Simon Property Group Inc.

SPG
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.8B
Q1 2026 · +19.2% YoY
TTM ROIC
7.2%
FY2025 · NOPAT / Invested Capital (Operating Income × (1 - ~10% tax rate) / (Total Assets - Excess Cash)) · WACC ~4.8% · Moat spread +2.4pp

Financial Snapshot

ticker: SPG step: 04 generated: 2026-05-12 source: quick-research

Simon Property Group Inc. (SPG) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$5.35B ~$5.65B $5.96B +5%
FFO (total) ~$4.46B ~$4.71B $4.90B +4%
FFO per diluted share ~$11.87 ~$12.51 $12.99 +4%
Real Estate FFO/share ~$11.30 ~$11.80 $12.24 +4%
Net Income (GAAP) ~$2.4B ~$2.3B ~$2.3B flat

For REITs, FFO per share is the primary performance metric. GAAP net income is less meaningful due to real estate depreciation exclusion.

Cash Flow & Balance Sheet (FY2024)

Metric Value
FFO (operating earnings proxy) $4.90B
Annual Dividend ~$8.40/share ($2.10/quarter × 4)
Cash & Liquidity ~$10.2B total liquidity
Total Debt ~$33B

Simon operates with significant leverage typical of large REIT capital structures. Debt-to-assets ratio ~38%; investment-grade rated. Q1 2026 quarterly dividend raised 4.8% to $2.20/share.

Key Ratios (approximate)

  • P/FFO (forward): ~16–18x | Dividend Yield: ~4.5–5% | Price/NAV: ~1.0–1.05x
  • Occupancy (year-end 2024): 96.5% (8-year high) | Base Rent/sq ft: $58.26

Growth Profile

Simon's growth is driven by two levers: (1) same-property NOI growth (base rent escalations + percentage rent tied to tenant sales), guided at 3%+ annually; and (2) development/redevelopment pipeline that converts low-yield or vacant anchor space into mixed-use, higher-rent uses. Record leasing activity (5,500 leases, 21M sq ft in 2024) demonstrates continued retailer demand for Class-A locations. FY2025 revenue reached $6.37B (+6.7% YoY), with record real estate FFO reported for FY2025.

Forward Estimates

  • FY2026: Revenue consensus ~$6.34B; normalized EPS ~$6.60; FFO/share ~$13.50–14.00 range
  • Mixed-use pipeline: $4B shadow pipeline (Boca Raton Town Center, Fashion Valley San Diego) — potential NOI catalyst when projects deliver 2027–2029
  • $2B buyback program: Announced; signals management confidence in NAV vs. market price

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $SPG.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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