[SPG] Simon Property Group: Q3 2026 Earnings Test Rent Growth Against Rising Interest

Simon Property Group (NYSE: SPG) is a U.S. shopping-mall owner that, at the end of 2025, owned or held an interest in 212 income-producing properties across 38 states and Puerto Rico, including 108 malls, 70 Premium Outlets and 16 Mills, with about 188.4 million square feet of gross leasable area[1]. Ahead of Simon Property Group's Q3 2026 earnings, the Drillr earnings calendar shows results scheduled for 2026-11-05. Third quarter 2026 (three months ended September 30, 2026) is the period under review[2]. In the latest disclosed quarter, the second quarter of 2026, total revenue was $1.791 billion (versus $1.498 billion a year earlier), lease income was $1.660 billion, and net income attributable to common stockholders was $483.1 million, or $1.49 per diluted share[3]. First-half Real Estate FFO, the company's own measure of real estate funds from operations, was $6.46 per share, up 7.5%, while occupancy at June 30 was 96.0% and average base minimum rent was $62.42 per square foot, up 6.3%[4]. The company gives only full-year guidance: on August 10 it raised its 2026 Real Estate FFO outlook to $13.20 to $13.30 per share, which after the first half's $6.46 requires $6.74 to $6.84 in the second half[4], and it kept domestic property same-store NOI growth guidance at a minimum of 3%[5]. A Barchart preview published on October 16 said analysts project third-quarter Real Estate FFO of $3.32 per share, 3.1% above $3.22 a year earlier[6]. Analyst estimates compiled by Drillr put third-quarter GAAP net income at about $1.69 per share (four analysts) and revenue at about $1.632 billion (five analysts), a revenue measure that corresponds to lease income rather than total revenue[7].

Three things matter most in this report. First, can occupancy and rents hold together after Saks Off 5th handed back its space? Occupancy at June 30 was flat year over year at 96.0%, so growth came almost entirely from the 6.3% rise in average base rent[4], while the space that had produced $18 million a year in Saks Off 5th rent was returned only in mid-May and most of the re-leasing uplift will arrive in 2027[8], which makes the third quarter the first full quarter in which that space produces none of its former rent. Second, will tenant sales slow in the second half as the full-year guidance assumes? Sales per square foot for the twelve months to June reached $838, up 13.9%[4], and second-quarter comparable sales rose 5.7%, but management's guidance assumes a moderation in retail sales growth in the second half[8], and sales drive both variable rent and the fixed rent tenants accept at renewal. Third, can FFO per share follow the raised guidance after the Taubman consolidation and higher interest costs? Second-quarter interest expense was $281.2 million, up 20.8%[3], management said about $0.20 per share of net interest drag remains for the full year[8], and because the remaining 12% of TRG was consolidated only on October 31, 2025, the third quarter still carries that year-over-year scope gain, which largely disappears from the fourth quarter[9].

Company Background and Business Structure

Simon's core assets are high-traffic U.S. malls and outlets, and it also holds outlet joint ventures abroad. At the end of 2025, about 96.4% of owned space in its U.S. malls and Premium Outlets was leased, and about 99.2% of The Mills; the company also held a 40% interest in ten Japanese outlet joint ventures, a 50% interest in five in South Korea and a 50% interest in two in Mexico, and the Japanese outlets covered more than 3.9 million square feet and were 99.9% leased[1]. On October 31, 2025, Simon acquired the remaining 12% of The Taubman Realty Group (TRG) it did not own in exchange for about 5.06 million Operating Partnership units, took control and consolidated it; TRG holds interests in 22 regional, super-regional and outlet malls in the U.S.[9]. On March 23, 2026, the company announced the death of David Simon, its long-serving chairman, chief executive and president, at age 64[10].

Almost all of Simon's revenue is rent, split into fixed and variable parts. Tenants pay fixed minimum rent and fixed common area maintenance charges, which form fixed lease income; variable lease income is based mainly on tenants' reported sales, plus reimbursements for real estate taxes, utilities, marketing and similar items[11]. Of $1.791 billion in second-quarter 2026 total revenue, lease income was $1.660 billion, management fees and other revenues were $40.8 million, and other income was $90.1 million[3]; lease income comprised $1.349 billion fixed and $310.6 million variable, and the year-over-year gain in other income included a $19.1 million increase from Simon Media and Experiences[9].

