Analyst Consensus ?
ConsensusHold38 ratings
Bullish1642.1%
Neutral2052.6%
Bearish25.3%
Simon Property Group, Inc. · SPG · FY2026 Q3 · Calendar Q4 2026
Simon Property lifts 2026 FFO outlook as leasing remains strong
Management described resilient tenant demand, leasing momentum and development opportunities, supporting a constructive operating outlook. The offset is that reported EPS trailed consensus and growth plans remain exposed to financing costs and execution risk.
Why did SPG fall 0.9% after missing EPS estimates in FY2026 Q3?
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Reported After market closeNYSEReal Estate
$73.30B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.54
Consensus $1.69
EPS surprise
-8.9%
Reported versus consensus
Reported revenue
$1.68B
Consensus $1.63B
Revenue surprise
+3.0%
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
-0.9%
Event window
SPY move
-4.4%
Same window
Abnormal move
+3.6%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
SPGSPY benchmark
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Why did SPG fall 0.9% after missing EPS estimates in FY2026 Q3?What changed in SPG's guidance and outlook in FY2026 Q3?Give me the bull and bear case for SPG after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Simon raised its full-year 2026 FFO guidance and reported domestic property NOI growth and higher rent per square foot. The supplied analysis also records an EPS miss alongside a revenue beat versus consensus.
Guidance delta
Management raised FY2026 FFO guidance to $13.30–$13.40 per share, according to the supplied transcript analysis.
Key takeaways
- Leasing activity and tenant demand were described as strong, with higher rents and lower tenant allowances.
- Domestic property NOI rose 6.6% year over year, and real estate FFO per share increased 4.7% year over year, per the supplied transcript analysis.
- Revenue exceeded consensus while EPS was below consensus; guidance was raised for full-year FFO.
Management priorities
- Close the University Village acquisition in Q4 and advance planned development and redevelopment projects.
- Continue the Simon brand campaign and Simon Media Network rollout.
- Maintain capital allocation across dividends, share repurchases and development.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$228.56Current
$115Low
$196.68Average
$285High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 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 | Oct 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 9, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Sep 28, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Sep 17, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Aug 27, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 17, 2026 |
| Stifel | Hold | Hold | Maintain | Aug 11, 2026 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Aug 11, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 29, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jun 23, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 10, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 1, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 5, 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 $228.56. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Alexander Goldfarb | $254 | $199.42 | +11.1% | Oct 12, 2026 |
| UBS | Analyst unavailable | $205 | $199.51 | -10.3% | Oct 9, 2026 |
| BNP Paribas | Analyst unavailable | $222 | $199.61 | -2.9% | Oct 9, 2026 |
| Barclays | Analyst unavailable | $208 | $204.82 | -9.0% | Sep 28, 2026 |
| Evercore ISI | Steve Sakwa | $216 | $205.29 | -5.5% | Sep 21, 2026 |
| Scotiabank | Analyst unavailable | $221 | $205.42 | -3.3% | Sep 17, 2026 |
| Evercore ISI | Steve Sakwa | $219 | $204.83 | -4.2% | Sep 14, 2026 |
| Mizuho Securities | Analyst unavailable | $226 | $217.11 | -1.1% | Aug 27, 2026 |
| Scotiabank | Greg McGinniss | $222 | $221.66 | -2.9% | Aug 20, 2026 |
| Barclays | Analyst unavailable | $215 | $219.58 | -5.9% | Aug 17, 2026 |
| Stifel Nicolaus | Analyst unavailable | $209 | $220.55 | -8.6% | Aug 11, 2026 |
| Piper Sandler | Analyst unavailable | $285 | $228.19 | +24.7% | Jul 21, 2026 |
| Deutsche Bank | Analyst unavailable | $220 | $220.26 | -3.7% | Jul 9, 2026 |
| UBS | Michael Goldsmith | $222 | $219.09 | -2.9% | Jul 9, 2026 |
| Evercore ISI | Analyst unavailable | $215 | $227.81 | -5.9% | Jul 7, 2026 |
| Barclays | Richard Hightower | $213 | $222.15 | -6.8% | Jun 25, 2026 |
| Truist Financial | Michael Lewis | $215 | $216.62 | -5.9% | Jun 23, 2026 |
