Simon Property Group, Inc.
- Open
- 212.68
- Day high
- 212.68
- Day low
- 209.30
- Prev close
- 211.87
- Volume
- 915K
- Mkt cap
- $68.5B
- P/E (TTM)
- 14.9
- EPS (TTM)
- $14.14
- P/B
- 15.5
- P/S
- 9.9
- Yield
- 2.12%
- Per share
- $4.45
- ▲Insiders net buying $533K over the last 3 months (28 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Simon Property Group, Inc. (SPG) is a Real Estate company listed on NYSE. The stock is up 17% over the past year. Over the trailing 3 months, insiders filed 28 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering SPG.
Simon Property Group, Inc. (SPG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 13 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $1.64 | $1.49 | -9.1% | $1.7B | +3.0% |
| May 11, 2026 | $1.46 | $1.48 | +1.4% | $1.8B | +13.9% |
| Feb 2, 2026 | $3.47 | $3.49 | +0.6% | $1.8B | +18.5% |
| Feb 4, 2025 | $1.98 | $3.68 | +85.9% | $1.6B | +19.2% |
| Nov 1, 2024 | $1.57 | $2.84 | +80.9% | $1.5B | +11.7% |
| Aug 2, 2023 | $2.91 | $2.88 | -1.0% | $1.4B | +9.6% |
| May 2, 2023 | $2.80 | $2.74 | -2.1% | $1.4B | +9.0% |
| Feb 6, 2023 | $3.14 | $3.15 | +0.3% | $1.4B | +8.3% |
| Nov 1, 2022 | $2.93 | $2.97 | +1.4% | $1.3B | +6.2% |
| Feb 7, 2022 | $2.88 | $3.09 | +7.3% | $1.3B | +5.3% |
| Feb 8, 2021 | $2.19 | $2.17 | -0.9% | $1.1B | +3.8% |
| Feb 4, 2020 | $2.95 | $2.96 | +0.3% | $1.5B | +6.4% |
SPG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | LEIBOWITZ REUBEN Sdirector | Buy | 430 | $223.14 |
| Jul 1, 2026 | SELIG STEFAN Mdirector | Buy | 33 | $224.01 |
| Jul 1, 2026 | Aeppel Glyndirector | Buy | 199 | $223.14 |
| Jul 1, 2026 | Cicco Martin Jdirector | Buy | 2 | $223.37 |
| Jul 1, 2026 | STEWART MARTA Rdirector | Buy | 2 | $224.07 |
| Jul 1, 2026 | Jones Nina Pdirector | Buy | 41 | $223.14 |
| Jul 1, 2026 | LEIBOWITZ REUBEN Sdirector | Buy | 25 | $223.94 |
| Jul 1, 2026 | Roe Peggydirector | Buy | 6 | $223.27 |
| Jul 1, 2026 | LEWIS RANDALL Jdirector | Buy | 4 | $223.51 |
| Jul 1, 2026 | SELIG STEFAN Mdirector | Buy | 187 | $223.14 |
| Jul 1, 2026 | Smith Daniel C.director | Buy | 314 | $223.14 |
| Jul 1, 2026 | Jones Nina Pdirector | Buy | 2 | $223.49 |
| Jul 1, 2026 | RODKIN GARY Mdirector | Buy | 209 | $223.14 |
| Jul 1, 2026 | GLASSCOCK LARRY Cdirector | Buy | 13 | $223.10 |
| Jul 1, 2026 | Cicco Martin Jdirector | Buy | 13 | $223.14 |
Source: SPG SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full SPG insider & 13F page →Simon Property Group, Inc. company profile
Overview
Simon Property Group, Inc. (NYSE:SPG) is one of the largest real estate investment trusts (REITs) in the United States, founded in 1960 and going public in 1993. The company has grown from 115 properties at its IPO to become a dominant force in retail real estate, currently owning and operating over 200 shopping centers across North America, Europe, and Asia. As an S&P 100 company, Simon Property Group has established itself as the premier owner and operator of high-quality retail destinations, serving millions of shoppers annually and generating billions in retail sales across its portfolio.
Business
Simon Property Group operates as a Real Estate Investment Trust (REIT) specializing in retail properties, making it one of the world's largest owners of shopping centers. A REIT is a company that owns, operates, or finances income-generating real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. The company's portfolio consists of three main property types. Regional malls represent the largest segment, featuring enclosed shopping centers anchored by department stores and containing a mix of national retailers, restaurants, and entertainment venues. These properties typically serve as community gathering places and shopping destinations for metropolitan areas. Premium outlet centers constitute the second major segment, offering brand-name merchandise at discounted prices in open-air or enclosed formats, often located near tourist destinations or major highways. The third segment includes The Mills properties, which are large-format retail centers combining outlet shopping with entertainment and dining options. Beyond traditional retail spaces, Simon has been expanding into mixed-use developments that incorporate residential, office, hotel, and entertainment components alongside retail. This diversification strategy currently represents approximately 3% of the company's net operating income but is targeted to grow to 8-10% over the coming years. The company also maintains international operations with 35 outlet centers across Europe and Asia, including recent expansions in South Korea and Indonesia.
Revenue model
Simon Property Group generates revenue primarily through rental income from tenants who lease space in its shopping centers. The company collects base minimum rents from retailers, which provide steady cash flow, along with percentage rents tied to tenant sales performance when those sales exceed predetermined thresholds. Additional revenue streams include common area maintenance charges, property taxes, and other recoverable expenses passed through to tenants. The company's customers are primarily national and regional retailers spanning various categories including apparel, dining, entertainment, luxury goods, and services. These tenants sign multi-year leases, typically ranging from 5-10 years, providing predictable income streams. The business model benefits from high occupancy rates, currently around 96%, and the ability to increase rents during lease renewals. Several factors influence Simon's profitability margins. Positive factors include the company's premier locations in high-traffic areas, limited new retail construction creating supply constraints, and strong retailer demand for quality space. The company's scale allows for operational efficiencies and negotiating power with both tenants and service providers. Challenging factors include the ongoing evolution of retail toward e-commerce, which can pressure tenant sales and rental rates, macroeconomic conditions affecting consumer spending, and the financial health of retail tenants. Rising interest rates can also impact the company's substantial debt load and development project economics. The company has diversified its revenue base through Other Platform Investments, which includes stakes in retail brands and joint ventures. This segment contributed $0.64 per share in funds from operations in 2022, providing additional income beyond traditional real estate operations.
Competitive moat
Simon Property Group possesses a strong economic moat built primarily on its irreplaceable real estate assets and dominant market positions. The company's portfolio consists of premier shopping destinations in high-traffic, affluent markets where new retail construction is extremely limited due to zoning restrictions, high development costs, and lengthy approval processes. This creates significant barriers to entry for potential competitors. The company's scale advantages are substantial, operating over 200 properties across multiple countries, which provides negotiating leverage with both tenants and suppliers. Large national retailers often prefer to work with a single landlord who can provide multiple locations, giving Simon preferred access to creditworthy tenants. The company's extensive customer database of 25 million email subscribers and digital marketing capabilities further strengthen tenant relationships. Network effects enhance the moat as successful shopping centers attract complementary retailers, creating a virtuous cycle. Consumers benefit from having multiple shopping and dining options in one location, while retailers benefit from the foot traffic generated by neighboring stores. Simon's mixed-use development strategy is expanding this network effect by adding residential, office, and entertainment components. However, the moat faces potential disruption from the continued growth of e-commerce, which has fundamentally altered retail shopping patterns. While Simon's high-quality properties have proven more resilient than lower-tier malls, the long-term impact of changing consumer behavior remains a concern. The company is adapting by focusing on experiential retail, dining, and entertainment that cannot be easily replicated online, but this transformation requires ongoing capital investment and strategic repositioning.
Risks & safety
Simon Property Group presents a moderate margin of safety with strong operational cash flows but elevated leverage levels typical of REITs. • Liquidity and Debt: Strong liquidity position with over $10 billion available, but high debt-to-equity ratio of 8.4x reflects REIT capital structure norms. Net debt-to-EBITDA of 5.2x is within acceptable range for the sector. • Cash Generation: Robust free cash flow of $3.1 billion annually provides substantial coverage for dividends and capital expenditures. Operating cash flow of $3.8 billion demonstrates strong underlying business performance. • Valuation Metrics: Trading at 15.9x EV/EBITDA and 23.7x P/E ratio, which appears reasonable for a quality REIT with 96%+ occupancy rates and growing NOI. • Dividend Coverage: Well-covered dividend with payout ratio allowing for reinvestment in properties and development projects. • Other Considerations: High occupancy rates and strong tenant demand provide operational stability, though exposure to retail sector cyclicality and interest rate sensitivity remain key risks.
Recent development
Over the past few years, Simon Property Group has executed several strategic initiatives to adapt to the evolving retail landscape and drive growth. The company has significantly expanded its mixed-use development strategy, moving beyond traditional retail to incorporate residential, office, and entertainment components. This diversification effort includes luxury residential projects like the 234-unit development at Northgate Station and plans for 4-5 mixed-use projects representing $400-500 million in annual investment. Digital transformation has been a major focus, with the company rebranding its digital marketplace to "ShopSimon" and launching a nationwide marketing campaign called "Meet Me @themall." The company is developing a loyalty program leveraging its 25 million customer email database and exploring ship-from-store capabilities to bridge online and offline shopping experiences. International expansion continues with recent acquisitions of luxury outlet centers in Italy from Kering and the opening of new outlets in Asia, including the first outlet center in Jakarta, Indonesia, and expansion of the Busan Premium Outlets in South Korea. The company has also been actively improving its property portfolio through strategic redevelopments, completing 16 significant redevelopment projects in 2024 while maintaining a pipeline of approximately $4 billion in development and redevelopment opportunities. The company has strengthened its balance sheet by deleveraging and maintaining substantial liquidity, while consistently returning capital to shareholders through dividend increases and share repurchases. Recent dividend increases of 7.7% demonstrate management's confidence in the business model's resilience and cash generation capabilities.
SPG company profile · for informational purposes only — not investment advice.
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