The tenant base is highly diversified, and Simon also holds a set of retail-operating and real estate management investments. Measured by base minimum rent at U.S. properties, the largest tenant, The Gap, accounts for only 2.5%, followed by LVMH at 1.6%, Knitwell at 1.6%, Tapestry at 1.5% and Kering at 1.5%[3]. Beyond its properties, Simon owns a 31.3% noncontrolling interest in Catalyst Brands and investments in the e-commerce venture Rue Gilt Groupe, which operates shop.simon.com, and in Jamestown, a real estate investment and management company, which it calls its other platform investments[1]; at June 30, 2026, it also owned about 20.7% of Klépierre[12]. Joint-venture debt and earnings are disclosed only as Simon's share, and its share of joint-venture debt was $7.527 billion at June 30[3].

Financial History and Current Position

In 2025, Simon's revenue and operating profit grew steadily, while the jump in net income came mainly from items outside operations. According to the 2025 10-K, total revenue was $6.365 billion (versus $5.964 billion in 2024), operating income before other items was $3.175 billion (versus $3.093 billion), and interest expense was $974.8 million, up $69.0 million[13]; lease income was $5.839 billion, of which $4.727 billion was fixed and $1.112 billion variable, an increase of $449.4 million[11]. Net income attributable to common stockholders was $4.624 billion, about twice 2024's $2.368 billion, but Real Estate FFO rose only from $4.597 billion to $4.812 billion, or from $12.24 to $12.73 per share, a 4.0% gain[13], and that gap shows net income included disposal and revaluation-type items that Real Estate FFO excludes.

Cash flow in 2025 covered the dividend, and the balance sheet relies mainly on long-term fixed-rate debt. Operating cash flow was $4.137 billion, dividends and unit distributions totaled about $3.2 billion, consolidated capital expenditures were $934.3 million (including $417.3 million for redevelopment and expansion and $494.8 million for tenant costs and other operational spending), acquisitions used $1.1 billion of cash, and share repurchases were $226.8 million[13]. Consolidated debt at year-end was $28.430 billion at an effective weighted average rate of 3.87%, of which $28.119 billion was fixed-rate[14]; U.S. mall and Premium Outlets occupancy was 96.4% and average base minimum rent was $60.97 per square foot, up 4.7%[11].

In the first two quarters of 2026, FFO per share kept growing at about 7.5% while GAAP net income per share declined. First-quarter Real Estate FFO was $3.17 per share, versus $2.95 a year earlier[5]. In the second quarter, total revenue was $1.791 billion, lease income rose 20.3%, interest expense was $281.2 million, up 20.8%, net income attributable to common stockholders was $483.1 million, or $1.49 per share (versus $556.1 million and $1.70), and funds available for distribution (FAD) were $1.099 billion, up 8.7%[3]. First-half Real Estate FFO was $2.457 billion, or $6.46 per share, up 7.5%[4]; subtracting the first quarter's $3.17 leaves about $3.29 for the second quarter, against about $3.06 a year earlier[5].

At June 30, liquidity and dividend capacity remained ample. Simon held about $1.7 billion of cash, including its share of joint-venture cash, and about $9.3 billion of liquidity, and the board declared a third-quarter dividend of $2.25 per share, up 4.7% year over year[4]. First-half operating cash flow was $2.029 billion, slightly below $2.043 billion a year earlier, and consolidated capital expenditures were $445.3 million; consolidated debt at June 30 was $28.700 billion, and the effective weighted average rate had risen to 3.93%[12].

Operating Model

Revenue roughly equals leased space multiplied by average base rent, plus variable rent, management fees and other income. Second-quarter fixed lease income was $1.349 billion, up 19.1%, and variable lease income was $310.6 million, up 25.9%; the 10-Q attributes the $280.3 million increase in lease income to acquisition activity (contributing $197.5 million), development activity, and increases in fixed and variable lease consideration[9]. Rent changes reach revenue with a clear lag: new and renewal rents enter revenue only when leases commence, Simon had completed more than 87% of its 2026 lease expirations by the second quarter, and most of the re-leasing uplift on the Saks Off 5th space will arrive in 2027[8].

Domestic property NOI is lease income after property-level costs, and Real Estate FFO then deducts interest and corporate costs. Property operating costs, real estate taxes, utilities and marketing are largely borne by tenants through reimbursement clauses[11]; second-quarter property operating expense was $171.4 million, real estate taxes $131.9 million and depreciation and amortization $459.9 million, against $139.8 million, $105.3 million and $339.1 million a year earlier[3], and $27.2 million of the $31.6 million increase in property operating expense came from acquisitions[9]. Real Estate FFO starts from FFO and removes other platform investment results, gains or losses on the disposal, exchange or revaluation of equity interests, and unrealized gains or losses on publicly traded equity instruments[4], while depreciation and amortization are non-cash, which explains the gap between second-quarter GAAP net income of $1.49 per share and Real Estate FFO of about $3.29.

