Simon Property Group updated its full-year 2026 FFO guidance upward following strong Q1 results, reflecting operational momentum and leasing strength.
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Did Simon Property Group update its guidance in the Q1 2026 earnings report, and what are the key changes?
Yes. In the Q1 2026 earnings report, Simon Property Group explicitly increased its full-year 2026 real estate FFO (per share) guidance. 1
The excerpts indicate several Q1 operating developments that support an improved outlook, including:
While Simon updated full-year 2026 real estate FFO guidance, management also stated they do not update guidance for the domestic NOI metric quarter-to-quarter—specifically saying “We don’t update guidance” and noting they have guided to at least 3% domestic NOI for years. 4
So, the guidance update you should focus on from this Q1 2026 report is the increase to full-year 2026 real estate FFO per share. 1
Bottom line: Simon did update guidance upward in Q1 2026 by raising its FY 2026 real estate FFO guidance to $13.10–$13.25 per share, supported by Q1 outperformance and leasing/NOI strength. 123
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