Simon Property Group Nareit Management Meeting Takeaways

Goldman Sachs maintains a Buy rating on Simon Property Group following management meetings that highlighted accelerating 2Q leasing and the high profitability potential of Brickell City Centre.

Key Takeaways

• 1.Simon Property Group is experiencing a leasing acceleration into 2Q26, driven by new business names and a strategic focus on best-in-class F&B and luxury curation.
• 2.Physical stores significantly boost e-commerce sales in the same market, with management estimating 30-50% of online business is tied to having a physical presence.
• 3.Brickell City Centre is projected to become the company's most profitable asset, with rents potentially reaching $150 PSF in the next 2-3 years.

Table of Contents

• Key management meeting highlights
• Price target and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s) Simon Property Group (SPG)
• Regulatory disclosures