Simon Property Group
Owner and operator of malls, Premium Outlets, The Mills and mixed-use retail destinations.
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Profile
Owns and manages U.S.-focused malls, Premium Outlets, The Mills and mixed-use retail destinations, earning mainly lease income from retailers. A REIT structure ties capital allocation to required income distributions, while traffic and tenant health shape property economics.
Owns, develops and manages malls, Premium Outlets, The Mills, lifestyle centers and mixed-use retail destinations, with the portfolio concentrated in the United States and additional properties across Asia, Europe and Canada. Long-term tenant leases generate fixed rent, sales-based rent and operating-cost recoveries; leasing, redevelopment and mixed-use additions are the core property-management levers. Stakes in Klépierre and platform investments including Catalyst Brands, Rue Gilt Groupe and Jamestown extend the portfolio beyond consolidated real estate.
Operates as a REIT through a majority-owned partnership, with required income distributions making debt-market access important for acquisitions and redevelopment. Results depend on retailer creditworthiness, store traffic and demand for physical retail space. The core mall and outlet portfolio relies on anchor tenants to attract shoppers, although no single tenant contributes a material share of consolidated revenue.
Company facts
Key statistics
Year to date +16.6% · Average volume (30d) 1.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Mizuho Securities | Target | $192 | $226 | ||
| Aug 20, 2026 | Scotiabank | Reiterate | Sector Perform | $206 | $222 | |
| Aug 17, 2026 | Barclays | Reiterate | Equal Weight | $213 | $215 | |
| Aug 11, 2026 | Stifel Nicolaus | Target | $194 | $209 | ||
| Jul 21, 2026 | Piper Sandler | Reiterate | Overweight | $230 | $285 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $1.64 | $1.49 | −9.1% | $1.61B | $1.66B | +3.0% | −0.46% |
| May 11, 2026Q1 FY26 | $1.46 | $1.48 | +1.4% | $1.54B | $1.76B | +13.9% | +2.32% |
| Feb 2, 2026Q4 FY25 | $1.90 | $9.35 | +392.1% | $1.49B | $1.79B | +20.0% | −0.94% |
| Nov 3, 2025Q3 FY25 | $3.09 | $3.22 | +4.2% | $1.50B | $1.60B | +6.5% | +3.35% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.50B | $1.60B | $1.79B | $1.76B | $1.79B | |
| Gross profit | $1.20B | $1.28B | $1.34B | $1.64B | $1.41B | $1.45B | |
| Operating income | $727.6M | $744.2M | $812.9M | $890.7M | $762.2M | $873.8M | |
| Net income | $414.5M | $557.0M | $594.4M | $3.05B | $480.4M | $624.4M | |
| Diluted EPS | $1.27 | $1.70 | $1.82 | $9.35 | $1.48 | $1.49 | |
| Gross margin | 81.4% | 85.7% | 83.4% | 91.4% | 80.3% | 81.2% | |
| Operating margin | 49.4% | 49.7% | 50.8% | 49.7% | 43.4% | 48.8% |
Fiscal years (4-quarter sums)FY21 $5.12B · FY22 $5.29B · FY23 $5.66B · FY24 $5.96B · FY25 $6.36B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.02B · Total debt $29.43B · Total assets $39.71B · Shareholders' equity $4.43B
Dividends
Raised for 5 straight years — most recently to $2.25 from $2.20 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 9, 2026 | Jun 9 | Jun 30 | $2.25 | raised from $2.20 |
| Mar 10, 2026 | Mar 10 | Mar 31 | $2.20 | |
| Dec 10, 2025 | Dec 10 | Dec 31 | $2.20 | raised from $2.15 |
| Sep 9, 2025 | Sep 9 | Sep 30 | $2.15 | raised from $2.10 |
| Jun 9, 2025 | Jun 9 | Jun 30 | $2.10 | |
| Mar 10, 2025 | Mar 10 | Mar 31 | $2.10 | |
| Dec 9, 2024 | Dec 9 | Dec 30 | $2.10 | raised from $2.05 |
| Sep 9, 2024 | Sep 9 | Sep 30 | $2.05 | raised from $2.00 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 324.28M · Float 320.57M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 37.27M | 11.49% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 27.88M | 8.60% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 20.63M | 6.36% | 13F | Aug 13, 2026 |
| State Street Corp | 20.36M | 6.28% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 11.34M | 3.50% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 30, 2026 | Glyn Aeppel | director | +243 | $223.36 |
| Jun 30, 2026 | Nina P. Jones | director | +43 | $223.16 |
| Jun 30, 2026 | Randall J. Lewis | director | +62 | $223.16 |
| Jun 30, 2026 | Gary M. Rodkin | director | +256 | $223.34 |
| Jun 30, 2026 | Daniel C. Smith | director | +372 | $223.31 |
Peers
- Macerich
Pure-play Class A US mall REIT; the most direct enclosed-mall rival.
- Brookfield
Controls the US's second-largest mall portfolio (formerly GGP) via BPY.
- Tanger
Pure-play outlet REIT contesting Simon Premium Outlets for the same tenants.
- Federal Realty
Premium mixed-use REIT contesting luxury lifestyle tenants in coastal markets.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Simon Property Group | $214.38 | −0.07% | $69.58B | 15.2 | 32.0 | 10.0 | +10.8% |
| Macerich | $23.75 | +0.02% | $7.07B | — | 11,242.9 | 7.0 | −0.0% |
| Brookfield | $41.33 | −0.01% | $92.31B | 74.1 | 12.8 | 1.2 | +9.3% |
| Tanger | $37.73 | 0.00% | $4.33B | 34.3 | 33.3 | 7.1 | +5.4% |
| Federal Realty | $116.75 | −0.01% | $10.09B | 23.3 | 37.7 | 7.6 | +4.6% |
| Median | 34.3 | 35.5 | 7.0 | +5.0% |