Simon® Reports First Quarter 2026 Results, Increases Full Year 2026 Real Estate FFO Per Share Guidance and Raises Quarterly Dividend

INDIANAPOLIS, May 11, 2026 /PRNewswire/ -- Simon^®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2026.

"We are very pleased with our first-quarter results," said Eli Simon, Chief Executive Officer, President and Chief Operating Officer.  "Our portfolio delivered strong operating performance, supported by continued leasing momentum, retailer sales and traffic increases, disciplined capital allocation, and growth in cash flow.  Today, we increased our full-year 2026 Real Estate FFO per share guidance and raised our quarterly dividend."  

Results for the Quarter

U.S. Malls and Premium Outlets Operating Statistics

Dividends
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.25 for the second quarter of 2026.  This is an increase of $0.15, or 7.1% year-over-year.  The dividend will be payable on June 30, 2026 to shareholders of record on June 9, 2026. 

Simon's Board of Directors declared the quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock (NYSE: SPGPrJ) of $1.046875 per share, payable on June 30, 2026 to shareholders of record on June 16, 2026. 

Common Stock Repurchase Program
During the quarter ended March 31, 2026, the Company repurchased 965,296 shares of its common stock for approximately $175 million, or $181.59 per share.

Capital Markets and Balance Sheet Liquidity
During the quarter, the Company completed 10 secured loan transactions totaling approximately $2.3 billion (U.S. dollar equivalent).  The weighted average interest rate on these loans was 5.25%.

The Company also completed a senior notes offering totaling $800 million with a term of 5 years and 4.30% coupon.  The proceeds were used to repay the $800 million outstanding principal amount of its 3.30% notes at maturity on January 15, 2026.

The Company amended, restated and extended its $5.0 billion multi-currency unsecured revolving credit facility.  The facility will initially mature on June 30, 2030 and at our sole option, can be extended for an additional year to June 30, 2031.  Based upon the Company's current credit ratings, the interest rate on the new revolver for U.S. Dollar borrowings is 15.0 basis points lower than the prior facility's at SOFR plus 65.0 basis points. 

As of March 31, 2026, Simon had approximately $8.7 billion of liquidity consisting of $1.2 billion of cash on hand, including its share of joint venture cash, and $7.5 billion of available capacity under its revolving credit facilities.

2026 Guidance 
The Company's estimates for net income attributable to common stockholders per diluted share and Real Estate FFO per diluted share for the year ending December 31, 2026 are included in the table below and are reconciled in the Company's supplemental information.  The Company is increasing its outlook for Real Estate FFO to $13.10 to $13.25 per diluted share.  The Real Estate FFO per diluted share range is an increase from the $13.00 to $13.25 per diluted share range provided on February 2, 2026, or an increase of $0.05 per diluted share at the mid-point.

Conference Call
Simon will hold a conference call to discuss the quarterly financial results today from 5:00 p.m. to 6:00 p.m. Eastern Daylight Time, Monday, May 11, 2026.  A live webcast of the conference call will be accessible in listen-only mode at investors.simon.com.  An audio replay of the conference call will be available until May 18, 2026.  To access the audio replay, dial 1-844-512-2921 (international +1-412-317-6671) passcode 13760027. 

Supplemental Materials and Website
Supplemental information on our first quarter 2026 performance is available at investors.simon.com. This information has also been furnished to the SEC in a current report on Form 8-K.

We routinely post important information online on our investor relations website, investors.simon.com. We use this website, press releases, SEC filings, quarterly conference calls, presentations and webcasts to disclose material, non-public information in accordance with Regulation FD. We encourage members of the investment community to monitor these distribution channels for material disclosures.  Any information accessed through our website is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures
This press release includes FFO, FFO per share, Real Estate FFO, Real Estate FFO per share and domestic and portfolio NOI growth which are financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"). Real estate FFO is FFO of the operating partnership less other platform investments and loss (gain) due to disposal, exchange, or revaluation of equity interests, in each case, net of tax; and unrealized losses (gains) in fair value of publicly traded equity instruments and derivative instrument, net.  Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in Simon's supplemental information for the quarter.  FFO and NOI growth are financial performance measures widely used in the REIT industry. Our definitions of these non-GAAP measures may not be the same as similar measures reported by other REITs.

Forward-Looking Statements
Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although Simon believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Simon can give no assurance that its expectations will be attained, and it is possible that Simon's actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: the intensely competitive market environment in the retail real estate industry and the retail industry, including e-commerce; the inability to renew leases and relet vacant space at existing properties on favorable terms; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; the potential loss of anchor stores or major tenants; an increase in vacant space at our properties; the loss of key management personnel; changes in economic and market conditions that may adversely affect the general retail environment, including but not limited to those caused by inflation, the impact of tariffs and global trade disruptions on us to the extent impacting our tenants, recessionary pressures, wars, escalating geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the potential for violence, civil unrest, criminal activity or terrorist activities at our properties; the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; changes in market rates of interest; our international activities subjecting us to risks that are different from or greater than those associated with our domestic operations, including changes in foreign exchange rates; the impact of our substantial indebtedness on our future operations, including covenants in the governing agreements that impose restrictions on us that may affect our ability to operate freely; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties on favorable terms; risks relating to our joint venture properties, including guarantees of certain joint venture indebtedness; the effects of climate change; environmental liabilities; natural or other disasters; uncertainties regarding the impact of pandemics, epidemics or public health crises, and the associated governmental restrictions on our business, financial condition, results of operations, cash flow and liquidity; and general risks related to real estate investments, including the illiquidity of real estate investments.

Simon discusses these and other risks and uncertainties under the heading "Risk Factors" in its annual and quarterly periodic reports filed with the SEC.  Simon may update that discussion in subsequent other periodic reports, but except as required by law, Simon undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon
Simon^® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Unaudited Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

Unaudited Consolidated Balance Sheets

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Unaudited Joint Venture Combined Statements of Operations

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Simon Property Group, Inc.

Unaudited Joint Venture Combined Balance Sheets

(Dollars in thousands)

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