Simon Property Group 8-K
PositiveEarningsGuidance lowered
Leasing demand and acquisitions lift Real Estate FFO outlook as rents and retailer sales rise at U.S. malls and Premium Outlets.
Filed 2026-08-10 16:07 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with increased FY2026 Real Estate FFO per share guidance. Real Estate FFO per share rose 7.9% Y/Y, supported by leasing demand, traffic, retailer sales and recent acquisitions; the company raised its FY2026 range by $0.08 per share at the midpoint.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $1.79B | $1.50B | 19.5% |
| Operating income before other items | $824M | $744M | 10.7% |
| Net income attributable to common stockholders | $483M | $556M | -13.1% |
| Diluted EPS | $1.49 | $1.70 | -12.4% |
| Real Estate FFO (non-GAAP) | $1.25B | $1.15B | 8.2% |
| Real Estate FFO per share (non-GAAP) | $3.29 | $3.05 | 7.9% |
| FFO of the Operating Partnership (non-GAAP) | $1.18B | $1.19B | -0.3% |
| FFO per share (non-GAAP) | $3.12 | $3.15 | -1.0% |
- Six months ended June 30: net income attributable to common stockholders was $963M vs $970M (-0.7%); diluted EPS was $2.97 vs $2.97. Real Estate FFO was $2.46B vs $2.27B (+8.3%), or $6.46 vs $6.01 per share (+7.5%); FFO was $2.29B vs $2.19B (+4.5%), or $6.03 vs $5.82 per share (+3.6%).
- U.S. malls and Premium Outlets occupancy was 96.0%, unchanged Y/Y; base minimum rent per square foot rose 6.3% to $62.42 and trailing-12-month retailer sales per square foot rose 13.9% to $838.
- Common stock and limited partnership unit repurchases totaled $211M at an average $205.10 per share/unit. Common shares and limited partnership units outstanding declined from 380.9M at 12/31/2025 to 379.4M at 6/30/2026. The board declared a $2.25 Q3 common dividend, up $0.10 (4.7%) Y/Y, payable 9/30/2026.
- Liquidity was $9.3B, including $1.7B of cash and $7.6B of available revolving-credit capacity, net of commercial paper. Financing included ≈$1.4B of secured loans at a 5.36% weighted-average rate, €500M of five-year senior notes at 3.65% for general corporate purposes, and a $460M five-year term loan at SOFR + 0.70% used to repay a $460M revolver draw.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net income attributable to common stockholders per diluted share (GAAP) | FY2026 | $6.47-$6.57 | $6.61-$6.76 | — |
| Real Estate FFO per diluted share (non-GAAP) | FY2026 | $13.20-$13.30 | $13.10-$13.25 | Raised |
Investor Takeaways
- Next-quarter occupancy, rent and retailer sales trends will show whether the operating momentum supporting the FY2026 Real Estate FFO outlook is continuing.
The summary is written by an AI model reading the filing.
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