Simon Property Group, Inc. · SPG-PJ · FY2025 Q4 · Calendar Q1 2026

Simon maintains FY 2026 FFO outlook as leasing stays strong

The supplied analysis supports a constructive operating picture: strong leasing, high occupancy and rent growth underpin the outlook, while tariffs, financing costs and tenant credit are the main counterweights.

Reported Session unavailableNYSEReal Estate $58.48B market cap
75quality score

Earnings scorecard

Reported versus consensus
Reported EPS $9.35 Consensus $1.90
EPS surprise +392.1% Reported versus consensus
Reported revenue $1.79B Consensus $1.49B
Revenue surprise +20.0% Reported versus consensus

Market reaction

unavailable
Stock move — Event window
SPY move — Same window
Abnormal move — Stock minus SPY
Volume — Versus trailing sessions
Subsequent drift — Up to 20 sessions
Price and volume data were unavailable at publication time.

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How did the market react to SPG-PJ FY2025 Q4 earnings, and why?What changed in SPG-PJ's guidance and outlook in FY2025 Q4?Give me the bull and bear case for SPG-PJ after FY2025 Q4 earnings.

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Transcript intelligence

What changed

Management’s current priorities include continued redevelopment, Simon Plus expansion and international growth, alongside a maintained FY 2026 FFO outlook. The supplied analysis also notes a new premium outlet in Indonesia and 2025 acquisitions.

Guidance delta

Management maintained FY 2026 FFO guidance of $13-$13.25 per share, assuming at least 3% domestic NOI growth.

Key takeaways

  • Leasing momentum remained strong, with 1,300 leases signed in Q4 and 4,600 for the year.
  • Occupancy was 96.4% at malls and 99.2% at mills; average base rent rose 4.7% year over year.
  • Management highlighted redevelopment, Simon Plus, and international expansion as growth drivers.

Management priorities

  • Leasing and rent growth
  • Redevelopment and mixed-use projects
  • Simon Plus and international outlet expansion

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Earnings History

Estimate Beat Miss Match
SPG-PJ EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 1 future estimate-only quarters. Q4 '23 actual $0.89, None Q1 '24 actual $2.25, None Q2 '24 actual $1.52, None Q2 '25 estimate $1.54 Q2 '25 actual $1.71, beat Q3 '25 estimate $1.61 Q3 '25 actual $1.86, beat Q4 '25 estimate $1.90 Q4 '25 actual $9.35, beat Q1 '26 estimate $1.46 Q1 '26 actual $1.48, beat Q2 '26 estimate $1.64 Q2 '26 actual $1.49, miss Q3 '26 estimate $1.69

Analyst Consensus ?

ConsensusHold28 ratings
Bullish1242.9%
Neutral1450.0%
Bearish27.1%

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Truist Securities Hold HoldMaintainAug 28, 2023
JP Morgan Neutral NeutralMaintainAug 28, 2023
Evercore ISI Group In Line OutperformDowngradeAug 2, 2023
UBS Neutral NeutralMaintainJul 12, 2023
Stifel Buy BuyMaintainJul 12, 2023
Show 23 more rating actions

Named analyst price targets

Upside is unavailable because neither a positive current snapshot nor previous close is persisted. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Evercore ISIAnalyst unavailable$114$64.99 -Sep 27, 2022
Truist FinancialAnalyst unavailable$125$65.31 -Aug 16, 2022
Mizuho SecuritiesAnalyst unavailable$115$65.66 -Aug 3, 2022
UBSAnalyst unavailable$115$64.02 -Aug 2, 2022
UBSAnalyst unavailable$110$64.5 -Jul 25, 2022
See 1 more

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Company context

Snapshot as of publication

Simon Property Group, an S&P 100 company, functions as a prominent real estate investment trust. It holds ownership of a distinguished collection of retail, dining, entertainment, and multi-use lifestyle centers. These expansive properties, located across North America, Europe, and Asia, serve as vibrant social hubs for millions of daily visitors, collectively generating annual sales volumes in the billions.

Historical context

All SPG-PJ earnings
—FY2026 Q2 · Calendar Q3 2026—FY2026 Q1 · Calendar Q2 2026

Latest beats and misses

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Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T22:06:04.866250+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.