EarningsQ2 2026 Earnings Report
MX:SPG Q2 2026 EPS Results
Actual EPS$27.09
Consensus EPS$29.87
Beat/MissMissed by -$2.78
One Year Ago EPS$30.90
MX:SPG Q2 2026 Revenue Results
Actual Revenue$32.55B
Expected Revenue$29.30B
Beat/MissBeat by +$3.24B
YoY Revenue Growth+19.50%
Earnings Announcement Details
QuarterQ2 2026
Date05/11/2026
TimeAfter Close
Conference CallMonday, May 11, 2026
MX:SPG Upcoming Earnings
Simon Property's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SPG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights strong operating momentum: accelerating NOI and real estate FFO growth, robust leasing demand with improving leasing economics, healthy shopper traffic and sales, a sizable high-yield development pipeline, solid liquidity and continued shareholder returns. Headwinds are present — notably higher interest expense, upcoming refinancing needs in a higher rate environment, timing lag on bankruptcy-related rent uplift, and localized category/region softness (restaurants and some outlet/geography exposures). On balance, the positive operating trends, pipeline and balance sheet flexibility materially outweigh the financing and timing risks.Company Guidance
Strong FFO and NOI Growth
Real estate FFO of $1.25 billion ($3.29 per share) in Q2, up 7.9% year-over-year; domestic property NOI increased 8.5% in the quarter (7.6% for the first half); portfolio NOI (including international at constant currency) grew 8.3% in the quarter and 7.5% for the first half.
Robust Leasing Activity
Signed more than 1,200 leases totaling over 4.8 million square feet in the quarter; number of new deals increased >20% versus last year and new deals accounted for ~28% of leased square footage; pipeline of prospective deals up ~26% year-over-year.
Improving Leasing Economics
Initial base minimum rent per square foot on new deals is up 17% year-over-year while tenant allowance per square foot on new deals is down 12% year-over-year, indicating stronger rent capture and improved economics on new leases.
Strong Shopper Traffic and Sales
Malls and Premium Outlets sales at $838 per square foot, up 13.9%; total sales volume increased 6.6% over the trailing 12 months and 7.6% in the quarter; comparable sales growth of 5.7% in Q2; traffic accelerated (up ~2% in the quarter and +3.6% in July).
Development Pipeline and Yield
Development projects underway with Simon's share of net cost totaling $1.07 billion at a blended yield of 9%; development pipeline >$4 billion; expecting more than $600 million of additional net cost to start construction in H2 2026; ~50% of current net cost is mixed-use.
Capital Return to Shareholders
Declared Q3 dividend of $2.25 per share, up $0.10 or 4.7% year-over-year; repurchased ~793,000 common shares and ~238,000 limited partnership units in Q2 for $211 million at an average price of $205.10 per share; cumulative dividends paid exceed $50 billion since IPO.
Strong Liquidity and Balance Sheet Metrics
Ended the quarter with approximately $9.3 billion of liquidity; completed 8 secured loan transactions totaling $1.4 billion at a weighted average rate of 5.36%; issued EUR 500 million of senior notes at 3.65% (5 years) and closed a $460 million 5-year term loan at SOFR + 70 bps; net debt-to-EBITDA below 5.0x and fixed charge coverage of 4.7x.
Effective Management of Bankruptcy-Returned Space
Absorbed approximately 1.0 million square feet of Saks Off 5th bankruptcy-returned space during the quarter while keeping Malls & Premium Outlets occupancy at 96% (flat QoQ and YoY); early signings indicate converting prior $18 million in rent to an expected ~$44 million at stabilization when leases are fully running.
Digital & Media Monetization Opportunity
Plans to launch 'Simon Media Network' leveraging first-party data, ~2 billion annual visits and over 4,000 in-asset screens; digital/advertising business growing at double-digit to mid-teens year-over-year and positioned to be an incremental revenue stream.
MX:SPG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed