Simon Property Q3 2026: revenue up 13.3%, EPS misses as FFO guidance rises
Simon's quarter looked weak on the surface and strong underneath: revenue rose 13.3% to $1.81 billion, yet GAAP earnings per share fell 17.2% to $1.54 and missed the $1.72 consensus. Non-cash mark-to-market losses explain most of the gap, while Real Estate FFO per share rose 4.7% and full-year guidance was raised. Read the FFO lines, not the net income line.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share of $1.54 landed below the $1.72 consensus and down from $1.86 a year ago. The quarter absorbed $99.6 million, or $0.27 per share, of non-cash after-tax mark-to-market losses on the Klépierre exchangeable bonds and a revalued equity security. Excluding those items, Real Estate FFO per share was $3.37, up 4.7%.
Revenue of $1.81 billion rose 13.3% from $1.60 billion a year earlier, with lease income climbing to $1.68 billion from $1.45 billion. Nine-month revenue reached $5.36 billion. Property-level cash generation kept pace: domestic property NOI grew 6.6% and portfolio NOI grew 6.7%.
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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 2026-11-06
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