olivLaw · US equity research
Simon Property Group, Inc. SPG
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Simon Property Group is a US REIT that owns, develops and manages malls, Premium Outlets and The Mills centres, with a stake in Klépierre in Europe. Its international reach and solid 2026 results show how a premium retail portfolio can adapt to a changing economic environment. For 2026 the company raised its Real Estate FFO per share guidance to 13.20 - 13.30 USD, while second-quarter Real Estate FFO per share grew 7.9%.
At the close of 04 Nov 2026, Simon Property Group, Inc. (SPG) stock was 228.50 USD (+2.89% on the day), with market capitalisation 0 USD, P/E 16.1 on diluted EPS of 14.18 USD over the last 12 months, dividend yield 3.85%, beta 0.70, 52-week range 178.27–236.70 USD. Latest reported quarter (Q2 2026): revenue of 1.8 bn USD (+19.5% YoY), net income of 574.1 m USD (−10.8% YoY), diluted EPS 1.49 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 78.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 192.78 – 226.15
- above the upper band · %B 1.07 · band width 15.9%
- SMA 50 / 200
- 207.51 / 206.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.66 / 2.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.5% | −2.0% | +15.4 pp | — |
| 3 months | +1.6% | −2.2% | +3.8 pp | — |
| 6 months | +11.2% | +4.3% | +6.9 pp | — |
| Year to date | +23.4% | +10.6% | +12.9 pp | — |
| 1 year | +25.1% | +10.5% | +14.7 pp | +0.5% |
| 3 years | +93.8% | +73.7% | +20.2 pp | +10.7% |
| 5 years | +34.0% | +61.7% | −27.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.8 bn | 1.8 bn |
| Operating income | 767.8 m | 835.7 m | 727.6 m | 744.2 m | 812.9 m | 890.7 m | 762.2 m | 824.1 m |
| Depreciation & amortisation | 320.4 m | 327.6 m | 328.1 m | 339.1 m | 338.6 m | 420.7 m | 458.9 m | 459.9 m |
| Interest expense | 226.4 m | 227.4 m | 227.0 m | 232.7 m | 242.8 m | 272.3 m | 275.7 m | 281.2 m |
| Net income | 546.7 m | 771.8 m | 477.9 m | 643.7 m | 702.7 m | 3.5 bn | 568.5 m | 574.1 m |
| Diluted EPS | 1.46 | 2.04 | 1.27 | 1.70 | 1.86 | 9.35 | 1.48 | 1.49 |
| Operating cash flow | 892.9 m ≈ | 1.1 bn | 827.2 m | 1.2 bn ≈ | 890.3 m ≈ | 1.2 bn | 833.4 m | 1.2 bn ≈ |
| Capex | 186.4 m ≈ | 217.9 m | 230.2 m | 244.0 m ≈ | 205.2 m ≈ | 254.9 m | 208.4 m | 236.9 m ≈ |
| Share repurchases | — | — | — | — | — | — | 175.3 m | 160.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 26 percentile of its own 23-quarter history (min 13.0, median 19.9, max 32.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.6 bn | 5.8 bn | 4.6 bn | 5.1 bn | 5.3 bn | 5.7 bn | 6.0 bn | 6.4 bn |
| Revenue YoY | +2.1% | +1.9% | −19.9% | +11.1% | +3.4% | +6.9% | +5.4% | +6.7% |
| Net income | 2.8 bn | 2.4 bn | 1.3 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.7 bn | 5.4 bn |
| Net income YoY | +25.7% | −14.1% | −47.3% | +101.1% | −4.5% | +6.7% | +4.3% | +96.6% |
| Diluted EPS | unavailable | 6.81 | 3.59 | 6.84 | 6.52 | 6.98 | 7.26 | 14.17 |
| Diluted EPS YoY | unavailable | unavailable | −47.3% | +90.5% | −4.7% | +7.1% | +4.0% | +95.2% |
| net % | 50.0% | 42.1% | 27.7% | 50.2% | 46.3% | 46.2% | 45.8% | 84.3% |
| Free cash flow | 3.0 bn | 2.9 bn | 1.8 bn | 3.1 bn | 3.1 bn | 3.1 bn | 3.1 bn | 3.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 823.1 m USD
- Financial debt
- 28.4 bn USD
- Net debt
- 27.6 bn USD
- Equity
- 6.5 bn USD
- Total assets
- 40.6 bn USD
- Debt / equity
- 4.39x
- Current ratio
- unavailable
- ROE
- 108.5%
- ROA
- 14.7%
- FCF margin
