Analyst Consensus ?
ConsensusHold37 ratings
Bullish1540.5%
Neutral2054.1%
Bearish25.4%
Simon Property Group, Inc. · SPG · FY2026 Q1 · Calendar Q2 2026
SPG Q1 2026: FFO Beats, Guidance Raised on Strong Leasing and Development Pipeline
Simon Property Group reported a solid Q1 FY2026 with real estate FFO of $1.2 billion, up 7.5% year-over-year, beating consensus EPS by 1.4% and revenue by 13.9%. Occupancy held at 96% for malls and 99.2% for The Mills, with 1,100+ new leases covering 4.7 million square feet and new-deal volume up ~25% YoY. Management raised full-year FFO guidance to $13.10-$13.25 per share and increased the quarterly dividend 7% to $2.25, underpinned by a $5 billion development pipeline and disciplined capital allocation. The stock rose 2.3% on the print and drifted 3.5% higher in subsequent sessions, now trading at $236.70 — above the analyst consensus target of $219.67.
Reported After market closeNYSEReal Estate
$76.76B market cap
100quality score
Company context
Snapshot as of publicationSimon Property Group (NYSE: SPG) is a prominent S&P 100 real estate investment trust that specializes in owning and developing a portfolio of world-class shopping, dining, entertainment, and mixed-use destinations. These significant properties, strategically located across North America, Europe, and Asia, serve as vital community hubs, attracting millions of visitors daily and contributing billions in annual revenue.
Earnings scorecard
Reported versus consensus
Reported EPS
$1.48
Consensus $1
EPS surprise
+1.4%
Reported versus consensus
Reported revenue
$1.76B
Consensus $1.54B
Revenue surprise
+13.9%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$236.32Current
$115Low
$191.03Average
$285High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Jul 21, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 9, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 7, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 29, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jun 25, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 23, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jun 18, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 10, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 1, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 14, 2026 |
| Stifel | Hold | Hold | Maintain | May 12, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 5, 2025 |
| Mizuho | Neutral | Neutral | Maintain | Jun 10, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 21, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 4, 2022 |
| Jefferies | Hold | Buy | Downgrade | Jun 30, 2022 |
| Compass Point | Buy | Buy | Maintain | Jun 22, 2022 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 7, 2022 |
| BTIG | Buy | Buy | Maintain | Aug 27, 2021 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 15, 2021 |
| Edward Jones | Sell | Hold | Downgrade | Dec 16, 2020 |
| Raymond James | Market Perform | Outperform | Downgrade | Jun 11, 2020 |
| CFRA | Sell | Sell | Maintain | May 12, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 24, 2020 |
| Citi | Neutral | Buy | Downgrade | Sep 23, 2019 |
| Bank of America | Buy | Buy | Maintain | Sep 10, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Canaccord Genuity | Buy | Buy | Maintain | Mar 31, 2017 |
| BTIG Research | Buy | Buy | Maintain | Aug 25, 2016 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Aug 2, 2016 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 1, 2016 |
| Boenning & Scattergood | Outperform | Outperform | Maintain | Dec 4, 2015 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 1, 2015 |
| McNicoll Lewis Vlak | Hold | Hold | Maintain | May 5, 2014 |
| Imperial Capital | In Line | In Line | Maintain | Apr 23, 2014 |
| Janney Capital | Buy | Buy | Maintain | Sep 10, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $236.32. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $285 | $228.19 | +20.6% | Jul 21, 2026 |
| Deutsche Bank | Analyst unavailable | $220 | $220.26 | -6.9% | Jul 9, 2026 |
| UBS | Michael Goldsmith | $222 | $219.09 | -6.1% | Jul 9, 2026 |
| Evercore ISI | Analyst unavailable | $215 | $227.81 | -9.0% | Jul 7, 2026 |
| Barclays | Richard Hightower | $213 | $222.15 | -9.9% | Jun 25, 2026 |
| Truist Financial | Michael Lewis | $215 | $216.62 | -9.0% | Jun 23, 2026 |
| UBS | Analyst unavailable | $220 | $213.62 | -6.9% | Jun 18, 2026 |
| Morgan Stanley | Analyst unavailable | $207 | $211.56 | -12.4% | Jun 9, 2026 |
| Evercore ISI | Analyst unavailable | $208 | $209.58 | -12.0% | Jun 8, 2026 |
| Scotiabank | Analyst unavailable | $206 | $200.84 | -12.8% | May 19, 2026 |
| Barclays | Analyst unavailable | $212 | $200.42 | -10.3% | May 19, 2026 |
| UBS | Analyst unavailable | $199 | $200.93 | -15.8% | May 18, 2026 |
| Evercore ISI | Analyst unavailable | $207 | $204.82 | -12.4% | May 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $194 | $201 | -17.9% | May 12, 2026 |
| Evercore ISI | Analyst unavailable | $198 | $187.41 | -16.2% | Feb 3, 2026 |
| Piper Sandler | Alexander Goldfarb | $230 | $191.22 | -2.7% | Feb 3, 2026 |
| Stifel Nicolaus | Simon Yarmak | $185 | $191.22 | -21.7% | Feb 3, 2026 |