Cash is allocated first to the dividend and then to development and buybacks, while maturing debt is mainly rolled over through refinancing. In the second quarter, Operating Partnership FFO of $1.185 billion, plus $78.6 million of non-cash impacts, minus $96.5 million of tenant allowances and $68.0 million of operational capital expenditures, produced FAD of $1.099 billion[3]. Simon's share of development, redevelopment and expansion projects under construction is about $1.1 billion, about $346.0 million of net cash funding remains for the rest of 2026 and 2027, and the target stabilized return is 8% to 10%[12]; in the second quarter Simon also repurchased about 1.03 million common shares and partnership units for $211 million[8]. On refinancing, in January 2026 Simon issued $800 million of 4.30% unsecured notes to redeem at par $800 million of notes maturing that month[14], and in June it issued €500 million of five-year 3.65% notes and entered a $460 million term loan swapped to an all-in fixed rate of 4.02%[12]; because new debt costs more than the existing average, interest expense will move up gradually as older debt matures.

Industry and Competitive Position

Simon competes with other malls, e-commerce and shifting consumer habits, yet its higher-quality centers are still in a rising-rent phase. The 10-K names bankruptcies of anchor stores and national retailers, retailers' greater use of e-commerce, and changing consumer preferences as major risks[15]. At the same time, tenant sales for the twelve months to June reached $838 per square foot[4]; the average initial base rent on new leases signed in the first half of 2026 was $78.58 per square foot versus $67.36 a year earlier, while the average tenant allowance on new leases fell from $60.79 to $53.67[9]. On the first-quarter call, management said average rents on newly signed leases were 20% to 25% above new leases signed a year earlier and that renewal increases remained in the historical mid-single-digit range[5]; in the second quarter Simon signed more than 1,200 leases covering 4.8 million square feet, with new deal volume up more than 20% year over year[8].

Simon's weak points are tourist traffic and certain categories, and the comparison here can only be made against its own history. In the first quarter, fewer European and Canadian visitors weighed on tourist centers such as Woodbury Common, and food and beverage same-store sales were flat[5]; in the second quarter, cross-border outlets grew more slowly than the rest of the portfolio and restaurant same-store sales were softer[8]. Occupancy at The Mills fell to 98.8% from 99.3% a year earlier[9]. The available material has no peer rent or occupancy data, and Simon does not break out revenue by property type, so the advantage of its scale and roughly $9.3 billion of liquidity[4] can be judged only qualitatively, not measured line by line against other mall owners.

Core Debates

After Saks Off 5th returned its space, can rising rents keep driving Simon's domestic property income?

This matters because lease income supplies the vast majority of Simon's revenue, and current growth comes almost entirely from price rather than space. Second-quarter lease income of $1.660 billion was more than 90% of total revenue of $1.791 billion[3]; occupancy at June 30 was flat at 96.0% and average base rent was up 6.3%[4]. First-half initial rent on new leases was $78.58 per square foot, 16.7% above a year earlier, while tenant allowances fell[9].

Current evidence shows the space returned by Saks Off 5th is holding occupancy down in the short run while creating a chance to re-lease at higher rents. Management said the original Saks Off 5th leases generated $18 million in annual rent, half the space has already been re-leased at rates that exceed the original total, and full re-leasing is expected to lift annual rent to $44 million, but because the space came back only in mid-May, most of the uplift will show up in 2027 rather than 2026; second-quarter domestic property NOI rose 8.5%, of which about 120 basis points came from consolidating the remaining TRG stake[8], leaving about 7.3% without it, still well above full-year guidance of at least 3%[5]. Fixed lease income in the same quarter was $1.349 billion, up 19.1%, a gain that also includes the TRG consolidation[9].

The financial chain runs as follows: higher new and renewal rents lift average base rent, re-leasing vacant space lifts occupancy and rentable area, and both flow into fixed lease income; because tenants reimburse most property costs, rent gains pass fairly fully into domestic property NOI and Real Estate FFO. What remains unresolved is how broad the rent gains are: an alternative reading holds that increases are concentrated in a small number of high-sales centers, while occupancy at The Mills has already fallen 50 basis points year over year[9], and if move-outs spread, occupancy would weaken before rents do.

