Simon Property Group (NYSE: SPG) is the last mall empire and the most profitable retail landlord on earth: 229 premier malls, premium outlets, and Mills centers where retailer sales just hit $819 per square foot, plus stakes in Taubman and Europe’s Klepierre. In 2026 the torch passed, Eli Simon succeeding his father David, with the machine running at full throttle.
| Simon Property Group (SPG) Snapshot | |
|---|---|
| Share Price (delayed) | $220.79 +0.59% |
| Market Cap | $62.2B |
| Annualized Dividend | $8.80 (Quarterly) |
| Dividend Yield | 4.01% |
| Occupancy | 96.0% |
| Credit Rating | A- (S&P) |
| Sector | Retail ยท Malls & Outlets |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model and Current State
Q1 2026: real estate FFO of $3.17 per share (+7.5%), domestic NOI up 6.7%, occupancy at 96.0%, guidance raised to $13.00 to $13.25, and the dividend increased to $2.25 quarterly. The structural story: no enclosed mall has been built in America in over a decade, the weak ones already died, and the survivors’ traffic concentrated into Simon’s fortress assets. Over $1.5 billion of annual cash flow above the dividend funds redevelopment, mixed-use densification, and a $2 billion buyback.
Dividend Safety Analysis
A-range credit, massive retained cash flow, and a dividend growing again at 7%+ annually. Honesty requires the asterisk: Simon cut in 2020 when malls literally closed, then rebuilt the payout past prior peaks. Current coverage is among retail’s strongest.
The Honest Risk Section
Mall exposure is consumer-discretionary beta: a spending recession hits Simon’s tenant sales first, department-store anchors remain a slow-motion workout, and leverage near 6x EBITDA is fine until it isn’t. The leadership transition is generational risk the market is watching politely.
Frequently Asked Questions
Is Simon Property Group’s dividend safe?
Strongly covered today: raised to $2.25 quarterly against $13+ of FFO with $1.5 billion of excess annual cash flow. The 2020 cut is history the coverage has long since buried.
Are malls dying?
Weak malls died; fortress malls consolidated the traffic. Simon’s occupancy of 96% and tenant sales of $819 per square foot are both at or near records.
Analysis based on Q1 2026 results (May 11, 2026, SEC filings). Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership