Sustained Core Momentum Drives Strong Start To Year

Simon Property Group reported a strong start to 2026 with a 1Q FFO beat and raised full-year guidance driven by robust leasing demand. BofA reiterates its Buy rating and $225 price objective based on core momentum and a $3bn development pipeline.

Key Takeaways

• 1.Simon Property Group beat 1Q26 FFO/sh estimates ($3.17 vs $3.10) due to strong core leasing and high demand at retail centers.
• 2.The company increased its full-year 2026 RE FFO/sh guidance range to $13.10-$13.25.
• 3.Leasing momentum remains robust with 75% of 2026 expirations already completed and discussions extending into 2029.

Table of Contents

• 1Q Real Estate FFO/sh beat BofAe on strong core results
• Strong 5.5% NOI growth ex TRG; RE FFO guide increased
• Robust leasing; discussions extending to as far as 2029
• Visibility into $3bn long term development pipeline
• $2.25 dividend per share represents a 7.1% Y/Y increase
• Updating RE FFO estimates after 1Q results; reiterate Buy
• iQprofile™ Simon Property
• Company Description
• Investment Rationale
• Estimate Changes
• Price objective basis & risk
• Analyst Certification
• Disclosures

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