Why Is Simon Property (SPG) Up 6.6% Since Last Earnings Report?

A month has gone by since the last earnings report for Simon Property (SPG). Shares have added about 6.6% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Simon Property due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

Simon Property Q4 FFO Beats Estimates on Higher Revenues & Rent

Simon Property reported fourth-quarter 2025 real estate FFO per share of $3.49, which surpassed the Zacks Consensus Estimate of $3.47. This compares favorably with the real estate FFO of $3.35 in the prior-year period.

Results reflected an increase in revenues, backed by a rise in the base minimum rent per square foot. The company issued its guidance for 2026 real estate FFO per share.

Simon Property generated revenues of $1.79 billion in the quarter, which outpaced the Zacks Consensus Estimate of $1.63 billion. Moreover, the reported figure increased 13.2% year over year.

Q4 in Detail

Simon Property reported revenues from lease income of $1.64 billion, 14.5% higher than the prior-year period’s figure.

As of Dec. 31, 2025, the occupancy for the U.S. Malls and Premium Outlets portfolio came in at 96.4%, down 10 basis points from 96.5% as of Dec. 31, 2024.

The base minimum rent per square foot for the U.S. Malls and Premium Outlets portfolio was $60.97 as of Dec. 31, 2025, rising from $58.26 as of Dec. 31, 2024. This reflected an increase of 4.7%.

Domestic property net operating income (NOI) increased 4.4% year over year, and portfolio NOI rose 4.7%.

Balance Sheet Position

Simon Property exited the fourth quarter of 2025 with $9.1 billion of liquidity. This comprised $1.4 billion of cash on hand, including its share of joint venture cash and $7.7 billion of available capacity under the company’s revolving credit facilities.

Outlook for 2026

Simon Property expects 2026 real estate FFO per share to be between $13.00 and $13.25.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

VGM Scores

At this time, Simon Property has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, Simon Property has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

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Simon Property Group, Inc. (SPG): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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