Companies · SPG
Simon Property Group
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 10, 2026
Simon Property Group Q2 2026: NOI and FFO growth accelerate as Saks Off Fifth recapture converts $18M rent to $44M, occupancy holds at 96%
Simon Property Group delivered its strongest quarterly operational performance in recent periods, with domestic property NOI growing 8.5% and real estate FFO per share rising 7.9% year-over-year to $3.29. The most consequential development was the Saks Off Fifth bankruptcy recapture: Simon absorbed 1 million square feet mid-May, held occupancy flat at 96%, and has already executed leases converting $18 million of annual rent to $44 million — a story that will flow fully into 2027 earnings. Management raised full-year FFO guidance by $0.08 at the midpoint to $13.20–$13.30 per share and disclosed an imminent Simon Media Network launch that signals a structural monetization of 2 billion annual visits.
Tone: bullishRevenue
$6.4B
SPG 10-K · FY 2025
Employees
3,600
Revenue FY2024
$6B
Founded
1993
Profile
SPG 10-K Item 1 · Feb 25, 2026Simon Property Group is a self-administered and self-managed REIT that owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations across the United States and internationally. Its U.S. portfolio spans 212 income-producing properties including malls, Premium Outlets, and The Mills. The company also holds a 22.2% equity stake in Klépierre, a Paris-based European shopping center REIT.
Read filing description ↓ Collapse description ↑
We own, develop and manage premier shopping, dining, entertainment and mixed-use destinations, which consist primarily of malls, Premium Outlets, and The Mills. As of December 31, 2025, we owned or held an interest in 212 income-producing properties in the United States, which consisted of 108 malls, 70 Premium Outlets, 16 Mills, six lifestyle centers, and 12 other retail properties in 38 states and Puerto Rico. Internationally, as of December 31, 2025, we had ownership interests in 42 properties primarily located in Asia, Europe and Canada. As of December 31, 2025, we also owned a 22.2% equity stake in Klépierre SA, or Klépierre, a publicly traded, Paris-based real estate company, which owns, or has an interest in, shopping centers located in 13 countries in Europe. We also have interests in investments in retail operations (such as Catalyst Brands LLC); an e-commerce venture (Rue Gilt Groupe, or RGG, which operates shop.simon.com), and Jamestown (a global real estate investment and management company), collectively, our other platform investments. We generate the majority of our lease income from retail, dining, entertainment, and other tenants including consideration received from fixed minimum lease consideration and fixed common area maintenance (CAM) reimbursements, and variable lease consideration primarily based on tenants' reported sales, as well as reimbursements for real estate taxes, utilities, marketing and certain other items.
Primary products
- Malls
- Premium Outlets
- The Mills
- Lifestyle Centers
- Other Retail Properties
- Designer Outlet properties
Business segments
End markets
Geographies
Named customers
“We believe that there are numerous factors that make our properties highly desirable to retailers, including: the quality, location and variety of tenants of our properties; our management and operational expertise; our extensive experience and relationships with tenants, lenders and suppliers; our marketing initiatives and consumer focused strategic corporate alliances; and the efficiency and immediacy of physical retail.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $5,963.8 million in 2024 to $6,364.5 million in 2025, driven primarily by increased lease income of $449.4 million, partially offset by decreased other income.
The rest of SPG is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.