- 50.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 5.1 bn | 5.3 bn | 5.7 bn | 6.0 bn | 6.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 2.0 bn | 2.4 bn | 2.6 bn | 2.8 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 1.3 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 3.3 bn ≈ | 3.7 bn ≈ | 3.8 bn ≈ | 4.1 bn ≈ | 4.4 bn ≈ | 4.6 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 784.4 m | 795.7 m | 761.3 m | 854.6 m | 905.8 m | 974.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | — | — | — | 68.8 m | 9.3 m | 20.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 1.3 bn | 2.6 bn | 2.5 bn | 2.6 bn | 2.7 bn | 5.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 3.59 | 6.84 | 6.52 | 6.98 | 7.26 | 14.17 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 308.7 m | 328.6 m | 327.8 m | 326.8 m | 326.1 m | 326.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 6.00 | 5.85 | 6.90 | 7.45 | 8.10 | 8.55 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.0 bn | 533.9 m | 621.6 m | 1.2 bn | 1.4 bn | 823.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 20.1 m | 20.1 m | 20.1 m | 20.1 m | 20.1 m | 20.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 34.8 bn | 33.8 bn | 33.0 bn | 34.3 bn | 32.4 bn | 40.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 26.7 bn | 25.3 bn | 25.0 bn | 26.0 bn | 24.3 bn | 28.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 31.1 bn | 29.4 bn | 29.2 bn | 30.6 bn | 28.8 bn | 33.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 3.5 bn | 3.9 bn | 3.6 bn | 3.5 bn | 3.4 bn | 6.5 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.3 bn | 3.6 bn | 3.8 bn | 3.9 bn | 3.8 bn | 4.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 484.1 m | 527.9 m | 650.0 m | 793.3 m | 755.6 m | 934.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 1.8 bn ≈ | 3.1 bn ≈ | 3.1 bn ≈ | 3.1 bn ≈ | 3.1 bn ≈ | 3.2 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -4.0 bn | -552.8 m | -626.6 m | -1.4 bn | 1.4 bn | -1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 2.0 bn | -3.6 bn | -3.1 bn | -2.0 bn | -5.0 bn | -3.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 152.6 m | — | 180.4 m | 140.6 m | — | 226.8 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 0 USD
Key indicators
Coverage and freshness
Score by group
- Valuation96
- Returns46
- Quality100
- Balance sheet46
- Growth63
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 112.36 – 151.10 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)112.36 – 151.10 (Mid 128.88)
- Peers: P/Bunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 156.4% | 100 (vs peers) | 7% |
| EBITDA margin · Quality | 71.6% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 6.3% | 63 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.6x | 31 (vs peers) | 15% |
| Interest coverage · Balance sheet | 3.1x | 63 (on a fixed band) | 13% |
| P/B · Valuation | 0.0x | 100 (vs peers) | 20% |
| P/E (TTM) · Valuation | 16.1x | 87 (vs peers) | 9% |
| Dividend yield · Returns | 3.9% | 36 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 62.1% | 83 (on a fixed band) | 4% |
Score groups
- Balance sheet46/100 · 2/2 factors with a value
- Growth63/100 · 1/1 factors with a value
- Quality100/100 · 2/2 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation96/100 · 2/2 factors with a value
Memo
SIMON PROPERTY GROUP, INC. (SPG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.4 bn USD in 2025; YoY growth 6.7%; net margin 77.6%; ROE 156.4%; net debt/EBITDA 5.6x.
