Simon Property Group Raises Full-Year Outlook on NOI Growth
The real estate investment trust increased its full-year Real Estate FFO per share guidance midpoint by $0.08.
Simon Property Group (SPG), the real estate investment trust, reported a 7.9% year-over-year increase in Real Estate FFO per share to $3.29 in the second quarter of 2026.
The results reflected an acceleration in core operational performance. Portfolio Net Operating Income (NOI) rose 8.3% year-over-year in the second quarter, up from a 6.7% increase in the first quarter. Domestic property NOI showed a similar trajectory, increasing 8.5% year-over-year compared to the 6.7% growth seen in the prior quarter.
Retailer activity supported the income growth. Reported retailer sales per square foot for the trailing 12 months ended June 30, 2026, rose 13.9% year-over-year to $838. This followed a period ended March 31, 2026, where sales per square foot were $819, representing an 11.8% year-over-year increase.
Leasing metrics also trended upward. Base minimum rent per square foot rose to $62.42 at June 30, 2026, a 6.3% increase over the same period in 2025. This figure represented a sequential increase from the $61.99 reported at March 31, 2026.
Net income attributable to common stockholders decreased to $483.1 million, or $1.49 per diluted share, from $556.1 million, or $1.70 per diluted share, in the second quarter of 2025.
Simon increased its full-year 2026 Real Estate FFO per share guidance to a range of $13.20 to $13.30. The midpoint of the new range is $0.08 per share higher than previous guidance.
The company increased the quarterly common stock dividend by $0.10, or 4.7% year-over-year, to $2.25 for the third quarter of 2026. During the second quarter, Simon invested $211.4 million to repurchase 793,077 shares of common stock and 237,618 limited partnership units.