Simon Property Group raised its full-year 2026 earnings guidance following strong second-quarter results. The company now projects annual funds from operations (FFO) between $13.20 and $13.30 per share. This update increases the previous forecast.
Robust leasing activity supported the outlook, with over 1,200 leases signed during the quarter. Domestic property net operating income (NOI) grew by 8.5%. Base minimum rent per square foot increased 6.3% year-over-year to $62.42.
Occupancy at U.S. malls and premium outlets reached 96%. Retailer sales per square foot for the trailing twelve months jumped 13.9% to $838. These results underscore the continued resilience of high-quality retail centers despite broader brick-and-mortar concerns.