The estimated value range is 112.36–151.10 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 128.88 USD, the price of 228.50 USD leaves a potential of -43.6% (value / price − 1) and a margin of safety of -77.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 156.4%
- EBITDA margin: 71.6%
- P/B: 0.0x
- P/E (TTM): 16.1x
- Payout ratio (EPS): 62.1%
What contradicts it
- The price is above the estimated value range
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 176.9 bn | 103.2 | 4.0% | 12.7% | +35.6% | +16% / +171% |
| PLDPrologis, Inc. | 120.3 bn | 32.5 | 7.1% | 42.5% | +7.2% | +0% / +12% |
| EQIXEquinix Inc | 100.4 bn | 60.9 | 11.5% | 16.4% | +5.4% | +35% / +24% |
| AMTAmerican Tower Corporation | 86.9 bn | 26.3 | 90.6% | 30.7% | +5.1% | +3% / −10% |
| DLRDigital Realty Trust, Inc. | 63.3 bn | 47.1 | 6.2% | 21.7% | +10.0% | +13% / +30% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| ORealty Income Corporation | 54.7 bn | 39.6 | 3.6% | 22.9% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 46.0 bn | 163.7 | 1.9% | 4.0% | +18.5% | +8% / +90% |
| CCICrown Castle Inc. | 36.8 bn | 44.0 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.7 bn | 82.6 | — | 5.7% | +12.2% | +35% / +82% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.8 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −15% / −18% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +0% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.7 bn | 17.2 | 15.8% | 16.5% | +7.6% | +46% / +48% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.7 | 8.0% | 22.7% | +6.4% | +0% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.6 | 5.8% | 27.8% | +5.1% | +21% / +29% |
| CUBECubesmart | 10.4 bn | 32.3 | 11.8% | 28.7% | +5.3% | +23% / +15% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +16% / +40% |
| ADCAgree Realty Corporation | 9.1 bn | 35.8 | 3.8% | 29.8% | +16.4% | −7% / +18% |
| LINELineage, Inc. | 8.8 bn | — | -2.0% | -3.1% | +0.3% | +8% / unavailable |
| EPRTEssential Properties Realty Trust, Inc. | 6.2 bn | 22.9 | 6.3% | 41.0% | +24.8% | −11% / +18% |
| RYNRayonier Inc. | 6.1 bn | 6.7 | 12.8% | 68.6% | −51.0% | −9% / −34% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +16% / +36% |
| APLEApple Hospitality REIT, Inc. | 4.4 bn | 25.6 | 5.5% | 12.2% | −1.3% | +58% / +13% |
1- and 3-year price returns: for SPG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 3 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
| 5 years | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable | input data missing Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Simon Property Group is a US REIT that owns, develops and manages malls, Premium Outlets and The Mills centres, with a stake in Klépierre in Europe. Its international reach and solid 2026 results show how a premium retail portfolio can adapt to a changing economic environment. For 2026 the company raised its Real Estate FFO per share guidance to 13.20 - 13.30 USD, while second-quarter Real Estate FFO per share grew 7.9%.
SWOT
Strengths
- A large portfolio of premium malls and outlets with high occupancy and rising rents, supported by a broad property base 12.
- Access to financing through large revolving credit facilities and investment grade ratings, which provides flexibility 13.
- Complementary platforms such as the Klépierre stake and retail and e-commerce investments that diversify income 1.
Weaknesses
- Significant debt with covenants that limit flexibility and exposure to variable interest costs 1.
- Dependence on large anchor and national tenants, whose financial difficulty could affect rental income 1.
- Some platform investments, such as Catalyst, have recorded losses and restructuring charges that can weigh on profit 2.
Opportunities
- Rising tenant sales and traffic could support variable rent growth and occupancy 23.
- Integrating recent acquisitions and pursuing expansion and redevelopment projects could add returns 12.
- Share repurchases and selective investment in high quality assets could create shareholder value if market conditions allow 1.
Threats
- A slowdown in consumer spending or retailer sales could reduce variable rents and tenants' ability to pay 1.
- Growing online competition and shifting consumer preferences could reduce demand for physical retail space 1.
- Geopolitical tensions, tariffs and volatile interest rates could weigh on the economy and access to financing 1.
Risks
- General retail conditionshigh
Revenue depends on retail tenants, so a weaker economic environment could directly affect results and asset values 1.
