Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 62%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 4.1 Bil, FCF LTM is 3.2 Bil

Low stock price volatility
Vol 12M is 19%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Experiential Retail, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/SPrice/Sales ratio is 11x

Key risks
SPG key risks include [1] its substantial debt burden and sensitivity to interest rate fluctuations.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 62%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 4.1 Bil, FCF LTM is 3.2 Bil
3 Low stock price volatility
Vol 12M is 19%
4 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Experiential Retail, Show more.
5 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 11x
7 Key risks
SPG key risks include [1] its substantial debt burden and sensitivity to interest rate fluctuations.

SPG in ETFs

Weight = SPG's share of each fund

SPY0.11%
VOO0.10%
IVV0.11%
VTI0.09%
ITOT0.10%
IWB0.11%
RSP0.20%
VTV0.24%
+36 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/24/2026

Simon Property (SPG) stock has gained about 15% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Results: Simon Property Group (SPG) reported robust financial performance for fiscal Q1 2026 (ended March 2026) on May 11, 2026. The company's adjusted EPS reached $3.17, surpassing analyst expectations of $2.98. Additionally, revenue for the quarter was $1.75 billion, exceeding estimates of $1.56 billion. This strong earnings beat and revenue growth indicated solid operational execution and contributed significantly to the stock's positive trend.

2. Increased Full-Year 2026 Guidance and Dividend: Following its strong Q1 performance, Simon Property Group raised its full-year 2026 Real Estate Funds From Operations (FFO) per diluted share guidance to a range of $13.10 to $13.25, marking an increase of $0.05 at the midpoint from previous guidance. Concurrently, the company's Board of Directors declared a quarterly common stock dividend of $2.25 for fiscal Q2 2026, representing a 7.1% year-over-year increase. This upward revision in guidance and a higher dividend signaled management's confidence in future profitability and returned capital to shareholders, further boosting investor sentiment.

Show more
Updated on 6/24/2026

Simon Property (SPG) stock has gained about 15% since 2/28/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Financial Results: Simon Property Group (SPG) reported robust financial performance for fiscal Q1 2026 (ended March 2026) on May 11, 2026. The company's adjusted EPS reached $3.17, surpassing analyst expectations of $2.98. Additionally, revenue for the quarter was $1.75 billion, exceeding estimates of $1.56 billion. This strong earnings beat and revenue growth indicated solid operational execution and contributed significantly to the stock's positive trend.

2. Increased Full-Year 2026 Guidance and Dividend: Following its strong Q1 performance, Simon Property Group raised its full-year 2026 Real Estate Funds From Operations (FFO) per diluted share guidance to a range of $13.10 to $13.25, marking an increase of $0.05 at the midpoint from previous guidance. Concurrently, the company's Board of Directors declared a quarterly common stock dividend of $2.25 for fiscal Q2 2026, representing a 7.1% year-over-year increase. This upward revision in guidance and a higher dividend signaled management's confidence in future profitability and returned capital to shareholders, further boosting investor sentiment.

3. Robust Operating Metrics and Positive Retail Outlook: The company demonstrated strong underlying operational health during fiscal Q1 2026. Occupancy rates at its U.S. Malls and Premium Outlets stood at 96.0% as of March 31, 2026, a slight increase from 95.9% in the prior year. Base minimum rent per square foot grew by 5.2% to $61.99, and reported retailer sales per square foot rose 11.8% to $819 for the trailing 12 months ended March 31, 2026. Management also expressed a confident outlook regarding the retail environment and the continued strength of high-quality mall properties.

4. Favorable Broader REIT Market Conditions and Analyst Sentiment: The overall Real Estate Investment Trust (REIT) sector benefited from a constructive macroeconomic environment in early 2026. Stabilizing interest rates and sharply reduced construction pipelines created a favorable backdrop for earnings-driven returns across the sector. This positive industry outlook was reinforced by analyst sentiment, with multiple firms maintaining or upgrading their ratings for SPG. The stock held an average "Buy" or "Moderate Buy" consensus rating, with price targets ranging from approximately $213.36 to $215.25, indicating optimism from the investment community.

