Jun 2026 (Q2 FY26) — Aug 10, 2026
Simon Property Group Q2 FY26 — Strong Leasing Demand and FFO Growth
Read the full callSimon Property Group (SPG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Simon Property Group earnings: last reported Mon, 10 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,791 | +19.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 46.0 | −3.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year real estate FFO per share | $13 to $13.25 per share with a midpoint of $13.13 | Dec 2025 | we are increasing our full year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share | Revised Up |
| Accretion from the buy-in of the remaining 12% of Taubman Realty Group | accretive in 2026, with the full benefit realized in 2027, adding at least 50 basis points to the going-in overall yield | Sep 2025 | we've increased the margin by 300% this year | On Track |
21 of SIMON PROPERTY GROUP INC.'s 25 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 23 more targets are in the full ledger.
Claimed
- Domestic property NOI increased 8.5% year-over-year in Q2 FY26.
- Real estate FFO per share increased 7.9% year-over-year to $3.29 in Q2 FY26.
- Signed over 1,200 leases totaling over 4.8 million square feet in Q2 FY26, with new deals up more than 20% compared to last year.
- Initial base minimum rent per square foot on new deals is up 17% year-over-year year-to-date, while tenant allowance is down 12%.
- Occupancy at Malls and Premium Outlets was maintained at 96% at quarter-end, despite absorbing 1 million square feet of bankruptcy-related space.
Qualified
- Higher interest expense and lower interest income combined for a $0.06 per share drag year-over-year in Q2 FY26.
- Full-year guidance assumes some sales moderation for the remainder of the year, despite current strong trends, due to uncontrollable macro factors and tougher H2 comps.
Price
$202.49 −1.44% · −$2.95
Performance +13.7% 1Y
1Y: $178.09 on 17 Oct 2025 → $202.49. High $236.7 (28 Jul 2026), low $173.35 (30 Oct 2025).
- Previous close
- $205.44
- 52-week range
- $173.35 – $236.7
- One year
- +13.46%
Overview
- Symbol
- SPG
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 21 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year real estate FFO per share | $13 to $13.25 per share with a midpoint of $13.13 | Dec 2025 | we are increasing our full year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share | Revised Up |
| Accretion from the buy-in of the remaining 12% of Taubman Realty Group | accretive in 2026, with the full benefit realized in 2027, adding at least 50 basis points to the going-in overall yield | Sep 2025 | we've increased the margin by 300% this year | On Track |
Claimed
- Domestic property NOI increased 8.5% year-over-year in Q2 FY26.
- Real estate FFO per share increased 7.9% year-over-year to $3.29 in Q2 FY26.
- Signed over 1,200 leases totaling over 4.8 million square feet in Q2 FY26, with new deals up more than 20% compared to last year.
- Initial base minimum rent per square foot on new deals is up 17% year-over-year year-to-date, while tenant allowance is down 12%.
- Occupancy at Malls and Premium Outlets was maintained at 96% at quarter-end, despite absorbing 1 million square feet of bankruptcy-related space.
Qualified
- Higher interest expense and lower interest income combined for a $0.06 per share drag year-over-year in Q2 FY26.
- Full-year guidance assumes some sales moderation for the remainder of the year, despite current strong trends, due to uncontrollable macro factors and tougher H2 comps.
The full ledger
Open SIMON PROPERTY GROUP INC.’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 11, 2026
Simon Property Group Q1 FY26 — Strong FFO Growth and Robust Development Pipeline
Read the full callDec 2025 (Q4 FY25) — Feb 2, 2026
Simon Property Group Q4 FY25 – Strong Performance and Strategic Acquisitions
Read the full callEvery analysed call
Simon Property Group earnings calls (SPG)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,481 | 1,582 | 1,473 | 1,498 | 1,602 | 1,791 | 1,757 | 1,791 |
| Expenses | 713 | 746 | 745 | 754 | 789 | 901 | 995 | 967 |
| Operating profit | 768 | 836 | 728 | 744 | 813 | 891 | 762 | 824 |
| Operating margin | 51.9% | 52.8% | 49.4% | 49.7% | 50.8% | 49.7% | 43.4% | 46.0% |