- Anchor tenant bankruptcies and closureshigh
Closures of anchor stores could leave vacancies that are hard to re-let and reduce traffic in malls 1.
- Debt and cost of financingmedium
A high debt level and rising rates could raise costs and limit refinancing on attractive terms 1.
- REIT qualificationmedium
Loss of REIT status or changes in tax law could carry significant tax consequences for the company and its shareholders 1.
- Cybersecurity and technologylow
Cyber-attacks or disruption of computer systems could affect operations and confidential information 1.
Investment thesis
What would need to be true (bull case)
- If growth in tenant sales and traffic continues, rental income and per-share results could exceed current expectations, and 2026 guidance has already been raised 23.
- A portfolio of premium properties and flexible access to financing could allow the company to pursue new acquisition or development opportunities 1.
- Diversification through complementary platforms and the Klépierre stake could add income and reduce reliance on a single segment 12.
What would break the thesis
- If consumer spending slows or retailers reduce space, rents and occupancy could fall and property values could be affected 1.
- Higher debt costs and depreciation from acquisitions could limit profit growth, especially if interest rates stay high 12.
- Online competition and losses in some retail investments could pressure results if restructuring does not deliver improvement 12.
What to watch
- Real Estate FFO per share against the raised 2026 guidance of 13.20 - 13.30 USDQ3 2026
- Occupancy and base minimum rents in US malls and Premium OutletsQ3 2026
- Trend in the average cost of debt and in secured property loans2027
- Results of Catalyst and other platform investments, and any further restructuringnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Simon Property Group, Inc. is an Indiana corporation operating as a self-administered, self-managed REIT that owns, develops and manages premier shopping, dining, entertainment and mixed-use destinations, mainly malls, Premium Outlets and The Mills. As of 31 December 2025 it owned or held an interest in 212 income-producing properties in the US across 38 states and Puerto Rico, plus 42 international properties mainly in Asia, Europe and Canada 1. It operates through Simon Property Group, L.P., which owns all real estate directly or indirectly, and earns lease income from fixed rents and variable rents tied to tenants' reported sales 1. Since 31 October 2025 it fully owns The Taubman Realty Group after acquiring the remaining 12% interest 1.
Other activities include its stake in Klépierre SA, which stood at 20.7% at 30 June 2026 2, investments in Catalyst Brands, the e-commerce venture Rue Gilt Groupe (shop.simon.com) and Jamestown, a global real estate investment and management company 1. Management company revenues consist mainly of management fees tied to the revenues of managed properties 1.
Segments
US malls and Premium Outlets
The main US segment had ending occupancy of 96.4% at 31 December 2025 and average base minimum rent of 60.97 USD per square foot 1. At 30 June 2026 occupancy was 96.0% and base minimum rent 62.42 USD per square foot, with reported retailer sales per square foot up 13.9% over the trailing twelve months 23.
Market context
The retail real estate market is competitive, with malls, outlet centres, community and lifestyle centres, and online retailers offering distribution alternatives 1. Tenant reported sales growth of 13.9% over twelve months to 30 June 2026 suggests solid demand for the company's space, while rents and occupancy remain sensitive to macroeconomic conditions 23.
Interest rates, inflation and trade policy shape financing costs and consumer spending, which can in turn affect rents and property values 1. Investment grade ratings and access to capital markets are central to funding growth 1.
Trends
- Rent and tenant sales growthtailwind
Base minimum rents and reported tenant sales rose in 2026, which could support variable rent income if the trend continues 23.
- Acquisitions and integration of TRGmixed
Recent acquisitions added lease income but also higher depreciation and interest, which could moderate earnings per share growth 2.
- Cost of debtheadwind
The effective borrowing rate rose at the end of 2025, and borrowing costs could stay elevated if benchmark rates remain high, pressuring margins 1.
- E-commerce and shifting consumer habitsheadwind
Growth in online retail and changing shopping habits could reduce demand for physical space if retailers scale back stores 1.
Competitive position
The company competes with other malls, outlet centres and community centres in the US and abroad, as well as internet retail sites and catalogues, including its own tenants 1. Its cited advantages are tenant quality and variety, operating expertise and long-standing relationships with tenants, lenders and suppliers 1.