| UBS | Analyst unavailable | $220 | $213.62 | -3.7% | Jun 18, 2026 |
| Morgan Stanley | Analyst unavailable | $207 | $211.56 | -9.4% | Jun 9, 2026 |
| Evercore ISI | Analyst unavailable | $208 | $209.58 | -9.0% | Jun 8, 2026 |
| Scotiabank | Analyst unavailable | $206 | $200.84 | -9.9% | May 19, 2026 |
| Barclays | Analyst unavailable | $212 | $200.42 | -7.2% | May 19, 2026 |
| UBS | Analyst unavailable | $199 | $200.93 | -12.9% | May 18, 2026 |
| Evercore ISI | Analyst unavailable | $207 | $204.82 | -9.4% | May 12, 2026 |
| Stifel Nicolaus | Analyst unavailable | $194 | $201 | -15.1% | May 12, 2026 |
| Evercore ISI | Analyst unavailable | $198 | $187.41 | -13.4% | Feb 3, 2026 |
| Piper Sandler | Alexander Goldfarb | $230 | $191.22 | +0.6% | Feb 3, 2026 |
| Stifel Nicolaus | Simon Yarmak | $185 | $191.22 | -19.1% | Feb 3, 2026 |
| Deutsche Bank | Analyst unavailable | $205 | $184.92 | -10.3% | Jan 20, 2026 |
| Morgan Stanley | Analyst unavailable | $205 | $184.93 | -10.3% | Jan 16, 2026 |
| Barclays | Richard Hightower | $188 | $184.36 | -17.7% | Jan 13, 2026 |
| Mizuho Securities | Analyst unavailable | $192 | $184.98 | -16.0% | Jan 9, 2026 |
| UBS | Analyst unavailable | $189 | $183.95 | -17.3% | Jan 8, 2026 |
| Truist Financial | Analyst unavailable | $181 | $182.53 | -20.8% | Dec 17, 2025 |
| Stifel Nicolaus | Simon Yarmak | $184 | $176.67 | -19.5% | Nov 4, 2025 |
| Evercore ISI | Analyst unavailable | $188 | $176.74 | -17.7% | Oct 17, 2025 |
| Barclays | Richard Hightower | $180 | $185.23 | -21.2% | Oct 6, 2025 |
| Piper Sandler | Analyst unavailable | $210 | $182.02 | -8.1% | Sep 18, 2025 |
| Scotiabank | Analyst unavailable | $173 | $179.36 | -24.3% | Aug 28, 2025 |
| Truist Financial | Analyst unavailable | $169 | $176.56 | -26.1% | Aug 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $179 | $169.31 | -21.7% | Aug 5, 2025 |
| Scotiabank | Analyst unavailable | $186 | $186.09 | -18.6% | Feb 28, 2025 |
| Evercore ISI | Steve Sakwa | $172 | $164.02 | -24.7% | Sep 16, 2024 |
| Argus Research | Marie Ferguson | $179 | $163.74 | -21.7% | Sep 13, 2024 |
| Citigroup | Katy McConnell | $165 | $165.08 | -27.8% | Sep 4, 2024 |
| Piper Sandler | Alexander Goldfarb | $175 | $167.35 | -23.4% | Sep 2, 2024 |
| Truist Financial | Ki Bin Kim | $158 | $166.53 | -30.9% | Aug 28, 2024 |
| Evercore ISI | Steve Sakwa | $160 | $168.05 | -30.0% | Aug 28, 2024 |
| Scotiabank | Greg McGinnis | $169 | $166.78 | -26.1% | Aug 26, 2024 |
| Stifel Nicolaus | Simon Yarmak | $157.5 | $154.25 | -31.1% | Aug 6, 2024 |
| Argus Research | Jacob Kilstein | $168 | $150.96 | -26.5% | Jun 11, 2024 |
| Scotiabank | Greg McGinnis | $152 | $150.21 | -33.5% | May 16, 2024 |
| BMO Capital | Alexander Goldfarb | $190 | $151.04 | -16.9% | May 15, 2024 |
| Deutsche Bank | Derek Johnston | $115 | $120.24 | -49.7% | Dec 14, 2022 |
| Truist Financial | Ki Bin Kim | $125 | $113.25 | -45.3% | Aug 15, 2022 |
| Truist Financial | Ki Bin Kim | $130 | $95.69 | -43.1% | Jun 20, 2022 |
| Goldman Sachs | Caitlin Burrows | $166 | $110.04 | -27.4% | May 19, 2022 |
| Morgan Stanley | Richard Hill | $160 | $128.27 | -30.0% | Mar 7, 2022 |
| BTIG | James Sullivan | $177 | $144.26 | -22.6% | Jan 24, 2022 |
| Evercore ISI | Steve Sakwa | $180 | $159.9 | -21.2% | Jan 12, 2022 |
| Argus Research | Angus Kelleher-Ferguson | $180 | $156.8 | -21.2% | Nov 26, 2021 |
| Piper Sandler | Alexander Goldfarb | $200 | $165.16 | -12.5% | Nov 24, 2021 |
| Compass Point | Floris van Dijkum | $200 | $155.35 | -12.5% | Nov 2, 2021 |
| Stifel Nicolaus | Simon Yarmak | $140 | $127.64 | -38.7% | Aug 10, 2021 |
| Jefferies | Jonathan Petersen | $144 | $122.26 | -37.0% | Jul 15, 2021 |
Track every rating change on SPG the moment it posts. Free to start.
Start freeCompany 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.
Historical context
All SPG 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-PJ Simon Property Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.9% | — | Simon Property raises 2026 FFO outlook as leasing stays strong |
Latest beats and misses
Who reports nextBeat on EPS
- 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
- AFRMFY2027 Q1 · November 5, 2026+23.8% EPS+1.9% 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 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 · 2026-11-06T07:12:15.566371+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T07:40:56.150704+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T07:40:56.148047+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 · As of 2026-11-06. For educational purposes only; not investment advice.