Simon Property Group, Inc.: Occupancy held at 96% despite absorbing ~1M sq ft of bankruptcy-related space

Simon Property Group, Inc. 2026 Q2: Financial Performance summary

• Domestic and international operations each contributed to FFO growth, with $0.29 of growth driven by increased lease income, disciplined cost management, and acquisitions.
• Domestic property NOI increased 8.5% year-over-year for the quarter and 7.6% year-over-year for the first half; portfolio NOI grew 8.3% and 7.5% for the quarter and first half, respectively (constant currency for international).
• Malls and Premium Outlets occupancy was 96% at quarter-end, flat sequentially and year-over-year, despite absorbing ~1M sq ft of retailer bankruptcy-related space returned during the quarter.
• Reported FFO was $3.12 per share versus $3.15 per share prior year, with prior-year including a $0.21 per share noncash after-tax gain tied to Catalyst Brands’ deconsolidation of Forever 21.
• Revenue-linked mall performance included Malls and Premium Outlets sales at $838 per sq ft (+13.9%); total sales volume increased 6.6% over trailing 12 months and 7.6% in the quarter, with comparable sales growth of 5.7% for Q2.
• Second-quarter real estate FFO grew 7.9% to $1.25B ($3.29 per share) from $1.15B ($3.05 per share) in the prior year period.