Simon Property Group's first quarter 2026 Real Estate FFO of $3.17 beat expectations, leading to raised full-year guidance.

Simon Property Group reported first quarter Real Estate Funds From Operations (FFO) of $3.17 per share on total revenue of $1.76 billion. The results were driven by strong operational performance, particularly in its domestic portfolio, prompting management to raise its full-year 2026 guidance and increase its quarterly dividend.

Key Highlights

• Real Estate FFO grew 7.5% year-over-year to $3.17 per share, outperforming analyst expectations of $2.98.
• Domestic property Net Operating Income (NOI) increased 6.7% compared to the prior year, significantly exceeding the 3.0% growth anticipated by the market.
• Management increased its full-year 2026 Real Estate FFO guidance to a range of $13.10 to $13.25 per share and raised the quarterly dividend by 7.1% to $2.25 per share.
• Key operational metrics showed strength, with reported retailer sales per square foot for the trailing 12 months increasing 11.8% to $819 and base minimum rent per square foot growing 5.2% to $61.99.