| Interest | 226 | 227 | 227 | 233 | 243 | 272 | 276 | 281 |
| EPS ($ per share) | 1.46 | 2.04 | 1.27 | 1.70 | 1.86 | 9.35 | 1.48 | 1.49 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -4,893 | -5,380 | -6,102 | -5,824 | -5,927 | -6,096 | -6,383 | -4,608 |
| Total liabilities | 26,659 | 28,101 | 31,129 | 29,377 | 29,187 | 30,596 | 28,806 | 33,901 |
| Investments | — | — | — | — | — | 1,000 | — | — |
| Total assets | 30,686 | 31,232 | 34,787 | 33,777 | 33,011 | 34,283 | 32,406 | 40,606 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,751 | 3,808 | 2,327 | 3,637 | 3,767 | 3,931 | 3,815 | 4,137 |
| Cash from investing | -237 | -1,077 | -3,978 | -553 | -627 | -1,363 | 1,408 | -1,601 |
| Cash from financing | -4,482 | -2,576 | 1,994 | -3,562 | -3,052 | -2,020 | -4,992 | -3,113 |
| Capital expenditure | -782 | -876 | -484 | -528 | -650 | -793 | -756 | -934 |
| Free cash flow | 2,969 | 2,932 | 1,843 | 3,109 | 3,117 | 3,138 | 3,059 | 3,202 |
SPG revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Real Estate | 95% | 94% | 94% | 95% | 95% | 96% | +21.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SPG operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Square feet Leases signed | 5.1M sq ft+We signed 1,300 leases for more than 5.1 million square feet in the quarter.Source: earnings call transcript | 3.6M sq ft+We signed approximately 1,000 leases for more than 3.6 million square feet in the quarter, with approximately 30% of our leasing activity for the quarter on new deals.Source: earnings call transcript | ~4M sq ftRetailer demand remains strong as we signed over 1,000 leases totaling approximately 4 million square feet during the quarter.Source: earnings call transcript | 4.4M sq ft+We signed more than 1,300 leases totaling over 4.4 million square feet during the quarter and over 4,600 leases for more than 17 million square feet for the year.Source: earnings call transcript | 4.7M sq ft+During the first quarter, we signed more than 1,100 leases totaling over 4.7 million square feet.Source: earnings call transcript | 4.8M sq ft+During the second quarter, we signed more than 1,200 leases totaling over 4.8 million square feet.Source: earnings call transcript | — |
| Occupancy rate Malls and Premium Outlets | 95.9%Malls and premium outlet occupancy at the end of the quarter was 95.9%, an increase of 40 basis points compared to the prior year.Source: earnings call transcript | 96%The Malls and Premium Outlets ended the second quarter at 96.0% occupancy, up 10 basis points sequentially and 40 basis points year-over-year.Source: earnings call transcript | 96.4%The Malls and Premium Outlets ended the third quarter at 96.4% occupancy, an increase of 40 basis points sequentially and 20 basis points year-over-year.Source: earnings call transcript | 96.4%Malls and Premium Outlets ended the year at 96.4%.Source: earnings call transcript | 96%Malls and Premium Outlet occupancy at the end of the first quarter was 96%, an increase of 10 basis points year-over-year.Source: earnings call transcript | 96%Malls and Premium Outlets occupancy at the end of the second quarter was 96%, flat compared to the first quarter and year-over-year, a result that reflects the depth of retail demand as we absorbed approximately 1 million square feet of retailer bankruptcy-related space returned during the quarter and successfully relet.Source: earnings call transcript | 0 pt |
| Occupancy rate The Mills | 98.4%The mills occupancy was 98.4%, an increase of 70 basis points compared to the prior year.Source: earnings call transcript | 99.3%The Mills achieved a record 99.3% occupancy, an increase of 90 basis points sequentially and 110 basis points from the prior year.Source: earnings call transcript | 99.4%The Mills achieved a 99.4% occupancy, an increase of 10 basis points sequentially and 80 basis points from the prior year.Source: earnings call transcript | 99.2%Occupancy in the Mills ended at 99.2%.Source: earnings call transcript | 99.2%The Mills occupancy was 99.2%, an increase of 80 basis points year-over-year.Source: earnings call transcript | 98.8%The Mills occupancy was 98.8%.Source: earnings call transcript | -0.4 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Europe 23%