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Stock Movement Drivers

Fundamental Drivers

The 14.2% change in SPG stock from 2/28/2026 to 6/29/2026 was primarily driven by a 12.1% change in the company's P/E Multiple.
(LTM values as of)22820266292026Change
Stock Price ($)199.34227.5614.2%
Change Contribution By: 
Total Revenues ($ Mil)6,3656,6494.5%
Net Income Margin (%)72.7%70.6%-2.9%
P/E Multiple14.115.812.1%
Shares Outstanding (Mil)3263250.4%
Cumulative Contribution14.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/29/2026
ReturnCorrelation
SPG14.2% 
Market (SPY)8.3%28.9%
Sector (XLRE)3.2%73.6%

Fundamental Drivers

The 26.4% change in SPG stock from 11/30/2025 to 6/29/2026 was primarily driven by a 93.4% change in the company's Net Income Margin (%).
(LTM values as of)113020256292026Change
Stock Price ($)179.98227.5626.4%
Change Contribution By: 
Total Revenues ($ Mil)6,1556,6498.0%
Net Income Margin (%)36.5%70.6%93.4%
P/E Multiple26.215.8-39.8%
Shares Outstanding (Mil)3263250.5%
Cumulative Contribution26.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/29/2026
ReturnCorrelation
SPG26.4% 
Market (SPY)9.0%24.0%
Sector (XLRE)9.7%67.2%

Fundamental Drivers

The 48.1% change in SPG stock from 5/31/2025 to 6/29/2026 was primarily driven by a 106.1% change in the company's Net Income Margin (%).
(LTM values as of)53120256292026Change
Stock Price ($)153.65227.5648.1%
Change Contribution By: 
Total Revenues ($ Mil)5,9946,64910.9%
Net Income Margin (%)34.2%70.6%106.1%
P/E Multiple24.415.8-35.5%
Shares Outstanding (Mil)3263250.4%
Cumulative Contribution48.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/29/2026
ReturnCorrelation
SPG48.1% 
Market (SPY)27.2%26.5%
Sector (XLRE)11.4%67.6%

Fundamental Drivers

The 156.4% change in SPG stock from 5/31/2023 to 6/29/2026 was primarily driven by a 74.3% change in the company's Net Income Margin (%).
(LTM values as of)53120236292026Change
Stock Price ($)88.76227.56156.4%
Change Contribution By: 
Total Revenues ($ Mil)5,3466,64924.4%
Net Income Margin (%)40.5%70.6%74.3%
P/E Multiple13.415.817.5%
Shares Outstanding (Mil)3273250.6%
Cumulative Contribution156.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/29/2026
ReturnCorrelation
SPG156.4% 
Market (SPY)84.3%52.0%
Sector (XLRE)38.2%73.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SPG Return96%-22%29%27%13%25%255%
Peers Return67%-17%16%20%-5%29%138%
S&P 500 Return27%-19%24%23%16%7%96%

Monthly Win Rates [3]
SPG Win Rate83%25%58%75%67%83% 
Peers Win Rate78%37%53%63%45%80% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SPG Max Drawdown-13%-44%-22%-10%-24%-12% 
Peers Max Drawdown-18%-37%-24%-14%-22%-7% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: KIM, REG, BRX, FRT, MAC. See SPG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/29/2026 (YTD)

How Low Can It Go

EventSPGS&P 500
2025 US Tariff Shock
  % Loss-23.6%-18.8%
  % Gain to Breakeven30.8%23.1%
  Time to Breakeven149 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.0%-9.5%
  % Gain to Breakeven17.7%10.5%
  Time to Breakeven45 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.3%-6.7%
  % Gain to Breakeven22.4%7.1%
  Time to Breakeven47 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.0%-24.5%
  % Gain to Breakeven75.4%32.4%
  Time to Breakeven444 days427 days
2020 COVID-19 Crash
  % Loss-67.9%-33.7%
  % Gain to Breakeven211.3%50.9%
  Time to Breakeven421 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.2%-3.7%
  % Gain to Breakeven35.5%3.9%
  Time to Breakeven1612 days6 days

Compare to KIM, REG, BRX, FRT, MAC

In The Past

Simon Property's stock fell -23.6% during the 2025 US Tariff Shock. Such a loss loss requires a 30.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSPGS&P 500
2025 US Tariff Shock
  % Loss-23.6%-18.8%
  % Gain to Breakeven30.8%23.1%
  Time to Breakeven149 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.0%-24.5%
  % Gain to Breakeven75.4%32.4%
  Time to Breakeven444 days427 days
2020 COVID-19 Crash
  % Loss-67.9%-33.7%
  % Gain to Breakeven211.3%50.9%
  Time to Breakeven421 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.2%-3.7%
  % Gain to Breakeven35.5%3.9%
  Time to Breakeven1612 days6 days
2008-2009 Global Financial Crisis
  % Loss-69.0%-53.4%
  % Gain to Breakeven222.7%114.4%
  Time to Breakeven292 days1085 days

Compare to KIM, REG, BRX, FRT, MAC

In The Past

Simon Property's stock fell -23.6% during the 2025 US Tariff Shock. Such a loss loss requires a 30.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Simon Property (SPG)

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Simon Property Group (SPG) is a Real Estate Investment Trust (REIT) specializing in the ownership, development, and management of premier retail and mixed-use properties globally. The company's core business involves acquiring and operating high-quality shopping malls, outlet centers, and integrated destinations that combine retail with dining, entertainment, and sometimes other uses like residential or office spaces. Essentially, SPG provides the physical infrastructure where a multitude of businesses can operate and where communities gather for various activities.

The main products or services offered by SPG are the leasable commercial spaces within its extensive portfolio of properties. Its primary customers are the various retailers, restaurant operators, entertainment companies, and other commercial entities that lease space from Simon. These tenants benefit from the strategic locations and high consumer traffic generated by SPG's well-established destinations across North America, Europe, and Asia. Indirectly, SPG serves millions of consumers who visit its properties daily for shopping, dining, and entertainment, driving sales for its tenants and contributing to the vibrancy of these community hubs.

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AI Analysis | Feedback

Here are 1-3 brief analogies for Simon Property:

  • Marriott for shopping malls. (Simon Property Group owns and manages a vast portfolio of shopping centers and mixed-use properties, much like Marriott owns and manages a portfolio of hotels.)
  • Disney, but for premier shopping and entertainment destinations. (Simon Property Group creates large-scale, curated environments for shopping, dining, and entertainment, acting as a destination for millions, similar to how Disney creates immersive entertainment destinations.)

AI Analysis | Feedback

  • Retail Space Leasing: Simon Property Group provides commercial real estate units for rent to retail, dining, and entertainment businesses within their shopping destinations.
  • Mixed-Use Property Leasing: The company offers leasable space for a variety of purposes, including residential, office, or hospitality, within their integrated mixed-use developments.

AI Analysis | Feedback

Simon Property Group (SPG) is a real estate investment trust that owns and operates premier shopping, dining, entertainment, and mixed-use destinations. As such, its major customers are the companies that lease space within its properties.

Here are some examples of major customer companies (tenants) that frequently lease space from Simon Property Group:

  • Macy's, Inc. (M)
  • Nordstrom, Inc. (JWN)
  • Gap Inc. (GPS), which includes brands like Gap, Banana Republic, and Old Navy
  • Bath & Body Works, Inc. (BBWI)
  • Starbucks Corporation (SBUX)
  • Apple Inc. (AAPL)

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David E. Simon, Chairman of the Board, Chief Executive Officer and President

David E. Simon serves as the Chairman of the Board, Chief Executive Officer, and President of Simon Property Group. He is the son of Melvin Simon, who co-founded the company's predecessor, Melvin Simon & Associates. He began his career at First Boston and then worked as a vice president at Wasserstein Perella & Co., a Wall Street firm specializing in mergers and acquisitions and leveraged buyouts, from 1988 to 1990. In 1990, he joined Simon Property's precursor, Melvin Simon & Associates, as Chief Financial Officer. He led the efforts to take Simon Property Group public in 1993 with a nearly $1 billion initial public offering. He became CEO in 1995 and chairman in 2007. Simon has orchestrated over $38 billion in strategic acquisitions. He also serves as a board member of Apollo Global Management, Inc., a private equity firm.

Brian J. McDade, Executive Vice President and Chief Financial Officer

Brian J. McDade is the Executive Vice President and Chief Financial Officer of Simon Property Group. He joined Simon Property Group in 2004 and has served in various senior finance and accounting roles. Prior to his appointment as CFO on October 1, 2018, he was the company's Senior Vice President and Treasurer. He also serves as a Chief Financial Officer, Treasurer & Executive VP at Simon Property Group LP and Simon Property Group Acquisition Holdings, Inc., and is a Co-Manager at Outlet Site JV SARL.

Eli Simon, Executive Vice President and Chief Operating Officer

Eli Simon is the Executive Vice President and Chief Operating Officer of Simon Property Group, a role he was promoted to in August 2025. He works directly with David Simon on all aspects of the business, including property performance, new development projects, strategic investments, and brand strategy. Eli joined Simon Property Group in 2019, leading the company's investment strategy for both real estate and non-real estate investments. Before joining Simon, he was the Principal and Head of North American Lodging at Och-Ziff Capital Management and Och-Ziff Real Estate (now Sculptor Capital Management), where he oversaw lodging-related investments, including acquisitions and lending opportunities.

