It has been about a month since the last earnings report for Simon Property (SPG Quick QuoteSPG - Free Report) . Shares have added about 3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Simon Property due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Simon Property Q1 FFO Tops Estimates, Dividend and Guidance Raised

Simon Property Group started 2026 with a stronger-than-expected first quarter, delivering Real Estate FFO of $3.17 per share. The figure topped the Zacks Consensus Estimate of $2.98 by 6.4% and increased 7.5% year over year. Total revenues of $1.76 billion beat the consensus mark of $1.57 billion by 12.1% and rose 19.3% from the year-ago period.

The quarter reflected steady demand across the portfolio, with U.S. Malls and Premium Outlets ending occupancy at 96%. Management attributed the performance to continued leasing momentum, stronger retailer sales and traffic, and disciplined capital allocation.

Importantly, Simon Property also paired the solid quarter with a shareholder-friendly move. The company announced a higher quarterly dividend of $2.25 per share for the second quarter of 2026 and raised its full-year 2026 Real Estate FFO per share outlook to $13.10-$13.25, signaling confidence in operating momentum for the balance of the year.

Simon Property's Revenue Mix Shows Broad-Based Lift

A key contributor to the quarter was growth across Simon’s core revenue streams. Lease income remained the dominant driver, supported by the company’s scale across malls, outlets and mixed-use destinations.

Beyond core rent, Simon also benefited from higher management fees and other revenues. The combined uplift helped reinforce operating leverage as portfolio-level activity improved.

Simon's Property Metrics Point to Pricing Power

Operating fundamentals remained firm across Simon’s U.S. Malls and Premium Outlets. Base minimum rent per square foot climbed to $61.99 at quarter-end, up 5.2% from a year earlier, reflecting positive leasing spreads and continued tenant demand.

Shopper productivity also continued to improve. Reported retailer sales per square foot rose to $819 for the trailing 12 months ended March 31, 2026, an 11.8% increase year over year. Higher sales and traffic trends typically support leasing velocity and landlord pricing over time.

Simon Property Highlights NOI Growth and Leasing Cadence

Operating performance also translated into stronger property-level profitability. Domestic property NOI increased 6.7% from the prior-year quarter, with portfolio NOI up the same amount, underscoring broad-based improvement across the platform.

On the earnings call, management added color on leasing volume and execution. Simon signed more than 1,100 leases totaling more than 4.7 million square feet during the quarter, with roughly 25% of leasing volume coming from new deals. The company also noted that it had completed more than 75% of its 2026 expirations, positioning it well as the year progresses.

Simon Property Keeps Liquidity Ample, Taps Multiple Markets

Simon ended the quarter with 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 revolving credit facilities. This level of flexibility supports ongoing investment activity and potential opportunistic capital actions.

During the quarter, the company executed 10 secured loan transactions totaling about $2.3 billion (U.S. dollar equivalent) at a weighted average interest rate of 5.25%. Simon also completed an $800 million senior notes offering with a five-year term and a 4.30% coupon, using proceeds to repay $800 million of notes at maturity. The company amended, restated and extended its $5 billion multi-currency revolving credit facility, with an initial maturity of June 30, 2030, and an option to extend to 2031.

Simon Raises 2026 Real Estate FFO Outlook

Reflecting the stronger start to the year, Simon increased its full-year 2026 Real Estate FFO per share guidance to a range of $13.10-$13.25, lifting the midpoint by 5 cents from the prior outlook of $13.00-$13.25.

The company reiterated that it expects an earnings headwind of roughly 25 to 30 cents per share from higher interest expense and lower interest income, with the current environment trending closer to the lower end of that range.

Simon Steps Up Shareholder Returns

Simon paired operating strength with higher cash returns to shareholders. The board declared a quarterly common stock dividend of $2.25 for the second quarter of 2026, representing a 7.1% year-over-year increase and a 2.3% sequential rise.

The company also remained active on repurchases, buying back 965,296 shares for approximately $175 million during the quarter. The combination of a higher dividend and continued buybacks signals confidence in cash-flow generation and balance sheet flexibility.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates review.

VGM Scores

At this time, Simon Property has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Simon Property has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Simon Property belongs to the Zacks REIT and Equity Trust - Retail industry. Another stock from the same industry, Federal Realty Investment Trust (FRT Quick QuoteFRT - Free Report) , has gained 7.7% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Federal Realty Investment Trust reported revenues of $341.08 million in the last reported quarter, representing a year-over-year change of +10.3%. EPS of $1.81 for the same period compares with $1.70 a year ago.

For the current quarter, Federal Realty Investment Trust is expected to post earnings of $1.85 per share, indicating a change of -3.1% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.2% over the last 30 days.

Federal Realty Investment Trust has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.