Simon Property Group (NYSE:SPG) Releases Earnings Results

Simon Property Group (NYSE:SPG) issued its quarterly earnings data on Monday. The real estate investment trust reported $3.49 EPS for the quarter, beating the consensus estimate of $3.46 by $0.03, Zacks reports. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.50 billion. Simon Property Group had a net margin of 38.18% and a return on equity of 79.30%. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.68 earnings per share. Simon Property Group updated its FY 2026 guidance to 13.000-13.250 EPS.

Here are the key takeaways from Simon Property Group’s conference call:

• Record real estate FFO of $4.8 billion (?$12.73/share) for the year and Q4 REFFO of $3.49/share (up 4.2% YoY); 2026 guidance is $13.00–$13.25 per share (midpoint $13.13) assuming at least 3% domestic NOI growth and higher interest expense.
• Leasing momentum remained strong with ~4,600 leases (~17M sq ft) in 2025 (1,300 leases / 4.4M sq ft in Q4), portfolio occupancy at 96.4% for malls/outlets and 99.2% for mills, average base rents +4.7% YoY and leasing pipeline up ~15% YoY; new-lease rents disclosed at ?$65/sq ft.
• Strategic investments and redevelopments—~$2 billion of acquisitions (including remaining Taubman interest and other high-quality assets), 20+ redevelopments completed, year-end development spend ?$1.5B with a blended yield of 9% and a pipeline >$4B; company expects roughly $30M of NOI from completed projects in 2026.
• Strong capital position and shareholder returns—returned ?$3.5B to shareholders in 2025 via dividends and buybacks, announced Q1 dividend of $2.20 (+4.8% YoY), liquidity >$9B and a net debt/EBITDA of 5.0x after ~$9B of financing activity last year.
• Management warned of tariff-related pressure on retailers driving heightened tenant credit risk and potential bankruptcies, and guided for $0.25–$0.30 higher net interest expense versus 2025, which could weigh on near-term FFO if retail headwinds intensify.

Simon Property Group Stock Performance

SPG stock traded down $0.12 during trading on Monday, reaching $191.19. The stock had a trading volume of 2,150,566 shares, compared to its average volume of 1,616,512. The firm has a market cap of $62.42 billion, a PE ratio of 27.83, a PEG ratio of 7.10 and a beta of 1.37. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 9.59. The stock’s 50 day moving average is $184.80 and its two-hundred day moving average is $179.66. Simon Property Group has a 52 week low of $136.34 and a 52 week high of $193.50.

Simon Property Group News Roundup

Here are the key news stories impacting Simon Property Group this week:

• Positive Sentiment: Huge GAAP EPS beat and revenue upside — Simon reported $9.35 EPS for Q4 vs. a $3.46 consensus and revenue of $1.79B vs. $1.50B expected, signaling robust reported earnings power this quarter. Press Release / Slide Deck
• Positive Sentiment: Very strong FY?2026 guidance — management set EPS guidance of $13.00–$13.25, well above the prior street consensus (~$9.34), which implies meaningful forward earnings upside if achieved. Outlook Coverage
• Positive Sentiment: Analyst commentary supports upside — coverage pieces called the report “boring but beautiful” and noted room to run, helping explain early bullish reactions from some investors. CNBC Article
• Neutral Sentiment: FFO essentially in line — quarterly FFO was $3.49 vs. a $3.47 Zacks estimate, but FFO is down from $3.68 a year ago, so cash?based metrics show less momentum than headline EPS. Zacks FFO Coverage
• Neutral Sentiment: Full filings and slide deck are available — useful for checking detail on one?time items, revaluations or noncash gains that may explain the large GAAP EPS vs. FFO gap. PR Newswire Release
• Negative Sentiment: Market reaction mixed and valuation/leverage considerations — despite the upbeat results, shares ticked down intraday; SPG trades at a relatively rich PE (~27.8) with high reported leverage (debt?to?equity ~9.6), which can limit enthusiasm and make the stock sensitive to interest?rate or macro shifts. MarketBeat Snapshot
• Negative Sentiment: Near 12?month high — the stock trading close to its 52?week top increases the odds of short?term profit taking, which helps explain the intraday weakness despite positive fundamentals. Price / Technical Data

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Truist Financial lifted their price target on shares of Simon Property Group from $169.00 to $181.00 and gave the company a “hold” rating in a report on Wednesday, December 17th. Stifel Nicolaus lifted their price objective on Simon Property Group from $179.00 to $184.00 and gave the company a “hold” rating in a research report on Tuesday, November 4th. Evercore ISI increased their target price on Simon Property Group from $187.00 to $188.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. Piper Sandler raised their price objective on Simon Property Group from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, November 10th. Finally, Citigroup boosted their target price on shares of Simon Property Group from $170.00 to $185.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $194.64.

Insider Buying and Selling at Simon Property Group

In other news, Director Glyn Aeppel acquired 216 shares of the firm’s stock in a transaction that occurred on Wednesday, December 31st. The stock was purchased at an average cost of $186.00 per share, for a total transaction of $40,176.00. Following the completion of the acquisition, the director directly owned 19,481 shares of the company’s stock, valued at $3,623,466. The trade was a 1.12% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gary M. Rodkin acquired 226 shares of Simon Property Group stock in a transaction that occurred on Wednesday, December 31st. The shares were purchased at an average price of $186.00 per share, with a total value of $42,036.00. Following the purchase, the director owned 19,455 shares in the company, valued at $3,618,630. This represents a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 2,192 shares of company stock valued at $407,712 in the last quarter. Insiders own 8.66% of the company’s stock.

Hedge Funds Weigh In On Simon Property Group

Several large investors have recently modified their holdings of the business. Stance Capital LLC acquired a new stake in shares of Simon Property Group during the 3rd quarter valued at approximately $26,000. MUFG Securities EMEA plc purchased a new position in shares of Simon Property Group during the second quarter valued at approximately $145,000. Triumph Capital Management purchased a new stake in Simon Property Group in the 3rd quarter valued at about $194,000. Moneta Group Investment Advisors LLC acquired a new position in Simon Property Group during the third quarter worth approximately $200,000. Finally, NCM Capital Management LLC acquired a new stake in Simon Property Group during the third quarter worth about $212,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

About Simon Property Group

Simon Property Group, Inc (NYSE: SPG) is a publicly traded real estate investment trust (REIT) that owns, develops and manages retail real estate properties. Its core business activities include acquisition, development, leasing and property management of regional malls, outlet centers and mixed?use retail destinations. The company operates retail brands that include high?profile regional shopping centers and the Premium Outlets platform, and it provides services such as tenant leasing, marketing, property operations and capital projects to optimize asset performance.

Simon’s portfolio spans a broad mix of enclosed malls, open?air centers, outlet properties and mixed?use developments, and the company pursues redevelopment and repositioning to adapt properties to changing consumer and retail trends.