John Rulli, Chief Administrative Officer

John Rulli serves as the Chief Administrative Officer of Simon Property Group, a position he has held since 2007. He joined Melvin Simon & Associates, Inc., the predecessor to Simon Property Group, in 1988 and held various positions with the firm before becoming an Executive Vice President in 1993 and Chief Administrative Officer in 2000. He was promoted to Senior Executive Vice President in 2011.

Steven E. Fivel, General Counsel and Secretary

Steven E. Fivel has been the General Counsel and Secretary of Simon Property Group since January 1, 2017. He rejoined Simon in March 2011 as Assistant General Counsel. From February 1988 until December 1996, Fivel served Simon in various legal capacities, including real estate development, joint ventures, shopping center finance, and corporate transactions. From January 1997 through February 2011, he was the Executive Vice President, General Counsel, and Secretary of Brightpoint, Inc., a global leader in providing supply chain solutions to the wireless industry. He is also a member of the Supervisory Board of Directors of Klépierre, a publicly-traded French REIT.

AI Analysis | Feedback

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Key Risks to Simon Property (SPG)

  1. Shift to E-commerce and Tenant Bankruptcies: Simon Property Group faces a significant risk from the ongoing shift in consumer behavior towards online shopping and away from traditional brick-and-mortar retail. This trend can lead to decreased foot traffic in physical stores and shopping centers, potentially resulting in lower tenant sales and, consequently, reduced rental income for SPG. A direct consequence of this shift and broader economic pressures is the risk of tenant defaults, lease terminations, and increased vacancies within SPG's properties. The loss of anchor stores or large, nationally recognized tenants can particularly impact customer traffic and sales across entire properties.
  2. Interest Rate Sensitivity and Substantial Debt Burden: As a real estate investment trust (REIT) with a substantial debt burden, Simon Property Group is highly sensitive to changes in interest rates. Rising interest rates can significantly increase the cost of financing and refinancing SPG's debt, affecting its profitability and access to capital for future acquisitions or developments. This can also make REITs less attractive compared to other income-generating assets when rates are high.
  3. Exposure to Economic Cycles and Consumer Spending Fluctuations: The performance of the retail real estate sector, and thus Simon Property Group, is heavily influenced by general economic conditions and consumer spending patterns. Economic downturns or recessions can lead to reduced consumer confidence and discretionary spending, which directly impacts retail sales at SPG's properties. This can result in tenants struggling to meet rental obligations, leading to higher vacancies, lower rents, and increased concessions, all of which adversely affect SPG's financial performance.
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AI Analysis | Feedback

The rapid advancement and potential mass adoption of virtual reality (VR) and augmented reality (AR) technologies for immersive shopping experiences. As these technologies mature, they could offer highly engaging and convenient ways for consumers to shop from home, potentially reducing the need and desire for physical visits to shopping centers for certain types of retail. This shift could impact foot traffic, tenant demand, and the overall value proposition of brick-and-mortar retail spaces.

AI Analysis | Feedback

The addressable markets for Simon Property (SPG), a real estate investment trust focused on premier shopping, dining, entertainment, and mixed-use destinations, can be sized across its operating regions:

  • Global Shopping Centres Market: The global shopping centers market size was valued at USD 6,277.24 billion in 2024. It is projected to grow to USD 10,267.96 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 5.62% from 2025 to 2033. The global commercial real estate market, which includes shopping centers, was valued at USD 6.72 trillion in 2024 and is expected to reach USD 9.11 trillion by 2033.
  • North America Commercial/Retail Real Estate Market: The North America real estate market generated a revenue of USD 871.3 billion in 2024. It is projected to reach USD 1,217.2 billion by 2030, with a CAGR of 5.9% from 2025 to 2030. Commercial properties were the largest revenue-generating segment in 2024. Another estimate places the North American real estate market at USD 2,250 billion. The U.S. commercial real estate market, in terms of transaction value, is expected to grow from USD 1.66 trillion in 2024 to USD 1.89 trillion by 2029, at a CAGR of 2.61%.
  • Europe Shopping Centre Market: Europe features a significant number of shopping centers, with over 1,100 centers sized between 30,000 and 50,000 square meters, and approximately 600 centers exceeding 50,000 square meters. Among these, about 90 are considered "mega centers" with sales areas over 100,000 square meters. Transaction volumes for European retail real estate amounted to €31 billion in 2025.
  • Asia-Pacific Retail/Commercial Real Estate Market: The Asia-Pacific real estate market is currently valued at approximately USD 1.2 trillion. More specifically, the Asia Pacific real estate market generated a revenue of USD 2,198.1 billion in 2024 and is anticipated to reach USD 3,182.9 billion by 2030, with a CAGR of 6.6% from 2025 to 2030. The commercial real estate market in Asia-Pacific held the largest share globally at 33% in 2025.

