Analyst Consensus ?
ConsensusHold28 ratings
Bullish1242.9%
Neutral1450.0%
Bearish27.1%
Simon Property Group, Inc. · SPG-PJ · FY2026 Q1 · Calendar Q2 2026
Simon Property raises 2026 FFO guidance as leasing stays strong
The current analysis supports a constructive operating trajectory: FFO growth, higher guidance, strong leasing and broad retailer demand are positives, while occupancy durability, financing costs and execution remain the key checks.
Reported Session unavailableNYSEReal Estate
$58.48B market cap
85quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.48
Consensus $1.46
EPS surprise
+1.4%
Reported versus consensus
Reported revenue
$1.76B
Consensus $1.54B
Revenue surprise
+13.9%
Reported versus consensus
Market reaction
unavailable
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SPY move
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Up to 20 sessions
Price and volume data were unavailable at publication time.
Ask FN2 about SPG-PJ FY2026 Q1
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How did the market react to SPG-PJ FY2026 Q1 earnings, and why?What changed in SPG-PJ's guidance and outlook in FY2026 Q1?Give me the bull and bear case for SPG-PJ after FY2026 Q1 earnings.
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Transcript intelligence
What changed
Compared with the prior quarter, management raised full-year real estate FFO guidance, reported 7.5% year-over-year Q1 FFO growth, increased the dividend to $2.25 per share and emphasized a larger mixed-use development pipeline.
Guidance delta
Management raised full-year 2026 real estate FFO guidance to $13.10-$13.25 per share from the prior $13.00-$13.25 range.
Key takeaways
- Q1 real estate FFO grew 7.5% year over year to $1.2 billion.
- Management cited broad retailer demand, especially in luxury, athleisure and Gen-Z-focused brands.
- A $5 billion development pipeline includes $1 billion under construction and $3 billion planned for future years.
Management priorities
- Advance mixed-use redevelopment and the development pipeline
- Invest in Green Hills, International Plaza and Cherry Creek
- Support traffic through marketing and experiential offerings
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Hold | Hold | Maintain | Aug 28, 2023 |
| JP Morgan | Neutral | Neutral | Maintain | Aug 28, 2023 |
| Evercore ISI Group | In Line | Outperform | Downgrade | Aug 2, 2023 |
| UBS | Neutral | Neutral | Maintain | Jul 12, 2023 |
| Stifel | Buy | Buy | Maintain | Jul 12, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jul 5, 2023 |
| Mizuho | Neutral | Neutral | Maintain | May 25, 2023 |
| Morgan Stanley | Overweight | Overweight | Maintain | Feb 21, 2023 |
| Piper Sandler | Overweight | Overweight | Maintain | Jan 16, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 3, 2022 |
| Jefferies | Hold | Buy | Downgrade | Jun 29, 2022 |
| Compass Point | Buy | Buy | Maintain | Jun 21, 2022 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 6, 2022 |
| Argus Research | Buy | Buy | Maintain | Nov 25, 2021 |
| Citigroup | Neutral | Neutral | Maintain | Nov 18, 2021 |
| BTIG | Buy | Buy | Maintain | Aug 26, 2021 |
| B of A Securities | Buy | Neutral | Upgrade | Aug 3, 2021 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 14, 2021 |
| Edward Jones | Sell | Hold | Downgrade | Dec 15, 2020 |
| Raymond James | Market Perform | Outperform | Downgrade | Jun 10, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 23, 2020 |
| CFRA | Sell | Hold | Downgrade | Feb 13, 2020 |
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2018 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jun 19, 2017 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Aug 1, 2016 |
| Credit Suisse | Outperform | Outperform | Maintain | May 31, 2015 |
| McNicoll Lewis Vlak | Hold | Hold | Maintain | May 4, 2014 |
| Imperial Capital | In Line | In Line | Maintain | Apr 22, 2014 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $114 | $64.99 | - | Sep 27, 2022 |
| Truist Financial | Analyst unavailable | $125 | $65.31 | - | Aug 16, 2022 |
| Mizuho Securities | Analyst unavailable | $115 | $65.66 | - | Aug 3, 2022 |
| UBS | Analyst unavailable | $115 | $64.02 | - | Aug 2, 2022 |
| UBS | Analyst unavailable | $110 | $64.5 | - | Jul 25, 2022 |
| Compass Point | Analyst unavailable | $160 | $65.85 | - | Jun 22, 2022 |
Track every rating change on SPG-PJ the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSimon 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 earningsLatest beats and misses
Who reports nextBeat on EPS
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-12T02:18:02.287319+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T14:01:00.900305+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 2026-09-24. For educational purposes only; not investment advice.