| Deutsche Bank | Analyst unavailable | $205 | $184.92 | -13.3% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $205 | $184.93 | -13.3% | Jan 16, 2026 |
| Barclays | Richard Hightower | $188 | $184.36 | -20.4% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $192 | $184.98 | -18.8% | Jan 9, 2026 |
| UBS | Analyst unavailable | $189 | $183.95 | -20.0% | Jan 8, 2026 |
| Truist Financial | Analyst unavailable | $181 | $182.53 | -23.4% | Dec 17, 2025 |
| Stifel Nicolaus | Simon Yarmak | $184 | $176.67 | -22.1% | Nov 4, 2025 |
| Evercore ISI | Analyst unavailable | $188 | $176.74 | -20.4% | Oct 17, 2025 |
| Barclays | Richard Hightower | $180 | $185.23 | -23.8% | Oct 6, 2025 |
| Piper Sandler | Analyst unavailable | $210 | $182.02 | -11.1% | Sep 18, 2025 |
| Scotiabank | Analyst unavailable | $173 | $179.36 | -26.8% | Aug 28, 2025 |
| Truist Financial | Analyst unavailable | $169 | $176.56 | -28.5% | Aug 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $179 | $169.31 | -24.3% | Aug 5, 2025 |
| Scotiabank | Analyst unavailable | $186 | $186.09 | -21.3% | Feb 28, 2025 |
| Evercore ISI | Steve Sakwa | $172 | $164.02 | -27.2% | Sep 16, 2024 |
| Argus Research | Marie Ferguson | $179 | $163.74 | -24.3% | Sep 13, 2024 |
| Citigroup | Katy McConnell | $165 | $165.08 | -30.2% | Sep 4, 2024 |
| Piper Sandler | Alexander Goldfarb | $175 | $167.35 | -25.9% | Sep 2, 2024 |
| Truist Financial | Ki Bin Kim | $158 | $166.53 | -33.1% | Aug 28, 2024 |
| Evercore ISI | Steve Sakwa | $160 | $168.05 | -32.3% | Aug 28, 2024 |
| Scotiabank | Greg McGinnis | $169 | $166.78 | -28.5% | Aug 26, 2024 |
| Stifel Nicolaus | Simon Yarmak | $157.5 | $154.25 | -33.4% | Aug 6, 2024 |
| Argus Research | Jacob Kilstein | $168 | $150.96 | -28.9% | Jun 11, 2024 |
| Scotiabank | Greg McGinnis | $152 | $150.21 | -35.7% | May 16, 2024 |
| BMO Capital | Alexander Goldfarb | $190 | $151.04 | -19.6% | May 15, 2024 |
| Deutsche Bank | Derek Johnston | $115 | $120.24 | -51.3% | Dec 14, 2022 |
| Truist Financial | Ki Bin Kim | $125 | $113.25 | -47.1% | Aug 15, 2022 |
| Truist Financial | Ki Bin Kim | $130 | $95.69 | -45.0% | Jun 20, 2022 |
| Goldman Sachs | Caitlin Burrows | $166 | $110.04 | -29.8% | May 19, 2022 |
| Morgan Stanley | Richard Hill | $160 | $128.27 | -32.3% | Mar 7, 2022 |
| BTIG | James Sullivan | $177 | $144.26 | -25.1% | Jan 24, 2022 |
| Evercore ISI | Steve Sakwa | $180 | $159.9 | -23.8% | Jan 12, 2022 |
| Argus Research | Angus Kelleher-Ferguson | $180 | $156.8 | -23.8% | Nov 26, 2021 |
| Piper Sandler | Alexander Goldfarb | $200 | $165.16 | -15.4% | Nov 24, 2021 |
| Compass Point | Floris van Dijkum | $200 | $155.35 | -15.4% | Nov 2, 2021 |
| Stifel Nicolaus | Simon Yarmak | $140 | $127.64 | -40.8% | Aug 10, 2021 |
| Jefferies | Jonathan Petersen | $144 | $122.26 | -39.1% | Jul 15, 2021 |
Track every rating change on SPG the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+2.3%
Event window
SPY move
-0.2%
Same window
Abnormal move
+2.5%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+3.5%
Up to 20 sessions
SPGSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to Q4 2025, management shifted from maintaining to raising 2026 FFO guidance, narrowing and lifting the range from $13.00-$13.25 to $13.10-$13.25. The remaining 12% Taubman (TRG) stake was acquired, completing full ownership. Leasing momentum accelerated with new-deal volume up ~25% YoY. The Simon Plus loyalty program, a focal point in Q4, was not emphasized this quarter; attention shifted to the construction pipeline and favorable CMBS financing. A 5-year CMBS loan was secured at 4.83%, the lowest retail CMBS rate in four years.
Guidance delta
Raised: Full-year 2026 real estate FFO guidance lifted from $13.00-$13.25 to $13.10-$13.25 per share. The quarterly dividend was increased 7% to $2.25 per share, signaling confidence in free cash flow generation.
Key takeaways
- RE FFO of $1.2 billion, up 7.5% YoY; EPS of $1.48 beat the $1.46 consensus by 1.4%
- Revenue of $1.76 billion exceeded the $1.54 billion consensus by 13.9%
- Occupancy at 96% for malls and 99.2% for The Mills, with 1,100+ new leases across 4.7 million sq ft
- Development pipeline of $5 billion: $1B under construction, $1B ready to start, $3B in longer-term projects
- Guidance raised to $13.10-$13.25 per share FFO; dividend increased 7% to $2.25 per share
- Secured a 5-year CMBS loan at 4.83% — the lowest retail CMBS rate in four years
Management priorities
- Complete construction at 29 centers with a blended 9% yield
- Add approximately 1,200 multifamily units and 400 hotel keys across key malls
- Invest $250 million in renovations at Green Hills (Nashville), International Plaza (Tampa), and Cherry Creek (Denver)
- Continue share repurchases and maintain dividend growth trajectory
- Evaluate opportunistic acquisitions that meet brand-accretive, value-add, and price criteria
Related earnings events
Real EstateSources
- Earnings call transcript and parsed analysis · 2026-05-12T01:18:08.281219+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T11:41:15.653534+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T11:41:15.650804+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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 . For educational purposes only; not investment advice.