AI Analysis | Feedback

For Simon Property (NYSE: SPG), several key drivers are expected to contribute to future revenue growth over the next two to three years:

  1. Strong Occupancy and Leasing Momentum: Simon Property Group continues to demonstrate robust occupancy rates across its portfolio, with malls and premium outlets reporting 96.4% occupancy at year-end 2025 and The Mills at 99.2%. The company signed over 4,600 leases totaling more than 17 million square feet in 2025, with approximately 30% of these being new deals, indicating sustained tenant demand and a healthy leasing pipeline. Continued high occupancy and active leasing are expected to drive consistent rental income.

  2. Rental Rate Increases and Pricing Power: SPG has been successful in increasing average base minimum rents, with a 4.7% year-over-year increase across malls and premium outlets in Q4 2025. New leases are being signed at rents higher than the portfolio average. This reflects the company's pricing power in its high-quality retail real estate, which is anticipated to further boost revenue as existing leases renew and new tenants move in.

  3. Redevelopment and Mixed-Use Densification: Simon Property Group has an active redevelopment pipeline exceeding $4 billion, with phased completions expected through 2025-2027. These projects involve converting legacy department store spaces and excess land into mixed-use destinations, incorporating apartments, hotels, medical/office facilities, food and beverage options, and entertainment. This strategy aims to capture higher returns and drive increased foot traffic to its properties, thereby diversifying and growing revenue streams.

  4. Integration and Optimization of Acquired Portfolios: The full benefits of the acquisition and integration of Taubman Realty Group (TRG) are projected to be realized by 2027. Operational integration is expected to lift the yield by at least 50 basis points, with TRG properties already contributing to the growth in average base minimum rent. This continued optimization of acquired assets will contribute to enhanced revenue generation.

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Share Repurchases

  • Simon's Board of Directors authorized a new common stock repurchase program of up to $2.0 billion through February 29, 2028. This program replaces a prior $2.0 billion authorization, which had approximately $1.7 billion remaining.
  • In fiscal year 2025, Simon Property Group repurchased $226.8 million of common stock.

Share Issuance

  • In November 2025, Simon acquired the remaining 12% interest in The Taubman Realty Group limited partnership by issuing 5.06 million limited partnership units in Simon Property Group L.P.
  • Simon issued Klépierre exchangeable bonds in November 2023.

Inbound Investments

  • In the third quarter of 2025, Wellington Management Group LLP increased its holdings in Simon Property Group by 634.5%, adding 6,366,711 shares for an estimated value of over $1.19 billion.
  • Aew Capital Management L.P. significantly boosted its stake in Simon Property Group by 90.9% in Q3 2025, holding 530,155 shares valued at approximately $99.5 million.
  • During Q3 2025, Capital World Investors increased their portfolio by 45.0%, adding 2,600,508 shares in Simon Property Group, estimated at over $488 million.

Outbound Investments

  • In 2025, Simon acquired $2 billion of high-quality retail properties.
  • Simon acquired the remaining 12% interest in The Taubman Realty Group on October 31, 2025, leading to the consolidation of TRG.
  • In 2025, Simon acquired Phillips Place for $143.8 million and consolidated the retail component of Brickell City Centre through a $497.7 million transaction.

Capital Expenditures

  • Simon's capital expenditures for the latest twelve months ending September 2025 were $897.3 million.
  • For the nine months ended September 30, 2025, capital expenditures focused on maintaining and enhancing property quality, particularly in creating experiential retail environments.
  • As of November 2025, Simon's share of the net cost for development projects across all platforms was $1.25 billion, with approximately 40% allocated to mixed-use projects and an expected blended yield of 9%.