In the third quarter, watch whether occupancy stays at or above 96.0%, whether average base rent growth stays at or above 5%, whether domestic property NOI growth excluding TRG stays above 3%, and what management says about re-leasing the Saks Off 5th space. If occupancy falls below 95.7% or average base rent growth drops below 4%, move-out pressure has outrun the price gains on new leases; if domestic property NOI excluding TRG grows less than 3%, the view that rising rents can keep driving property income no longer holds.

Will tenant sales slow in the second half, as management's guidance assumes?

Tenant sales determine both variable rent and the fixed rent tenants accept at renewal, so they sit upstream of whether rents can keep rising. Variable lease income is based mainly on tenants' reported sales[11]; sales per square foot for the twelve months to June were $838, 13.9% above $736 a year earlier[4]. Second-quarter comparable sales rose 5.7% and July shopper traffic was up 3.6%, but the full-year guidance assumes retail sales growth moderates in the second half because of macro uncertainty and tougher comparisons[8].

The data show sales are still strengthening, but the growth in variable rent cannot be attributed entirely to percentage rent. At the end of the first quarter, trailing twelve-month sales per square foot were $819, up 11.8%, with comparable sales up 6.5% in the quarter[5]; by the second quarter comparable growth had eased to 5.7% while trailing sales kept rising. Second-quarter variable lease income was $310.6 million, up 25.9%[9], but that figure includes the TRG consolidation and expense reimbursements; on the call, management said that if current sales and traffic trends continue, full-year results will come in above the guided range[8].

The chain runs from traffic and spending to tenant sales; sales above agreed thresholds become variable rent and set the rent tenants can afford at renewal, which then flows into property NOI and Real Estate FFO. What remains unresolved is where the growth sits: tourist centers and cross-border outlets have already weakened as European and Canadian visitors declined, food and beverage same-store sales were flat[5], and restaurant same-store sales remained softer than the rest of the portfolio in the second quarter[8]; if growth is concentrated in a few high-sales centers, a cooling in that spending could pull overall growth down faster than the trailing twelve-month figures suggest.

In the third quarter, watch whether quarterly comparable sales growth stays above 4%, whether trailing sales per square foot hold at or above $838, how fast variable lease income grows, and how management describes tourist outlets and restaurant tenants. If comparable sales growth falls below 2%, or trailing sales per square foot decline from the prior quarter, the slowdown has exceeded the guidance assumption and the room for higher renewal rents narrows with it.

With Taubman consolidated and interest costs rising, can Simon deliver its raised FFO guidance in the second half?

Real Estate FFO per share is the metric Simon itself weighs most and the basis for dividend growth, and this year's guidance has already been raised twice. The range given on February 2 was $13.00 to $13.25, raised in May to $13.10 to $13.25[16] and in August to $13.20 to $13.30; with $6.46 earned in the first half, the second half needs $6.74 to $6.84[4]. The full-year analyst figure cited by Barchart is $13.23 per share, 3.9% above 2025's $12.73[6]; the remaining 12% of TRG was acquired and consolidated only on October 31, 2025[14], so that scope gain still counts in third-quarter comparisons and largely disappears from the fourth quarter.

Current evidence shows interest costs are absorbing part of the rent growth. Second-quarter consolidated interest expense was $281.2 million, up 20.8%, and FAD was $1.099 billion, up 8.7%[3]; first-half interest expense rose $97.1 million ($0.26 per share), of which $77.8 million ($0.20 per share) related to acquisition activity, accelerated stock compensation recognized in the first quarter added $39.4 million to general and administrative expense, and the effective weighted average rate on consolidated debt rose from 3.87% at the end of 2025 to 3.93%[12]. In the second quarter Simon completed $1.4 billion of secured loans at a weighted average rate of 5.36%, and management said $0.10 per share of net interest impact had already been absorbed in the first half, with about $0.20 per share remaining for the full year[8].

The chain runs as follows: rent growth and the TRG consolidation lift property NOI, while higher refinancing rates and new secured loans lift interest expense; property NOI minus interest, general and administrative costs and preferred dividends, plus joint-venture income, gives Real Estate FFO, which divided by diluted shares and units gives the per-share figure, and deducting tenant allowances and operational capital spending gives the FAD that funds the dividend. What remains unresolved is the source of growth: an alternative reading holds that much of the FFO growth comes from the larger scope created by consolidation rather than from better operations at existing properties, so once the TRG year-over-year effect fades, higher interest costs would weigh more visibly on per-share growth.

