Simon Raises 2026 Real Estate FFO Outlook Again

The Tip Desk · November 5, 2026 · 3 min read

Real Estate FFO was $3.37 a share in the third quarter as the REIT lifted full-year guidance to $13.30–$13.40 and raised its common dividend to $2.30.

Simon Property Group (SPG), a real estate investment trust that owns shopping, dining, entertainment and mixed-use destinations, raised its full-year 2026 Real Estate FFO per share outlook for a third consecutive quarter and lifted its quarterly common dividend.

The company now estimates Real Estate FFO of $13.30 to $13.40 a share for the year ending December 31, 2026, up $0.10 from the prior $13.20 to $13.30 range. It also declared a fourth-quarter common dividend of $2.30, a $0.10, or 4.5%, year-over-year increase, payable December 31, 2026.

Real Estate FFO for the three months ended September 30, 2026 was $1.277 billion, or $3.37 a share, compared with $1.215 billion, or $3.22 a share, a year earlier, an increase of 4.7%. That year-over-year pace slowed from 7.9% in the second quarter, when Real Estate FFO was $1.249 billion, or $3.29 a share, after 7.5% growth in the first quarter.

Net income attributable to common stockholders was $499.0 million, or $1.54 a share, versus $606.2 million, or $1.86 a share, in 2025. The company said the quarter included $99.6 million, or $0.27 a share, of non-cash after-tax losses from unrealized mark-to-market adjustments on Klépierre exchangeable bonds and the revaluation of an equity security that became publicly traded and is held by one unconsolidated Other Platform Investment.

Total revenue was $1.815 billion, up from $1.602 billion a year earlier, led by lease income of $1.681 billion versus $1.453 billion. Operating income before other items was $804.5 million versus $812.9 million.

Domestic property NOI growth slowed to 6.6% from 8.5% in the second quarter, after 6.7% in the first quarter. Portfolio NOI growth slowed to 6.7% from 8.3%.

Chief Executive Officer Eli Simon said leasing momentum continued, rents and occupancy increased, and shopper traffic growth accelerated for the third consecutive quarter, which he said drove retailer sales growth across the portfolio.

Occupancy at U.S. malls and premium outlets was 96.5% at September 30, 2026, up 0.1% from 96.4% a year earlier. Base minimum rent per square foot was $62.75, up 6.1% from $59.14. Reported retailer sales per square foot for the trailing 12 months ended September 30, 2026, was $852, up 14.8% from $742.

During the quarter, Simon repurchased 1,137,182 shares at an average $207.98 for $236.5 million. It completed a two-tranche senior notes offering totaling $800 million with a weighted-average term of 7.7 years and a 5.45% coupon, and seven secured loans totaling about $970 million at a 6.33% weighted-average rate. Liquidity was about $9.0 billion as of September 30, 2026, including $1.3 billion of cash on hand and $7.7 billion of available capacity under $8.5 billion of revolving credit facilities.

The board also declared a quarterly dividend of $1.046875 a share on the 8 3/8% Series J preferred stock, payable December 31, 2026.