Better Bets vs. Simon Property (SPG)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SPGKIMREGBRXFRTMACMedian
NameSimon Pr.Kimco Re.Regency .Brixmor .Federal .Macerich  
Mkt Price227.5625.8381.3032.20125.4225.7456.75
Mkt Cap73.917.414.99.910.86.612.8
Rev LTM6,6492,1621,5851,3891,3111,0061,487
Op Inc LTM3,210730592518469167555
FCF LTM3,2301,139819663331310741
FCF 3Y Avg3,1201,032776624319299700
CFO LTM4,1431,139819663628310741
CFO 3Y Avg3,9621,032776624598299700

Growth & Margins

SPGKIMREGBRXFRTMACMedian
NameSimon Pr.Kimco Re.Regency .Brixmor .Federal .Macerich  
Rev Chg LTM10.9%4.4%7.8%6.6%7.4%5.0%7.0%
Rev Chg 3Y Avg7.6%7.5%8.6%4.1%6.3%5.5%6.9%
Rev Chg Q19.3%4.0%8.3%5.1%10.3%-3.1%6.7%
QoQ Delta Rev Chg LTM4.5%1.0%2.0%1.3%2.5%-0.8%1.6%
Op Inc Chg LTM4.0%7.6%11.7%10.7%10.3%-0.7%8.9%
Op Inc Chg 3Y Avg6.9%8.2%7.9%5.0%8.2%4.2%7.4%
Op Mgn LTM48.3%33.8%37.3%37.3%35.8%16.6%36.5%
Op Mgn 3Y Avg49.9%33.0%36.1%36.5%35.2%17.8%35.6%
QoQ Delta Op Mgn LTM-1.6%0.2%-0.2%0.6%-0.2%0.0%-0.1%
CFO/Rev LTM62.3%52.7%51.7%47.7%47.9%30.9%49.8%
CFO/Rev 3Y Avg64.7%50.8%52.7%47.4%48.7%31.6%49.8%
FCF/Rev LTM48.6%52.7%51.7%47.7%25.2%30.9%48.2%
FCF/Rev 3Y Avg51.0%50.8%52.7%47.4%25.9%31.6%49.1%

Valuation

SPGKIMREGBRXFRTMACMedian
NameSimon Pr.Kimco Re.Regency .Brixmor .Federal .Macerich  
Mkt Cap73.917.414.99.910.86.612.8
P/S11.18.09.47.18.26.68.1
P/Op Inc23.023.825.119.123.039.823.4
P/EBIT11.420.419.214.715.2101.517.2
P/E15.828.127.222.321.3-36.221.8
P/CFO17.915.218.214.917.221.417.5
Total Yield7.0%3.6%8.1%8.2%4.7%0.1%5.8%
Dividend Yield0.6%0.0%4.4%3.7%0.0%2.8%1.7%
FCF Yield 3Y Avg5.7%7.2%6.1%7.8%3.7%7.0%6.5%
D/E0.40.50.40.60.50.80.5
Net D/E0.40.50.40.50.40.70.5

Returns

SPGKIMREGBRXFRTMACMedian
NameSimon Pr.Kimco Re.Regency .Brixmor .Federal .Macerich  
1M Rtn12.3%8.4%6.1%5.4%4.8%15.1%7.3%
3M Rtn26.2%17.0%9.6%12.2%20.1%40.1%18.5%
6M Rtn24.0%29.5%18.7%25.0%25.6%39.9%25.3%
12M Rtn48.5%29.2%20.0%29.2%38.6%64.8%33.9%
3Y Rtn129.6%51.2%48.5%67.6%46.0%158.9%59.4%
1M Excs Rtn12.9%9.7%6.1%6.3%5.3%15.1%8.0%
3M Excs Rtn10.8%0.7%-6.4%-3.4%5.1%24.5%2.9%
6M Excs Rtn16.3%22.0%11.8%17.6%18.0%29.9%17.8%
12M Excs Rtn27.3%7.5%-1.2%8.6%17.1%42.9%12.9%
3Y Excs Rtn73.3%-11.6%-14.1%4.4%-15.1%100.9%-3.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Real estate segment6,0175,5425,323  
All other & eliminations, net348421336  
Lease income   4,9054,737
Management fees and other revenues   117106
Other income   269274
Total6,3655,9645,6595,2915,117


Price Behavior

Price Behavior
Market Price$227.56 
Market Cap ($ Bil)73.9 
First Trading Date12/14/1993 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$205.93$187.91
DMA Trendupup
Distance from DMA10.5%21.1%
 3M1YR
Volatility20.5%19.1%
Downside Capture-55.086.63
Upside Capture51.1751.83
Correlation (SPY)18.1%25.4%
SPG Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.830.690.730.540.510.83
Up Beta2.041.000.850.740.770.84
Down Beta1.391.201.010.790.540.96
Up Capture22%49%47%42%41%58%
Bmk +ve Days13283667141432
Stock +ve Days10253465131402
Down Capture44%17%73%29%33%86%
Bmk -ve Days7132757109318
Stock -ve Days9152858118344