In the third quarter, watch whether Real Estate FFO reaches about $3.32 per share, whether full-year guidance is held or raised, how much consolidated interest expense rises from the prior quarter and where the effective weighted average rate goes, and what management says about the TRG contribution and net interest drag. If third-quarter Real Estate FFO comes in below the roughly $3.22 per share of a year earlier, or full-year guidance is cut, rising interest and expenses have offset rent growth; if the effective weighted average rate climbs above 4.10%, second-half interest drag will exceed what management has described.

Risks and Falsifiers

The first risk is that other platform investments make GAAP profit swing widely; those swings stay out of Real Estate FFO but still shape how readers judge earnings quality. Simon owns 31.3% of Catalyst Brands and about 20.7% of Klépierre[12]; in 2025, mainly because of restructuring within Catalyst, it recorded an $86.1 million pre-tax net loss on the disposal, exchange or revaluation of equity interests, and that year's $4.624 billion of net income attributable to common stockholders moved very differently from $4.812 billion of Real Estate FFO[13]. If the third-quarter gap between GAAP net income per share and Real Estate FFO per share is explained mainly by depreciation, with no new platform-investment restructuring loss, this risk has not materialized.

The second risk is a change in the capital-allocation framework after the leadership transition. Simon announced David Simon's death on March 23, 2026[10]; about $1.1 billion of development and redevelopment (Simon's share) is under construction, about $346.0 million of net cash funding remains for the rest of 2026 and 2027, and the target stabilized return is 8% to 10%[12], while on the second-quarter call management said these projects target a 9% return on invested capital and that more than $600 million of additional projects should be approved and started by the end of 2026[8], and in the first quarter it said buybacks would continue to replenish shares issued for the TRG acquisition[5]. A shift in capital allocation would change how FAD is used and how fast per-share figures grow; if the third quarter brings no major change to strategy, development hurdles or dividend policy, the current understanding stands.

The third risk is retailer bankruptcies and store closures returning space in large blocks. The 10-K warns that more bankruptcies of anchor stores and national retailers, along with store closures, could leave space vacant, and that some properties depend on anchors to draw shoppers[15]; the $18 million of annual rent from the original Saks Off 5th leases cannot be collected until the space is re-leased[8], and anchor closures can also affect other tenants in the same center through traffic and co-tenancy clauses. If third-quarter occupancy is at least 96.0% and no new bankruptcy-driven returns of roughly 500,000 square feet or more appear, this risk has not grown.

The fourth risk is weaker spending and international traffic. Sales growth relies on higher-end spending and tourist traffic, and fewer European and Canadian visitors have already weighed on tourist centers such as Woodbury Common[5], while cross-border outlets are growing more slowly than the rest of the portfolio[8]. A sales slowdown would first cut the overage-rent part of the $310.6 million of second-quarter variable lease income[9] and then compress fixed-rent increases at renewal; if third-quarter comparable sales growth is at least 4% and management does not report further weakness at tourist centers, this risk has not materialized.

The fifth risk is that refinancing costs keep moving up. The secured loans completed in the second quarter carried a weighted average rate of 5.36%[8], well above the 3.93% effective weighted average rate on consolidated debt[12], and Simon's share of joint-venture debt was $7.527 billion at 4.92%[3]. On roughly $28.7 billion of consolidated debt, each 10-basis-point rise in the average rate adds about $29 million of annual interest, or about $0.08 per share; if the third-quarter effective weighted average rate is no higher than 4.00% and consolidated interest expense rises no more than 5% from the prior quarter, interest drag remains within the range management has described.

What to Watch Next

• Rents and occupancy after the Saks Off 5th return: U.S. mall and Premium Outlets occupancy was 96.0% at June 30, 2026[4]; holding 96.0% supports the rent story, while a drop below 95.7% would mean move-out pressure has outrun price gains.
• Average base rent was $62.42 per square foot, up 6.3%[4]; growth of at least 5% supports the view, and growth below 4% would mean new-lease pricing is not offsetting move-outs.
• Domestic property NOI rose 8.5% in the second quarter, or about 7.3% excluding roughly 120 basis points from TRG[8]; growth above the 3% full-year guidance supports the view, and growth below 3% would undercut it.
• Tenant sales: second-quarter comparable sales rose 5.7% and trailing sales were $838 per square foot[8][4]; comparable growth above 4% with $838 held supports the view, while growth below 2% or a sequential decline would mean the slowdown exceeds the guidance assumption.
• Variable lease income was $310.6 million in the second quarter, up 25.9%[9]; watch its growth rate and management's comments on tourist centers and restaurant tenants, where a sharp slowdown with further tourist weakness would weaken the view.
• FFO guidance: second-quarter Real Estate FFO was about $3.29 per share, and the prior-year third quarter was $3.22[6]; reaching about $3.32 with guidance held or raised supports the view, while a result below $3.22 or a guidance cut would weaken it.
• Interest costs: consolidated interest expense was $281.2 million and the effective weighted average rate was 3.93%[3][12]; a rate above 4.10% or a sequential interest increase of more than 5% would mean interest drag is running ahead of management's description.

