Simon Property Q2 2026: Real Estate FFO per share up 7.9%, guidance raised
Simon Property's quarter was strong where it counts for a landlord: revenue rose 19.5% to $1.79 billion and Real Estate FFO per share rose 7.9% to $3.29, and management raised full-year guidance. GAAP net income fell 13.1% to $483.1 million, or $1.49 a share, but that drop lines up with a $0.21 per share non-cash investment gain booked in last year's quarter.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $1.49 came in 11.9% below the single consensus figure of $1.6907 in the data, and 12.4% below last year's $1.70. The comparison that matters more for a REIT is Real Estate FFO: $3.29 per share against $3.05, a 7.9% gain. The bridge between the two is mostly depreciation of $1.61 per share, which GAAP counts as an expense and FFO adds back.
Revenue of $1.79 billion was 19.5% above the $1.50 billion reported a year earlier. The two segment lines shown here, $1.51 billion of domestic property NOI and $96.0 million of international properties, add to $1.60 billion, below total revenue, because NOI is struck after property operating costs rather than before them. Treat the segment split as a partial slice of the top line, not a reconciliation of it.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.