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SPG
SPG48.7%19.0%1.95-
Sector ETF (XLRE)12.5%13.9%0.6168.1%
Equity (SPY)22.2%12.5%1.3225.0%
Gold (GLD)20.2%27.8%0.653.0%
Commodities (DBC)21.3%18.6%0.90-18.2%
Real Estate (VNQ)15.6%13.6%0.8271.4%
Bitcoin (BTCUSD)-44.0%42.6%-1.253.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SPG
SPG18.0%26.5%0.62-
Sector ETF (XLRE)3.2%19.1%0.0771.6%
Equity (SPY)13.5%17.1%0.6161.1%
Gold (GLD)17.2%18.3%0.764.6%
Commodities (DBC)7.1%19.5%0.2613.9%
Real Estate (VNQ)2.9%18.8%0.0574.7%
Bitcoin (BTCUSD)13.6%53.8%0.4423.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SPG
SPG6.4%37.1%0.28-
Sector ETF (XLRE)6.9%20.4%0.2964.7%
Equity (SPY)15.4%18.0%0.7353.3%
Gold (GLD)11.5%16.1%0.581.0%
Commodities (DBC)5.7%18.0%0.2423.5%
Real Estate (VNQ)5.6%20.7%0.2370.5%
Bitcoin (BTCUSD)55.0%66.4%0.9515.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity9.3 Mil
Short Interest: % Change Since 53120265.3%
Average Daily Volume1.9 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity325.0 Mil
Short % of Basic Shares2.9%

Earnings Returns History

Updated 6/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/20262.3%-0.3%7.0%
2/2/2026-0.9%2.8%6.2%
11/3/20253.4%3.5%3.8%
8/4/20253.3%0.8%9.7%
5/12/2025-6.2%-4.1%-5.6%
2/4/20253.3%6.4%0.7%
11/1/2024-0.8%3.9%7.2%
8/5/20245.1%3.4%11.5%
...
SUMMARY STATS   
# Positive141516
# Negative1098
Median Positive3.3%4.1%7.1%
Median Negative-3.1%-3.6%-6.5%
Max Positive6.4%12.1%16.5%
Max Negative-6.2%-6.1%-9.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/20262.3%-0.3%7.0%
2/2/2026-0.9%2.8%6.2%
11/3/20253.4%3.5%3.8%
8/4/20253.3%0.8%9.7%
5/12/2025-6.2%-4.1%-5.6%
2/4/20253.3%6.4%0.7%
11/1/2024-0.8%3.9%7.2%
8/5/20245.1%3.4%11.5%
5/6/20242.4%1.8%6.2%
2/5/20244.8%6.5%11.4%
10/30/20234.3%11.2%16.5%
8/2/2023-4.6%-4.2%-8.5%
5/2/2023-4.0%-5.0%-7.7%
2/6/2023-2.1%-2.2%-5.0%
11/1/20224.5%7.2%9.6%
8/1/2022-2.9%0.2%-4.5%
5/9/20220.7%-1.1%-7.3%
2/7/2022-4.6%-6.1%-9.8%
11/1/20216.4%12.1%-1.1%
8/2/20212.5%5.2%6.4%
5/10/2021-3.2%-3.6%7.0%
2/8/20213.6%11.2%15.5%
11/9/2020-0.3%-0.2%14.8%
8/10/20202.6%4.1%5.2%
SUMMARY STATS   
# Positive141516
# Negative1098
Median Positive3.3%4.1%7.1%
Median Negative-3.1%-3.6%-6.5%
Max Positive6.4%12.1%16.5%
Max Negative-6.2%-6.1%-9.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202502/25/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/11/202610-Q
12/31/202502/25/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/07/202410-Q
03/31/202405/07/202410-Q
12/31/202302/22/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/09/202210-Q
12/31/202102/24/202210-K
09/30/202111/03/202110-Q
06/30/202108/04/202110-Q
03/31/202105/10/202110-Q
12/31/202002/25/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201902/21/202010-K
09/30/201911/06/201910-Q
06/30/201908/07/201910-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Dividends 2.25    
2026 Estimated net income attributable to common stockholders per diluted share6.616.686.76-4.4% LoweredGuidance: 7 for 2026
2026 Estimated Real Estate FFO per diluted share13.113.213.20.4% RaisedGuidance: 13.1 for 2026

