Simon earnings: guidance and what to watch
Simon’s next results are due November 5, 2026. Watch whether leasing activity becomes stronger, durable cash flow.
What has Simon guided for 2026?
Management guides to $13.20–$13.30 of Real Estate FFO per diluted share in 2026. The board guidance calls for common dividends of at least $8.80 per share. Simon forecasts total net cash redevelopment investment of $347,188 thousand in 2026 and $155,266 thousand in 2027. More than 60 anchor and specialty tenants are expected to open across 2026–2027.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Estimated Real Estate FFO per diluted share | Year to Dec 2026 | 13.20 | 13.30 | Aug 10, 2026 |
| Common stock dividends per share (at least) | Year to Dec 2026 | 8.80 | Apr 1, 2026 | |
| Anchor and specialty tenants expected to open (more than) | Years 2026–2027 | 60 | Apr 1, 2026 | |
| Total Net Cash Investment, forecasted investment FY 2026 (US$ thousands) | Year to Dec 2026 | 347,188 | 347,188 | Aug 10, 2026 |
| Total Net Cash Investment, forecasted investment FY 2027 (US$ thousands) | Year to Dec 2027 | 155,266 | 155,266 | Aug 10, 2026 |
What this means. The detailed calculation says the high estimate for net income per share is 6.57 dollars, but the summary mistakenly says 7.47 dollars, so 6.57 dollars is used.
What do Simon’s last eight quarters show?
Revenue grew much faster than NOI against Q2 2025. The gap matters because Simon’s late-2025 Taubman consolidation changed the consolidated base, while comparable-property NOI is designed to test existing-center progress. Simon reported domestic property NOI growth of 8.5% for Q2 and said acquisitions contributed to growth, so the comparable measure remains the cleaner operating signal.
Reported FFO per share was affected by a $0.21 after-tax investment gain in Q2 2025. Real Estate FFO per share rose 7.9% year over year, which makes the recurring property comparison more useful than the reported FFO comparison. The quarter’s Real Estate FFO and dividend still need to be read alongside tenant allowances, capital spending and the longer debt schedule.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,790,598 | 1,757,093 | 1,791,462 | 1,601,572 | 1,498,459 | 1,473,012 | 1,582,232 | 1,480,710 |
| Net operating income | 1,602,803 | 1,570,728 | 1,658,934 | 1,522,261 | 1,480,125 | 1,472,707 | 1,578,241 | 1,447,151 |
| FFO per share | 3.12 | 2.91 | 3.27 | 3.25 | 3.15 | 2.67 | 3.68 | 2.84 |
| Real Estate FFO per share (company's measure) | 3.29 | 3.17 | 3.49 | 3.22 | 3.05 | 2.95 | 3.35 | 3.05 |
| Dividend per share | 2.25 | 2.20 | 2.20 | 2.15 | 2.10 | 2.10 | 2.10 | 2.05 |
| Occupancy | 96.0% | 96.0% | 96.4% | 96.4% | 96.0% | 95.9% | 96.5% | 96.2% |
What should I watch in Simon’s next results?
The next scheduled checkpoint is Simon’s third-quarter 2026 earnings call on November 5, 2026. Investors should look for updates on leasing, occupancy, redevelopment spending, borrowing and the year-end outlook. Those results will begin to show whether Simon’s plan is becoming cash-generating reality.