In the race for prime sites and development land the company relies on properties that retailers find highly desirable and on marketing alliances with brands 1. Competition for tenants could limit the level of rents it is able to obtain 1.
- Other US and international malls and shopping centres
Direct competitors for tenants and development sites, described generically in the company's risk discussion 1.
- Outlet and community shopping centre operators
Operators competing for the same tenants, as described in the competition section 1.
- Internet retailers and e-commerce platforms
Digital alternatives that give retailers distribution options beyond physical stores 1.
- Klépierre SA
Paris-based European retail property company in which Simon holds a stake and which may also compete in European markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- [AINews] Behind Latent Space: Kill My SaaS, Jev & AI in 2026 | AIEi ShanghaiLatent Space Newsletter · 04 Nov 2026 · EN
- „Datorită vouă mi-am putut trăi visul”. Tenismenul francez Gaël Monfils, omagiat la Paris Masters. Mesaj emoționant despre despărțirea de Elina SvitolinaMediafax · 03 Nov 2026 · RO
- How the nasal microbiome can help potentially harmful bacteria thrivePhys.org · 03 Nov 2026 · EN
- The New Yorker profiles Andrey Zvyagintsev, the exiled Russian director of the Cannes Grand Prix-winning film ‘Minotaur’Meduza English (independent RU/exile) · 03 Nov 2026 · EN
- UK climate minister Katie White: COP31 must respond to ‘really scary’ scienceCarbon Brief · 03 Nov 2026 · EN
- GhostBSD 26.2 takes the fright out of FreeBSD with a friendlier installerThe Register · 03 Nov 2026 · EN
- Andrew Scott drama Elsinore leads British independent film award nominationsThe Guardian World · 03 Nov 2026 · EN
- Volt, hogy a KGB ejtette fogságba, máskor az életéért küzdött, most az Indexnek mesélt kalandjairól a sztártévésIndex.hu English (HU) · 03 Nov 2026 · EN
- Heterogeneity of microbiome responses to menopausal hormone therapy among perimenopausal womenNature Medicine · 03 Nov 2026 · EN
- These pipelines once carried Russian gas to Europe. Now they carry Russian and Ukrainian soldiers into battle.Meduza English (independent RU/exile) · 02 Nov 2026 · EN
- Building AI for Lawyers - Jacob Lauritzen, CTO of LegoraLatent Space Newsletter · 02 Nov 2026 · EN
- Study dives into lesser-known climate impacts of global reforestationPhys.org · 02 Nov 2026 · EN
- Driver who dragged cyclist under his car jailed for life for murderThe Guardian World · 02 Nov 2026 · EN
- Automated platform optimizes enzyme production using cell-free protein synthesis and AI-driven designPhys.org · 02 Nov 2026 · EN
- Single molecules could provide the building blocks for future quantum networksPhys.org · 02 Nov 2026 · EN
- Sezonul patru din „Epoca de Aur” ajunge pe HBO Max. Bertha Russell și familia sa se confruntă cu urmările ambițiilor sociale - Playtech.roSurge — Google News · 02 Nov 2026 · RO
- Secretul fericirii, dezvăluit de cercetători. Au analizat 600 de ani cumulați de studii despre o viață bunăLibertatea.ro · 02 Nov 2026 · RO
- Coase Meets Negishi: Property Rights, Welfare Weights, and Distributional Consequences in Climate Economics -- by Simon F. Lang, Matthew D. Gordon, Matthew J. KotchenNBER — New Working Papers · 02 Nov 2026 · EN
- Haley Stevens faces push for removal from House Dem caucusAxios · 02 Nov 2026 · EN
- Neoadjuvant botensilimab with or without balstilimab in pMMR and dMMR colon cancer: the phase 2 UNICORN trialNature Medicine · 02 Nov 2026 · EN
SEC filings
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)15 May 2026Departure or appointment of officers
- Current report (amendment)15 May 2026Departure or appointment of officers
- Current report15 May 2026Shareholder vote
- Current report11 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report11 May 2026
- Proxy statement01 Apr 2026
- Current report24 Mar 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Simon Property Group, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Simon Property Group, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Simon Property Group, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.