Prior: Q4 2025 Earnings Reported 2/2/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Income per diluted share6.8777.123.0% RaisedGuidance: 6.79 for 2025
2026 Real Estate FFO per diluted share1313.113.23.8% RaisedGuidance: 12.7 for 2025

Insider Activity

Updated 5/15/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stewart, Marta RDirectBuy4012026183.8019636,0253,068,725Form
2Smith, Daniel CDirectBuy4012026183.8035565,2496,071,833Form
3Selig, Stefan MDirectBuy4012026183.8020637,8635,970,375Form
4Roe, PeggyDirectBuy4012026183.808114,8881,265,463Form
5Rodkin, Gary MDirectBuy4012026183.8023242,6423,618,471Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Stewart, Marta RDirectBuy4012026183.8019636,0253,068,725Form
2Smith, Daniel CDirectBuy4012026183.8035565,2496,071,833Form
3Selig, Stefan MDirectBuy4012026183.8020637,8635,970,375Form
4Roe, PeggyDirectBuy4012026183.808114,8881,265,463Form
5Rodkin, Gary MDirectBuy4012026183.8023242,6423,618,471Form
6Lewis, Randall JDirectBuy4012026183.805610,2931,081,295Form
7Jones, Nina PDirectBuy4012026183.80366,617563,715Form
8Leibowitz, Reuben SDirectBuy4012026183.8049190,2469,949,094Form
9Glasscock, Larry CDirectBuy4012026183.8037368,5578,137,194Form
10Aeppel, GlynDirectBuy4012026183.8022140,6203,621,228Form
11Rulli, JohnCHIEF ADMINISTRATIVE OFFICERDirectSell2262026200.8810,0002,008,8007,173,425Form
12Smith, Daniel CDirectBuy1052026186.0034764,5426,078,480Form
13Selig, Stefan MDirectBuy1052026186.0020137,3866,003,522Form
14Roe, PeggyDirectBuy1052026186.007814,5081,265,544Form
15Stewart, Marta RDirectBuy1052026186.0019235,7123,069,000Form
16Rodkin, Gary MDirectBuy1052026186.0022642,0363,618,630Form
17Lewis, Randall JDirectBuy1052026186.005410,0441,083,822Form
18Leibowitz, Reuben SDirectBuy1052026186.0048089,2809,976,854Form
19Jones, Nina PDirectBuy1052026186.00356,510563,766Form
20Glasscock, Larry CDirectBuy1052026186.0036367,5188,165,214Form
21Aeppel, GlynDirectBuy1052026186.0021640,1763,623,466Form
22Lewis, Randall JDirectBuy12162025183.96545100,2581,062,001Form
23Lewis, Randall JDirectBuy11182025180.80588106,310945,222Form
24Stewart, Marta RDirectBuy10012025185.9518634,5873,032,473Form
25Roe, PeggyDirectBuy10012025185.957614,1321,250,700Form
26Leibowitz, Reuben SDirectBuy10012025185.9546486,28110,907,641Form
27Smith, Daniel CDirectBuy10012025185.9533562,2936,012,321Form
28Selig, Stefan MDirectBuy10012025185.9519536,2605,964,532Form
29Rodkin, Gary MDirectBuy10012025185.9521940,7233,575,633Form
30Lewis, Randall JDirectBuy10012025185.95539,855862,808Form
31Jones, Nina PDirectBuy10012025185.95346,322557,106Form
32Glasscock, Larry CDirectBuy10012025185.9535165,2688,095,519Form
33Aeppel, GlynDirectBuy10012025185.9520838,6783,582,327Form
34Stewart, Marta RDirectBuy8152025171.54427,2052,765,568Form
35Stewart, Marta RDirectBuy7012025159.2920833,1322,561,383Form
36Smith, Daniel CDirectBuy7012025159.2937860,2125,096,961Form
37Selig, Stefan MDirectBuy7012025159.2921934,8855,078,324Form
38Roe, Peggy FangDirectBuy7012025159.298613,6991,059,278Form
39Rodkin, Gary MDirectBuy7012025159.2924639,1853,028,103Form
40Lewis, Randall JDirectBuy7012025159.29599,398730,663Form
41Leibowitz, Reuben SDirectBuy7012025159.2952283,1499,269,882Form
42Jones, Nina PDirectBuy7012025159.29386,053471,817Form
43Glasscock, Larry CDirectBuy7012025159.2939663,0796,878,939Form
44Aeppel, GlynDirectBuy7012025159.2923437,2743,035,590Form
Core Cache Last Updated: 6/29/2026