Simon Property Group: revenue up 19.5%, but net profit down 10.8% on one-off items

10 августа Simon Property Group раскрыла результаты за второй квартал 2026 года. Выручка выросла на 19,5% год к году, до 1 790,6 млн долларов, EBITDA – на 18,5%, но чистая прибыль снизилась на 10,8% из-за убытков от переоценки и продажи активов. Наш вердикт – «привлекательно»: компания ускоряет рост, повышает прогноз и торгуется с дисконтом к своей истории, несмотря на долговую нагрузку.

Key takeaways

— Revenue accelerated to 19.5% on leasing and acquisitions

— EBITDA margin fell 0.6 p.p. but remains high at 71.7%

— Net profit declined due to one-off losses, not operational issues

— Debt rose by $3.5 billion over the year, but liquidity exceeds $9 billion

— Operating cash flow covers capex and dividends

— Company raised its 2026 Real Estate FFO guidance

Attractiveness

Key figures, USD bn

Revenue accelerated to 19.5% on leasing and acquisitions

In Q2 2026, Simon Property Group's revenue reached $1,790.6 million, up 19.5% year-over-year. This is an acceleration from 19.3% in Q1 2026 and 13.2% in Q4 2025. The main driver was lease income, which rose to $1,659.7 million from $1,379.5 million a year earlier, supported by strong leasing demand and acquisitions completed over the past year.

Management cited 'consistent broad-based leasing demand, accelerated traffic increases, strong retailer sales growth, and the contribution from acquisitions.' Occupancy remained at 96.0%, while base minimum rent per square foot rose 6.3% to $62.42. Retailer sales per square foot jumped 13.9% to $838 for the trailing twelve months, confirming the resilience of retail real estate.

EBITDA margin fell 0.6 p.p. but remains high at 71.7%

EBITDA in Q2 rose 18.5% year-over-year to $1,284.0 million, but the margin edged down from 72.3% to 71.7%. The slight pressure came from higher operating expenses, including property costs and taxes, which grew faster than revenue.

Still, the margin remains very high, typical for an owner of premium retail real estate. Operating profit increased to $824.1 million from $744.2 million a year earlier, confirming operational efficiency.

Net profit declined due to one-off losses, not operational issues

Net profit in Q2 came in at $574.1 million, down 10.8% year-over-year. The cause is one-off items: a loss on disposal and revaluation of equity interests of $11.95 million and unrealized losses on fair value changes of instruments of $56.4 million. A year earlier, there was a gain from investment activity of $0.21 per share.

Excluding these items, the operational picture remains strong: Real Estate FFO grew 7.9% to $3.29 per share. Net margin fell from 43.0% to 32.1%, but that is due to one-off effects, not a deterioration of the business.

Debt rose by $3.5 billion over the year, but liquidity exceeds $9 billion

Net debt at end-June 2026 stood at $27,680.5 million, up $3.5 billion year-over-year. It was virtually unchanged quarter-on-quarter, with a decline of only $0.0 billion. The increase is tied to acquisitions and investments, as well as new financing: the company placed Euro notes of €500 million at a 3.65% coupon and closed a $460 million term loan.

Liquidity remains ample at about $9.3 billion, including $1.7 billion of cash and $7.6 billion of available credit facilities. This provides a comfortable cushion for debt service and development funding.

Operating cash flow covers capex and dividends

Over the trailing twelve months, operating cash flow reached $4,100 million. In Q2 2026, OCF was $1,195.6 million, comfortably covering capital expenditures of $236.9 million and the quarterly dividend of $2.25 per share (roughly $773 million on 343 million shares).

The company also repurchased shares for $211.4 million in the quarter, signaling management's confidence in cash flow. The dividend was raised 4.7% to $2.25 per share, confirming the ability to return capital to shareholders.

Company raised its 2026 Real Estate FFO guidance

Simon Property Group raised its 2026 Real Estate FFO guidance to $13.20–$13.30 per share, $0.08 above the midpoint of the previous range. This is the second increase this year, reflecting management's confidence in continued positive momentum.

The net income per share guidance was lowered to $6.47–$7.47 from $6.61–$6.76, but that is due to one-off items, not operational deterioration. Real Estate FFO growth – a key metric for REITs – remains solid.

Valuation on the latest reported figures

Bottom line

Simon Property Group отчиталась за второй квартал с сильным ростом выручки на 19,5% и EBITDA на 18,5%, что подтверждает устойчивость премиальной торговой недвижимости. Падение чистой прибыли на 10,8% объясняется разовыми убытками, а не операционными проблемами – Real Estate FFO вырос на 7,9%. Компания повысила прогноз, увеличила дивиденд и продолжает выкупать акции, что говорит о здоровом денежном потоке. Однако долг вырос до 27,7 млрд долларов, и это главный фактор, за которым стоит следить. При текущей оценке акции выглядят привлекательно, особенно с учётом роста арендных ставок и заполняемости.