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Earnings / NEWS

Simon raises 2026 FFO outlook and declares $2.30 dividend

Simon Property Group increased its full-year Real Estate FFO forecast after reporting higher third-quarter property income, while net income and conventional FFO declined.

Markets & ResearchNovember 6, 2026 · 2 min read
Picture of Simon Property Group's Headquarters; Indianapolis, IN; 2006
Picture of Simon Property Group's Headquarters; Indianapolis, IN; 2006 Archival photograph. Photo: The original uploader was Me at English Wikipedia . / Wikimedia Commons · Public domain. Commons resize where applicable; CSS display crop.

Forecast and quarterly results

Simon Property Group raised its 2026 Real Estate funds from operations forecast by 10 cents at both ends, to $13.30–$13.40 per diluted share, the company said in its Nov. 5 earnings release. The previous range was $13.20–$13.30. Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per

For the quarter ended Sept. 30, the real estate investment trust reported Real Estate FFO of $1.277 billion, or $3.37 per diluted share, compared with $1.215 billion, or $3.22 per share, a year earlier. The per-share figure rose 4.7%. Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per

Other earnings measures declined. Net income attributable to common stockholders was $499 million, down from $606.2 million, while FFO fell to $3.09 per diluted share from $3.25. The current-quarter figures included noncash after-tax valuation losses of $0.27 per share. Both FFO measures are non-GAAP; Simon’s Real Estate FFO measure excludes certain investment and valuation effects. Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per

Property metrics and capital

Simon reported year-over-year growth of 6.6% in domestic property net operating income and 6.7% in portfolio NOI. Occupancy at its U.S. malls and Premium Outlets was 96.5% on Sept. 30, compared with 96.4% a year earlier. Base minimum rent for that portfolio was $62.75 per square foot, up from $59.14. Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per

During the quarter, Simon completed an $800 million senior notes offering and seven secured loan transactions totaling approximately $970 million. It reported approximately $9 billion in liquidity as of Sept. 30. Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per

The board declared a fourth-quarter common stock dividend of $2.30 per share, 10 cents higher than a year earlier. It is payable Dec. 31, 2026, to shareholders of record on Dec. 10. Simon® Reports Third Quarter 2026 Results, Increases Guidance for Full Year 2026 Real Estate FFO Per

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Simon Property Groupthird-quarter resultsFFOguidancedividendretail