Conclusion

Simon's results turn on three variables: how far rents can rise at its stronger malls, whether tenant sales can keep supporting those increases, and how much growth is absorbed by interest costs from the TRG consolidation and refinancing. First-half Real Estate FFO was $6.46 per share, up 7.5%[4], with occupancy flat at 96.0% and growth coming mainly from a 6.3% rise in average base rent; at the same time, second-quarter interest expense rose 20.8%[3], and the company needs $6.74 to $6.84 of FFO per share in the second half to land inside its raised full-year range. The central unresolved relationship is whether rent growth can outrun rising interest costs before the Saks Off 5th space is fully re-leased and the TRG year-over-year effect fades.

Between the August 10 second-quarter release and October 30, verifiable independent interpretation was scarce: the articles found either could not be checked against their original text and publication date or simply restated results and summarized brokers' views on the stock, so no outside interpretation attributable to a specific publisher or named analyst is available to synthesize here. Readers can judge the three debates above only from the company's own disclosures and the third-quarter figures about to be reported.

If third-quarter occupancy holds at 96.0%, average base rent growth stays at or above 5%, comparable sales growth stays above 4%, the effective weighted average rate stays at or below 4.00%, and full-year FFO guidance is held or raised, the view that rent growth is outrunning interest costs would be materially strengthened. Conversely, if occupancy falls below 95.7%, comparable sales growth drops below 2%, third-quarter FFO per share comes in below the prior year's $3.22, or the effective weighted average rate rises above 4.10%, that view would be weakened.

Sources

[1] SPG FY2025 10-K filed 2026-02-25 · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-K&dateb=&owner=include&count=40

[2] Drillr earnings calendar SPG updated 2026-10-29 · 2026-10-29 · Drillr earnings calendar

[3] SPG Q2 2026 8-K filed 2026-08-10 (income statement, FAD and tenants) · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/0001063761/000110465926093361/tm2620726d2_ex99-1.htm

[4] SPG Q2 2026 8-K filed 2026-08-10 · 2026-08-10 · 8-K · https://www.sec.gov/Archives/edgar/data/0001063761/000110465926093361/tm2620726d2_ex99-1.htm

[5] SPG Q1 2026 earnings call 2026-05-11 · 2026-05-11 · earnings-call · https://gateway.drillr.ai/mcp/private

[6] Barchart earnings preview for SPG 2026-10-16 · 2026-10-16 · Barchart · https://finance.yahoo.com/real-estate/articles/earnings-preview-expect-simon-property-104653000.html

[7] Drillr analyst estimates SPG Q3 2026 retrieved 2026-10-29 · 2026-10-29 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[8] SPG Q2 2026 earnings call 2026-08-10 · 2026-08-10 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] SPG Q2 2026 10-Q filed 2026-08-10 · 2026-08-10 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-Q&dateb=&owner=include&count=40

[10] SPG 8-K filed 2026-03-24 · 2026-03-24 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=8-K&dateb=&owner=include&count=40

[11] SPG FY2025 10-K filed 2026-02-25 (lease income and leasing) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-K&dateb=&owner=include&count=40

[12] SPG Q2 2026 10-Q filed 2026-08-10 (debt, capital and platform investments) · 2026-08-10 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-Q&dateb=&owner=include&count=40

[13] SPG FY2025 10-K filed 2026-02-25 (results, FFO and cash flows) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-K&dateb=&owner=include&count=40

[14] SPG FY2025 10-K filed 2026-02-25 (debt and TRG acquisition) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-K&dateb=&owner=include&count=40

[15] SPG FY2025 10-K filed 2026-02-25 (risk factors) · 2026-02-25 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001063761&type=10-K&dateb=&owner=include&count=40

[16] SPG Q1 2026 8-K filed 2026-05-11 · 2026-05-11 · 8-K · https://www.sec.gov/Archives/edgar/data/0001063761/000110465926058646/tm2611645d2_ex99-1.htm