Simon Property Group Inc.

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Indianapolis, Indiana

Most recent report

10-Q, filed Nov 6, 2026

Incorporated

Indiana

Filings on record

1,000+ filings

On EDGAR

CIK 1063761

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 14 sections worth reading, with 4 positive, 18 notable, and 1 negative flags.

• (Mark One)

  Full financial statements and notes for Q3 2026; contains all operating results, cash flows, and equity changes.
  Notable

  • Simon's ownership in the Operating Partnership was 85.3% as of Sep 2026, down from 85.4% at Dec 2025.
  • The exchange option on €750M bonds fell from $205.1M liability at Dec 2025 to $9.5M at Sep 2026.
  • TRG acquisition was finalized with $83.3M measurement-period adjustments reducing investment property.
  • Simon recorded a $64.3M non-cash gain in Q1 2026 from exchanging Klépierre shares to settle bonds.

• COMBINED STATEMENTS OF OPERATIONS

  Debt note shows $750M notes maturing Nov 2026, $7.7B available credit, and large asset sale gain.
  Notable

  • Mortgage debt reduced by $540M in Q3 2026 by unencumbering two properties using existing liquidity.
  • New $2B buyback program authorized Feb 2026; 2.6M shares bought at avg $199.26 through Sep 30, 2026.
  • Dividend raised to $2.30 per share for Q4 2026, up from $2.25 in Q3 2026.
  • Compensation expense from LTIP and LTI programs nearly doubled to $73.8M for nine months 2026 from $39.0M.
  • No customer or tenant accounts for 5% or more of consolidated revenues, low concentration risk.
  • International long-lived assets fell to 6.4% of total from 9.2% a year ago, and international revenue to 4.9% from 5.4%.
  Negative

  • $750M of 3.25% senior unsecured notes mature on Nov 30, 2026, requiring refinancing or cash.

• Item 2

  Detailed MD&A with acquisition impact, financing activity, and key operating metrics.
  Positive

  • Portfolio NOI up 7.2% for nine months 2026 vs 2025, driven by acquisitions and improved operations.
  • Average base minimum rent for U.S. Malls and Premium Outlets rose 6.1% to $62.75 psf as of Sep 30, 2026.
  • Ending occupancy for U.S. Malls and Premium Outlets increased to 96.5% as of Sep 30, 2026.
  • New lease average initial base minimum rent rose to $76.03 psf in 2026 from $65.09 in 2025.
  Notable

  • Effective borrowing rate rose 33 bps to 4.07% at Sep 30, 2026 vs 3.74% a year ago.
  • Unencumbered two properties, reducing mortgage debt by $540.0 million in Q3 2026.
  • Settled €706.4M of exchangeable bonds (convertible into Klépierre shares) in first nine months 2026.
  • Acquired remaining 12% of TRG on Oct 31, 2025, consolidating 11 malls; added $3.1B in debt.
  • Recorded $160.6 million in non-cash unrealized losses for nine months 2026, including $120M mark-to-market on equity securities.
  • Repurchased $572.5 million of common stock in first nine months 2026; new $2.0B authorization through Feb 2028.

• Unregistered Sales and Repurchases (Item 2)

  Large buyback activity in Q3 2026: $236M spent, new $2B authorization replaces old plan.
  Notable

  • Issued 70,000 shares to a limited partner in exchange for partnership units in Q3 2026.
  • Repurchased 1,137,182 shares at avg $208.11 in Q3 2026, spending ~$236M.

What changed: Sep 2026 vs. Jun 2026

About 4% of SPG's Sep 2026 10-Q is new information. 19 paragraphs were added, 172 changed, and 42 removed. Below are the most important lines SECSift identified.

• Item 2 83
• (Mark One) 38
• COMBINED STATEMENTS OF OPERATIONS 28
• Item 4 4