REIT boardRanked among REITs, not on the main board. A REIT's earnings are dominated by depreciation on assets that typically appreciate, so net margin and return on assets understate it against an operating company.
AI-extracted from the 10-Q filed 2026-08-10 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue of $1.79B on a $280.3M lease-income increase driven by the TRG acquisition, yet net income to common stockholders fell to $483.1M ($1.49/share) from $556.1M.
Biggest Revenue Drivers
Lease income$1,659.7M+$280.3M YoY
$197.5 million due to our acquisition activity, our development activity, and increases in fixed and variable lease consideration
Other income$90.1M+$9.0M YoY
$19.1 million increase in Simon Media and Experiences, partially offset by a $14.6 million decrease in interest income
Biggest Revenue Drivers
Total revenue: $1.79B
Lease income$1,659.7M+$280.3M YoY
$197.5 million due to our acquisition activity, our development activity, and increases in fixed and variable lease consideration
Within Lease income
Fixed lease income$1,349.1M
Fixed minimum lease consideration and fixed CAM reimbursements recorded on a straight-line basis
Variable lease income$310.6M
Consideration based on sales, plus reimbursements for real estate taxes, utilities and marketing
Other income$90.1M+$9.0M YoY
$19.1 million increase in Simon Media and Experiences, partially offset by a $14.6 million decrease in interest income
Management fees and other revenues$40.8M
Management fees typically based upon the revenues of the property being managed
Largest Expense Items
Depreciation and amortization$459.9M+$120.8M YoY
Related to our acquisition activity; includes $34.0 million of TRG acquisition-related intangible amortization
Interest expense$281.2M+$48.4M YoY
$38.5 million related to acquisition activity plus $32.8 million from USD note and commercial paper issuances
Property operating$171.4M+$31.6M YoY
Inflationary cost increases and $27.2 million related to our acquisition activity
Real estate taxes$131.9M+$26.6M YoY
$20.0 million relates to acquisition activity, and a large successful property tax appeal impacting 2025
Margins: Operating income before other items rose to $824.1M from $744.2M and NOI of consolidated entities reached $1,365.9M versus $1,155.1M; beneficial interest of Portfolio NOI increased 8.3%.
Watch Items from the Filing
The consolidated TRG properties contributed $188.6 million of revenue but a consolidated net loss of $47.7 million for the quarter, including preliminary purchase-accounting depreciation.
Effective overall borrowing rate rose 30 basis points to 3.93% on $28.7 billion of consolidated debt; $3.7 billion of principal matures in the remainder of 2026.
U.S. Malls and Premium Outlets ending occupancy held at 96.0% while average base minimum rent rose 6.3% to $62.42 per square foot.
No customer or tenant accounts for 5% or more of consolidated revenues; anchors do not contribute materially as many own their spaces.
Non-cash $8.7 million other-than-temporary impairment wrote off the remaining equity method investment in a real estate venture; Catalyst restructuring drove $12.0 million of transition costs.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About SIMON PROPERTY GROUP INC. (SPG): stock profile, AI score and financials
SIMON PROPERTY GROUP INC. (SPG) stock profile, AI quality score, and SEC EDGAR financial data, a Real Estate sector company. 13F Pro's AI-powered ranking engine scores SPG at 77.0/100 on a composite quality score built from its SEC filings, placing it at rank #1 of 148 stocks — the top 1% of the AI-ranked universe. Based on the latest XBRL financial filings (Q2 2026), SIMON PROPERTY GROUP INC. reports quarterly revenue of $1.8B, net income of $574.1M, an operating margin of 46.0%. SPG trades on the NYSE exchange and files with the SEC under CIK 1063761. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SPG daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SIMON PROPERTY GROUP INC. directly from SEC EDGAR.