Simon Property Group reported robust second quarter results, with revenue of $1.79 billion significantly exceeding analyst expectations of $1.52 billion. The company raised its full-year 2026 Real Estate FFO guidance midpoint to $13.25 per share, citing persistent leasing demand and strong retailer sales performance across its high-end mall portfolio.
Key Highlights
- Revenue grew 19.5% year-over-year to $1.79 billion, driven by a 6.3% increase in base minimum rent per square foot to $62.42.
- Portfolio occupancy stood at 96.0%, exceeding analyst estimates of 95.8% and remaining stable compared to the prior year.
- Reported retailer sales per square foot reached $838 for the trailing 12 months, a 13.9% increase from the prior year period.
- Real Estate FFO per share rose 7.9% to $3.29, while standard FFO of $3.12 was impacted by $0.10 per share of accelerated stock compensation.
- The quarterly dividend was increased by 4.7% year-over-year to $2.25 per share.