| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | 14.4x | 17.8x | Bottom tier | |
Growth | 58 | 15.0% | 7.1% | Around median | |
Quality | 87 | 10.8% | 4.5% | Top tier | |
Safety | 39 | 5.6x | 2.6x | Bottom tier | |
Capital Return | 22 | — | 2.12% | Bottom tier | |
Momentum | 71 | 22.3% | 2.9% | Top tier | |
Sentiment | 81 | 6 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Simon Property Group owns, operates, and develops a portfolio of shopping malls, Premium Outlets, The Mills, international properties, and mixed-use projects. Its core economic engine is rental income, with cash flow growth driven by rent increases, reletting recovered spaces, improving the tenant mix, and developing assets; it also benefits from digital and advertising platforms including Simon+, ShopSimon, Simon Search, and a network of more than 4,000 screens.
In Q2 of fiscal year 2026, revenue was approximately $1.8 billion and net income was $484.0 million, representing an approximate net income margin of 26.9%, while earnings per share were $1.49. Revenue of $1.79 billion exceeded expectations, but earnings per share fell short of analysts’ estimate of $1.61. Funds from real estate operations reached $1.25 billion, or $3.29 per share, up 7.9% year over year, while domestic property net operating income increased 8.5%.
The portfolio mix in Q2 of fiscal year 2026 showed positive performance across domestic and international operations, with portfolio net operating income, including international properties and at constant exchange rates, growing 8.3%. Occupancy at shopping malls and Premium Outlets was 96%, and occupancy at The Mills was 98.8%, despite the recovery of approximately one million square feet related to the Saks Off Fifth bankruptcy, while average minimum base rent at shopping malls and Premium Outlets increased 6.3%. The acquisition of the remaining 12% stake in TRG contributed approximately 120 basis points to domestic net operating income growth.
The average analyst price target is $223.33, with a wide range of $207 to $285 and a Neutral consensus, while the 52-week range extends from $172.19 to $238.50. The average target is below the 52-week range high, while the highest target clearly exceeds that high; this dispersion reflects the balance between growth in funds from operations and raised fiscal year 2026 guidance versus interest-rate pressure and the potential slowdown in tenant sales.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Funds from real estate operations increased 7.9% to $1.25 billion, or $3.29 per share, and domestic property net operating income increased 8.5%. Growth came from higher rental income, cost controls, and acquisition contributions, including approximately 120 basis points related to the additional 12% stake in TRG. The company signed more than 1,200 leases covering more than 4.8 million square feet during the quarter, with new leases increasing by more than 20% year over year.
The company recovered approximately one million square feet from Saks Off Fifth in mid-May 2026, and these spaces had generated $18 million in rent. By the August 10, 2026 call, signed leases covering approximately half of the space had exceeded the previous rent value, and management expects total income to reach $44 million after reletting is completed. Shopping mall and Premium Outlets occupancy remained at 96% at the end of Q2 of fiscal year 2026 and reached 96.3% at the end of July 2026, but most of the impact from the new rents will appear in fiscal year 2027.
On August 10, 2026, the company raised its funds from real estate operations guidance range to $13.20–$13.30 per share. This compares with $12.73 in fiscal year 2025 and represents a $0.08 increase at the midpoint of the previous range. The guidance assumes moderating tenant sales growth during the second half of fiscal year 2026, although management had not seen evidence of an imminent slowdown as of the call date.
Automated analysis for informational purposes only — not investment advice.
The company ended Q2 of fiscal year 2026 with liquidity of approximately $9.3 billion, net debt to earnings before interest, taxes, depreciation, and amortization below 5.0 times, and fixed-charge coverage of 4.7 times. During the quarter, it completed eight secured loan transactions valued at $1.4 billion with a weighted-average interest rate of 5.36%, and issued €500 million of senior notes at 3.65% interest for five years. In contrast, it faces approximately $4.5 billion of unsecured debt maturities in the second half of fiscal year 2027, and refinancing costs remain exposed to the elevated interest-rate environment.
The company’s share of the net cost of projects under development reached $1.07 billion at the end of Q2 of fiscal year 2026, with a targeted blended yield of 9%. Mixed-use development represents approximately 50% of that cost, while the total project pipeline exceeds $4 billion. Management presented a plan to begin projects with additional net costs exceeding $600 million during the second half of fiscal year 2026, alongside more than $400 million allocated over four years for center improvements.
Shopping mall and Premium Outlets sales reached approximately $838 per square foot in Q2 of fiscal year 2026, up 13.9%. Total sales volume grew 7.6% during the quarter, comparable sales increased 5.7%, and visitor traffic rose 2% in the quarter and 3.6% in July 2026. The company also completed more than 87% of its 2026 lease expirations, and the potential deal pipeline stood at 483 deals as of the August 10, 2026 call.
