Analyst Consensus ?
ConsensusHold28 ratings
Bullish1242.9%
Neutral1450.0%
Bearish27.1%
Simon Property Group, Inc. · SPG-PJ · FY2026 Q3 · Calendar Q4 2026
Simon Property raises 2026 FFO outlook as leasing stays strong
The supplied Q3 analysis points to continued operating momentum from leasing and rent growth, with raised full-year FFO guidance supporting the outlook. Higher financing costs and execution on acquisitions and development remain key counterweights.
How did the market react to SPG-PJ FY2026 Q3 earnings, and why?
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Reported After market closeNYSEReal Estate
$58.48B market cap
75quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.54
Consensus $1.69
EPS surprise
-8.9%
Reported versus consensus
Reported revenue
$1.81B
Consensus $1.63B
Revenue surprise
+11.2%
Reported versus consensus
Market reaction
unavailable
Stock move
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Event window
SPY move
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Same window
Abnormal move
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Stock minus SPY
Volume
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Versus trailing sessions
Subsequent drift
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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 FY2026 Q3 earnings, and why?What changed in SPG-PJ's guidance and outlook in FY2026 Q3?Give me the bull and bear case for SPG-PJ after FY2026 Q3 earnings.
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Transcript intelligence
What changed
The quarter's analysis highlights a pending University Village acquisition and a raised full-year 2026 FFO outlook. The prior-quarter analysis is unavailable, so a quarter-over-quarter comparison cannot be made.
Guidance delta
Management raised full-year 2026 FFO guidance to $13.30–$13.40 per share.
Key takeaways
- Domestic property NOI and real estate FFO per share increased year over year, according to the supplied call analysis.
- Leasing activity and rent growth were identified as operating strengths.
- Management described a $1.2–$1.4 billion development pipeline at a 9% blended yield.
- The supplied scorecard shows revenue above consensus and EPS below consensus.
Management priorities
- Pursue development, redevelopment, and re-merchandising projects.
- Close the University Village acquisition, which management expects in Q4.
- Expand Simon Brand Ventures and Simon Media Network.
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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 |
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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 earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| VMRK Vivmark Residential | FY2026 Q3 · Calendar Q4 2026 | -425.6% | +2.4% | Vivmark lifts 2026 revenue outlook as merger integration advances |
| IRM Iron Mountain Incorporated | FY2026 Q3 · Calendar Q4 2026 | +4.6% | -11.1% | Iron Mountain’s Q3 growth broadens, while expansion risks remain |
| LAMR Lamar Advertising Company | FY2026 Q3 · Calendar Q4 2026 | -3.6% | -0.8% | Lamar Q3: AFFO Outlook Raised as Digital and Political Demand Support Growth |
| SPG Simon Property Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.9% | -0.9% | Simon Property lifts 2026 FFO outlook as leasing remains strong |
Latest beats and misses
Who reports nextBeat on EPS
- FNFFY2026 Q3 · November 5, 20260.0% EPS+6.6% move
- MTDFY2026 Q3 · November 5, 2026+3.6% EPS+4.8% move
- IAGFY2026 Q3 · November 5, 2026+16.7% EPS+4.6% move
- GMABFY2026 Q3 · November 5, 2026+55.6% EPS-4.3% move
- STEFY2027 Q2 · November 4, 2026+9.7% EPS+2.5% move
- IRMFY2026 Q3 · November 5, 2026+4.6% EPS-11.1% move
Missed on EPS
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
- NTRAFY2026 Q3 · November 5, 2026-49.3% EPS-15.2% move
- TIGOFY2026 Q3 · November 5, 2026-40.8% EPS+2.6% move
- UHALFY2027 Q2 · November 4, 2026-15.4% EPS-3.2% move
- LAMRFY2026 Q3 · November 5, 2026-3.6% EPS-0.8% move
- CMIFY2026 Q3 · November 5, 2026-6.0% EPS-4.9% move
Get the SPG-PJ recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-11-06T07:13:51.762958+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T07:30:56.267613+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 2026-11-06. For educational purposes only; not investment advice.