- Real Estate FFO rose 4.7% to $1.277 billion, or $3.37 per share, in Q3, and Simon lifted full-year guidance to $13.30 to $13.40 per share, up $0.10.
- Occupancy reached 96.5% in U.S. malls and Premium Outlets, base minimum rent rose 6.1% to $62.75 per SF, and reported retailer sales climbed 14.8% to $852 per SF.
- Net income fell to $1.54 per share from $1.86 on $99.6 million of non-cash losses, while the dividend rose 4.5% to $2.30 and Simon repurchased $236.5 million of its stock.
Simon Property Group posted third-quarter results that beat last year’s, raised its full-year Real Estate FFO outlook and lifted its quarterly dividend to $2.30.
Real Estate FFO grew 4.7% to $1.277 billion, or $3.37 a share, against $3.22 a year ago.
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Operating Metrics
Domestic property NOI grew 6.6% and portfolio NOI grew 6.7%. U.S. mall and Premium Outlets occupancy was 96.5% at Sept. 30, up from 96.4%.
Base minimum rent per SF reached $62.75, up 6.1%, and reported retailer sales per SF climbed 14.8% to $852 over the trailing 12 months.
CEO Eli Simon noted that shopper traffic growth sped up for the third quarter in a row.
Why Net Income Fell
Net income to common stockholders came in at $499.0 million ($1.54 per share), down from $606.2 million ($1.86) in 2025. About $99.6 million ($0.27 a share) of non-cash, after-tax losses weighed on results.
The hit came from unrealized mark-to-market moves on the Klépierre exchangeable bonds and a revaluation of a stake, held through an unconsolidated platform investment, that began trading publicly in the quarter.
Guidance, Dividend and Balance Sheet
Simon now expects 2026 Real Estate FFO of $13.30 to $13.40 per share, up $0.10 from its prior range. The $2.30 dividend, up 4.5% from a year ago, is payable Dec. 31 to holders of record Dec. 10.
The company repurchased about 1.14 million shares for $236.5 million at an average $207.98. It also sold $800 million of senior notes at a 5.45% weighted-average coupon and closed seven secured loans of roughly $970 million at 6.33%. Liquidity stood at about $9.0 billion.
Why It Matters
Simon’s numbers back up what we saw in September, when DFW malls like NorthPark Center and Stonebriar Centre drew more shoppers and gained value as retailers favored top-tier centers.
They also sit alongside Green Street’s finding that mall values rose 13%, the strongest of any property type, even with $8.7 billion of mall CMBS loans in special servicing.
What’s Next
With the guidance raise, Simon has now lifted its full-year outlook again. Watch whether traffic and sales growth hold through the holiday season.