As SPG cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
103 filings between Nov 17, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$2.02M
61 purchases by 11 insiders
Sales
$2.01M
1 sale by 1 insider
Compensation
not trading decisions- 15
- Award — granted as compensation
- 8
- Option exercise — converted options into shares
- 17
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| RULLI JOHN | — | $2.01M | Feb 25, 2026 |
| LEIBOWITZ REUBEN S | $390.3K | — | Sep 30, 2026 |
| GLASSCOCK LARRY C | $299.2K | — | Sep 30, 2026 |
| Smith Daniel C. | $283.8K | — | Sep 30, 2026 |
| LEWIS RANDALL J | $253.9K | — | Sep 30, 2026 |
| RODKIN GARY M | $188.9K | — | Sep 30, 2026 |
| Aeppel Glyn | $180.1K | — | Sep 30, 2026 |
| SELIG STEFAN M | $166.5K | — | Sep 30, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | RODKIN GARY M Director | Purchase | 232 | $47.0K |
| Sep 30, 2026 | LEWIS RANDALL J Director | Purchase | 65 | $13.2K |
| Sep 30, 2026 | Aeppel Glyn Director | Purchase | 222 | $45.0K |
| Sep 30, 2026 | Cicco Martin J Director | Purchase | 15 | $3.0K |
| Sep 30, 2026 | SELIG STEFAN M Director | Purchase | 208 | $42.2K |
| Sep 30, 2026 | STEWART MARTA R Director | Purchase | 199 | $40.4K |
| Sep 30, 2026 | GLASSCOCK LARRY C Director | Purchase | 367 | $74.4K |
| Sep 30, 2026 | Roe Peggy Director | Purchase | 88 | $17.8K |
| Sep 30, 2026 | Jones Nina P Director | Purchase | 46 | $9.3K |
| Sep 30, 2026 | Smith Daniel C. Director | Purchase | 350 | $71.0K |
| Sep 30, 2026 | LEIBOWITZ REUBEN S Director | Purchase | 480 | $97.3K |
| Aug 31, 2026 | Jackson Matthew A SVP, ASSISTANT TREASURER | Tax withheld | 250 | $53.6K |
| Aug 31, 2026 | Simon Eli CEO/PRESIDENT/COO | Tax withheld | 5,821 | $1.25M |
| Aug 31, 2026 | SOKOLOV RICHARD S Director | Tax withheld | 2,306 | $494.8K |
| Aug 31, 2026 | Kelly Kevin M ASST. GENERAL COUNSEL/SEC. | Tax withheld | 1,434 | $307.7K |
| Jun 30, 2026 | Roe Peggy Director | Purchase | 80 | $17.9K |
| Jun 30, 2026 | SELIG STEFAN M Director | Purchase | 33 | $7.4K |
| Jun 30, 2026 | Cicco Martin J Director | Purchase | 2 | $447 |
| Jun 30, 2026 | RODKIN GARY M Director | Purchase | 209 | $46.6K |
| Jun 30, 2026 | GLASSCOCK LARRY C Director | Purchase | 13 | $2.9K |
| Jun 30, 2026 | Smith Daniel C. Director | Purchase | 314 | $70.1K |
| Jun 30, 2026 | Cicco Martin J Director | Purchase | 13 | $2.9K |
| Jun 30, 2026 | Aeppel Glyn Director | Purchase | 44 | $9.9K |
| Jun 30, 2026 | Smith Daniel C. Director | Purchase | 47 | $10.5K |
| Jun 30, 2026 | Smith Daniel C. Director | Purchase | 11 | $2.5K |
| Jun 30, 2026 | SELIG STEFAN M Director | Purchase | 187 | $41.7K |
| Jun 30, 2026 | GLASSCOCK LARRY C Director | Purchase | 54 | $12.1K |
| Jun 30, 2026 | RODKIN GARY M Director | Purchase | 43 | $9.6K |
| Jun 30, 2026 | RODKIN GARY M Director | Purchase | 4 | $893 |
| Jun 30, 2026 | Roe Peggy Director | Purchase | 3 | $670 |
| Jun 30, 2026 | Aeppel Glyn Director | Purchase | 199 | $44.4K |
| Jun 30, 2026 | STEWART MARTA R Director | Purchase | 2 | $448 |
| Jun 30, 2026 | GLASSCOCK LARRY C Director | Purchase | 330 | $73.6K |
| Jun 30, 2026 | STEWART MARTA R Director | Purchase | 1 | $224 |
| Jun 30, 2026 | Jones Nina P Director | Purchase | 2 | $447 |
| Jun 30, 2026 | STEWART MARTA R Director | Purchase | 179 | $39.9K |
| Jun 30, 2026 | LEWIS RANDALL J Director | Purchase | 4 | $894 |
| Jun 30, 2026 | LEIBOWITZ REUBEN S Director | Purchase | 25 | $5.6K |
| Jun 30, 2026 | Roe Peggy Director | Purchase | 6 | $1.3K |
| Jun 30, 2026 | LEIBOWITZ REUBEN S Director | Purchase | 53 | $11.9K |
| Jun 30, 2026 | LEWIS RANDALL J Director | Purchase | 58 | $12.9K |
| Jun 30, 2026 | LEIBOWITZ REUBEN S Director | Purchase | 430 | $96.0K |
| Jun 30, 2026 | Jones Nina P Director | Purchase | 41 | $9.1K |
| May 13, 2026 | GLASSCOCK LARRY C Director | Award | 1,233 | — |
| May 13, 2026 | LEWIS RANDALL J Director | Award | 1,073 | — |
| May 13, 2026 | RODKIN GARY M Director | Award | 1,073 | — |
| May 13, 2026 | Smith Daniel C. Director | Award | 1,073 | — |
| May 13, 2026 | Cicco Martin J Director | Award | 1,073 | — |
| May 13, 2026 | Jones Nina P Director | Award | 1,073 | — |
| May 13, 2026 | Roe Peggy Director | Award | 1,073 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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