Simon Property earnings: third quarter 2026

Simon Property, which owns shopping malls and outlet centres, grew sales 13.3% to $1.81 billion in the third quarter as rent income rose. Its own adjusted profit measure, Real Estate funds from operations per share, rose to $3.37 from $3.22. Net income fell, mainly because of higher depreciation and interest costs. Simon raised its forecast for that main profit measure for 2026. ¹

Against what analysts expected

Simon's adjusted figure, Real Estate funds from operations per share, was $3.37. That is about 1.5% above the $3.32 analysts expected on average (Nasdaq's earnings calendar), close enough to count as in line. That adjusted figure is the one the forecast is set against. Reported earnings per share were $1.54, and plain funds from operations per share were $3.09. ¹²

The strong points

• Sales rose 13.3% from a year earlier to $1.81 billion, lifted by higher rent from its shopping centres. ¹
• Income from the property portfolio, meaning the rent left after the properties' running costs, grew 6.7%. ¹
• Its U.S. malls and outlets were 96.5% full, and retailers' sales per square foot rose 14.8% to $852. ¹

The weak points

• Interest costs rose 18.5% to $287.6 million as Simon replaced old debt with new, more expensive borrowing. ¹
• Counting everything, including its stake in European mall owner Klépierre and its other investments, income grew only 1.9%. ¹

What the company expects

• Simon raised its 2026 forecast for Real Estate funds from operations per share to $13.30 to $13.40, from $13.20 to $13.30. ¹
• At the same time, it lowered its forecast for 2026 net income per share to $6.32 to $6.42, from $6.47 to $6.57, without remarking on it in the text. ¹

Our verdict on the quarter

A very strong report. Simon raised its forecast for the year's main profit measure, the quarter came in about where analysts expected, and sales and rent income grew. The one blemish is a lower forecast for net income per share.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Simon Property's results release, 5 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 5 November 2026. ↩