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Simon Property Group lifts 2026 outlook as leasing accelerates
In the second quarter, the REIT signed more than 1,200 leases covering over 4.8 million square feet and kept U.S. mall occupancy at 96%.
Simon Property Group reported second-quarter gains across revenue, funds from operations, and tenant sales, and its executives again raised the company’s full-year outlook for 2026. The REIT said its quarterly results pointed to momentum extending beyond the post-pandemic period.
The mall owner generated $1.79 billion in second-quarter revenue, up 19.5% from the prior-year quarter, and reported $1.18 billion in overall FFO. Real estate FFO increased to $1.25 billion, up from $1.21 billion in the first quarter and $1.15 billion a year earlier.
Simon also highlighted stronger leasing activity. During the quarter, it signed more than 1,200 leases covering more than 4.8 million square feet, with new deals increasing more than 20% year-over-year.
As a result, Simon raised its annual real estate FFO guidance to $13.20 to $13.30 per share. The company said occupancy at its U.S. malls and premium outlets stayed at 96% and that it had completed more than 87% of its 2026 lease expirations, according to Commercial Observer.