconciliation of Non-GAAP Financial Measures (C)  (Amounts in thousands, except per share amounts)
Reconciliation of Consolidated Net Income to FFO and Real Estate FFO
					For the Three Months Ended				For the Nine Months Ended
					September 30,				September 30,
					2026		2025		2026		2025
Consolidated Net Income (D)					$            565,294		$           702,696		$         1,707,959		$      1,824,237
Adjustments to Arrive at FFO:
	Depreciation and amortization from consolidated
	properties (2)				506,543		334,409		1,416,977		993,888
	Our share of depreciation and amortization from
	unconsolidated entities, including Klépierre, TRG and other corporate investments (2)				122,610		209,612		444,980		626,162
	Gain on acquisition of controlling interest, sale or disposal of, or recovery on,
	assets and interests in unconsolidated entities and impairment, net				(10,701)		(10,398)		(66,294)		(794)
	Net loss (gain) attributable to noncontrolling interest holders in
	properties				20,716		(1,231)		8,695		34
	Noncontrolling interests portion of depreciation and amortization				(31,791)		(6,419)		(44,993)		(18,757)
	Preferred distributions and dividends				(1,032)		(1,126)		(3,096)		(3,377)
FFO of the Operating Partnership					$         1,171,639		$        1,227,543		$         3,464,228		$      3,421,393
FFO of the Operating Partnership (1)					$         1,171,639		$        1,227,543		$         3,464,228		$      3,421,393
	Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax				6,534		6,654		21,669		(53,727)
	Other platform investments, net of tax				(1,025)		(16,707)		116,732		30,884
	Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net				99,571		(2,243)		130,607		84,977
Real Estate FFO (1)					$         1,276,719		$        1,215,247		$         3,733,236		$      3,483,527
Diluted net income per share to diluted FFO per share reconciliation:
Diluted net income per share					$                  1.54		$                 1.86		$                  4.51		$               4.83
	Depreciation and amortization from consolidated properties
	and our share of depreciation and amortization from unconsolidated
	entities, including Klépierre, TRG and other corporate investments, net of noncontrolling
	interests portion of depreciation and amortization (2)				1.58		1.42		4.78		4.25
	Loss (gain) on acquisition of controlling interest, sale or disposal of, or recovery on,
	assets and interests in unconsolidated entities and impairment, net				(0.03)		(0.03)		(0.17)		(0.01)
Diluted FFO per share (1)					$                  3.09		$                 3.25		$                  9.12		$               9.07
	Loss (gain) due to disposal, exchange, or revaluation of equity interests, net of tax				0.02		0.02		0.06		(0.14)
	Other platform investments, net of tax				(0.01)		(0.04)		0.30		0.08
	Unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net				0.27		(0.01)		0.34		0.23
Real Estate FFO per share (1)					$                  3.37		$                 3.22		$                  9.82		$               9.24
					4.7 %				6.3 %
Details for per share calculations:
FFO of the Operating Partnership					$         1,171,639		$        1,227,543		$         3,464,228		$      3,421,393
Diluted FFO allocable to unitholders					(172,285)		(165,045)		(509,237)		(460,136)
Diluted FFO allocable to common stockholders					$            999,354		$        1,062,498		$         2,954,991		$      2,961,257
Basic and Diluted weighted average shares outstanding					323,371		326,486		324,124		326,429
Weighted average limited partnership units outstanding					55,765		50,713		55,857		50,723
Basic and Diluted weighted average shares and units outstanding					379,136		377,199		379,981		377,152
Basic and Diluted FFO per Share					$                  3.09		$                 3.25		$                  9.12		$               9.07
Percent Change					-4.9 %				0.6 %

(1)	For the three months ended March 31, 2026, FFO and Diluted FFO per share includes $40.0 million, or $0.10 per share, of accelerated stock compensation expense, of which $8.3 million,
	or $0.02 per share, is included in Real Estate FFO and Real Estate FFO per share, and $31.7 million, or $0.08 per share, is included in Other platform investments, net of tax.
(2)	The three months ended September 30, 2026 includes $49.8 million, or $0.13 per share, of additional consolidated depreciation and amortization and a $25.2 million, or $0.07 per share, decrease
	in amortization of our excess investment in unconsolidated entities, for an increase of $24.6 million, or $0.06 per share, net, as a result of the finalization of TRG purchase accounting.

 

Simon Property Group, Inc.

Footnotes to Unaudited Financial Information

Notes:

(A)

Excess investment represents the unamortized difference of our investment over equity in the underlying net assets of the related partnerships and joint ventures shown therein.  The Company generally amortizes excess investment over the life of the related assets.

(B)

The Unaudited Joint Venture Combined Statements of Operations do not include any operations or our share of net income or excess investment amortization related to our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction.  Amounts included in Footnote D below exclude our share of related activity for our investments in Klépierre, our other platform investments and our previously held equity investment in TRG prior to the October 31, 2025 transaction.  For further information on Klépierre, reference should be made to financial information in Klépierre's public filings and additional discussion and analysis in our Form 10-K.

(C)

This report contains measures of financial or operating performance that are not specifically defined by GAAP, including FFO, FFO per share, Real Estate FFO and Real Estate FFO per share.  FFO is a performance measure that is standard in the REIT business.  We believe FFO provides investors with additional information concerning our operating performance and a basis to compare our performance with those of other REITs.  We also use these measures internally to monitor the operating performance of our portfolio. Our computation of these non-GAAP measures may not be the same as similar measures reported by other REITs.

We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts ("NAREIT") Funds From Operations White Paper - 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of retail real estate.  Gains and losses of assets incidental to our main business are included in FFO.  We determine FFO to be our share of consolidated net income computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from the sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and all determined on a consistent basis in accordance with GAAP. However, you should understand that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity.

(D)

Includes our share of:

-

Gain on land sales of $0.0 million and $18.5 million for the three months ended September 30, 2026 and 2025, respectively, and $1.8 million and $19.7 million for the nine months ended September 30, 2026 and 2025, respectively.

-

Straight-line adjustments increased income by $20.8 million and $16.0 million for the three months ended September 30, 2026 and 2025, respectively, and $45.7 million and $21.9 million for the nine months ended September 30, 2026 and 2025, respectively.

-

Amortization of fair market value of leases increased income by $2.4 million and $0.3 million for the three months ended September 30, 2026 and 2025, respectively, and $3.0 million and $0.9 million for the nine months ended September 30, 2026 and 2025, respectively.

 

 

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SOURCE Simon

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Simon Property Group's updated 2026 earnings guidance?

Simon expects full-year 2026 Real Estate FFO of $13.30–$13.40 per diluted share, up $0.10 from its previous range. Its estimated net income attributable to common stockholders is $6.32–$6.42 per diluted share, down from $6.47–$6.57.

How much is Simon Property Group's fourth-quarter 2026 common dividend, and when is it paid?

Simon's fourth-quarter common dividend is $2.30 per share, payable December 31, 2026, to shareholders of record December 10, 2026. The amount increased $0.10, or 4.5%, year over year.

What makes up Simon Property Group's reported liquidity?

Simon's approximately $9.0 billion of liquidity at September 30, 2026 consisted of $1.3 billion of cash, including its share of joint venture cash, and $7.7 billion of available revolving credit capacity. That capacity was net of outstanding commercial paper under $8.5 billion of total revolving credit facilities.