Simon Property Group (SPG) reported net income attributable to common stockholders of US$ 499.0 million in the third quarter of 2026, or US$ 1.54 per diluted share (EPS, earnings per share). In 3Q25, net income was US$ 606.2 million, or US$ 1.86 per share. The quarter's result includes non-cash accounting losses, net of taxes, of US$ 99.6 million (US$ 0.27 per share), tied to the mark-to-market of Klépierre's exchangeable bonds and the revaluation of a stock that began trading on an exchange.
Total revenue came to US$ 1.81 billion, versus US$ 1.60 billion in 3Q25. FFO (funds from operations, a non-GAAP measure used by REITs) was US$ 1.172 billion, or US$ 3.09 per share, versus US$ 1.228 billion (US$ 3.25 per share) a year earlier. Adjusted Real Estate FFO (non-GAAP, excludes items such as the non-cash losses) was US$ 1.277 billion, or US$ 3.37 per share, up 4.7% from US$ 3.22 in 3Q25. NOI (net operating income) from U.S. properties rose 6.6%, and portfolio NOI rose 6.7%.
The board declared a quarterly dividend of US$ 2.30 per share for the fourth quarter of 2026, up US$ 0.10, or 4.5%, year over year. It will be paid on December 31, 2026, to shareholders of record on December 10, 2026. During the quarter, the company repurchased 1,137,182 shares at an average price of US$ 207.98, for a total of US$ 236.5 million.
Simon raised its 2026 Real Estate FFO per share guidance to between US$ 13.30 and US$ 13.40, up from US$ 13.20 to US$ 13.30 previously. Its diluted net income per share guidance changed to US$ 6.32 to US$ 6.42, from US$ 6.47 to US$ 6.57. During the quarter, the company issued US$ 800 million in senior notes, with an average coupon of 5.45% and an average term of 7.7 years. As of September 30, 2026, liquidity was approximately US$ 9.0 billion.
