Simon Property Group Inc.

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Indianapolis, Indiana

Most recent report

10-Q, filed Aug 10, 2026

Incorporated

Indiana

Filings on record

1,001+ filings

On EDGAR

CIK 1063761

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 4 of 14 sections worth reading, with 3 positive, 11 notable, and 2 negative flags.

• (Mark One)

  Financial statements and notes with Q2/H1 2026 operating results, impairment, capital allocation.
  Notable

  • Simon's ownership in the Operating Partnership slipped to 85.3% from 86.5% year-over-year.
  • Exchangeable bonds option liability fell from $205M to $71M, reducing future earnings drag.
  • Exchanged 4.1M Klépierre shares to settle €110.3M bonds, recording $64.3M non-cash gain in Q1.
  Negative

  • Recorded $8.7M non-cash impairment on a real estate venture in Q2 2026.

• COMBINED STATEMENTS OF OPERATIONS

  Dense with current results, debt moves, buyback, and segment NOI.
  Positive

  • New $2.0B buyback authorized Feb 2026; 1.485M shares repurchased at avg $192.59 through June 30, 2026.
  Notable

  • Commercial paper outstanding rose to $846.4M at June 30, 2026 from $537.2M at March 31, 2026.
  • LTIP and LTI compensation expense tripled to $62.9M for H1 2026 from $20.7M for H1 2025.

• Item 2

  MD&A with operating results, portfolio stats, liquidity, financing, and stock buyback.
  Positive

  • Portfolio NOI increased 7.5% for the six months ended June 30, 2026, driven by improved operations and acquisitions.
  • Average base minimum rent per square foot rose 6.3% to $62.42 as of June 30, 2026, from $58.70 a year earlier.
  Notable

  • Diluted EPS flat at $2.97 in H1 2026 as lease income grew $541.4M but was offset by higher depreciation and interest.
  • Interest expense rose $97.1M to $556.8M, with $77.8M from acquisitions; effective borrowing rate hit 3.93%.
  • Subsequent to June 30, 2026, unencumbered one property from a $375M mortgage using existing liquidity.
  • New lease average initial rent jumped to $78.58 psf from $67.36 psf, with lower tenant allowances.
  • Repurchased $336M of common stock in H1 2026 under a new $2B authorization valid through Feb 2028.
  Negative

  • Income from unconsolidated entities fell $55.4M, mainly due to losses at other platform investments like Catalyst.

• Unregistered Sales and Repurchases (Item 2)

  Buyback execution details and large OP unit redemptions are specific to this period.
  Notable

  • Operating Partnership redeemed 237,618 units for $50.7M in Q2 2026, up from 6,100 units for $1.2M in Q1.

What changed: Jun 2026 vs. Mar 2026

About 10% of SPG's Jun 2026 10-Q is new information. 46 paragraphs were added, 168 changed, and 14 removed. Below are the most important lines SECSift identified.

• Item 2 106
• (Mark One) 34
• COMBINED STATEMENTS OF OPERATIONS 32
• Item 4 4