{ "ticker": "SPG", "cik": "0001063761", "company": "Simon Property Group, Inc.", "business_type": "reit", "schema_template": "REIT: lease income and total revenue, operating income before other items, interest expense, net income, earnings per share, NAREIT funds from operations (FFO) and Real Estate FFO with per-share amounts, dividends per share; investment properties, cash, mortgages and unsecured indebtedness, liabilities and equity; operating cash flow, capital expenditures, acquisitions, dividends and distributions paid, share repurchases.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual US dollars (not thousands); per-share figures in US dollars per share; share counts in actual shares", "units_notes_seen": { "FY2025 10-K consolidated balance sheets (Simon Property Group, Inc.)": "(Dollars in thousands, except share amounts)", "FY2025 10-K consolidated statements of operations and comprehensive income": "(Dollars in thousands, except per share amounts)", "FY2025 10-K consolidated statements of cash flows": "(Dollars in thousands)", "FY2025 10-K notes to consolidated financial statements (per share data note)": "(Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)", "FY2025 10-K FFO reconciliation (MD&A)": "(in thousands); per-share amounts in dollars; share and unit counts in thousands", "Q3 FY2026 10-Q unaudited consolidated balance sheets": "(Dollars in thousands, except share amounts)", "Q3 FY2026 10-Q unaudited consolidated statements of operations and comprehensive income": "(Dollars in thousands, except per share amounts)", "Q3 FY2026 10-Q unaudited consolidated statements of cash flows": "(Dollars in thousands)", "Q3 FY2026 10-Q condensed notes (per share data note)": "(Dollars in thousands, except share, per share, unit and per unit amounts and where indicated in millions or billions)", "Q3 FY2026 10-Q FFO reconciliation (MD&A)": "(in thousands); per-share amounts in dollars; share and unit counts in thousands" }, "adjustments": { "splits_applied": [], "adr_ratio": null, "fx": "none; Simon Property Group reports in US dollars" }, "annual": [ { "fiscal_year": 2025, "label": "FY2025", "period_start": "2025-01-01", "period_end": "2025-12-31", "period_type": "fiscal year", "source_accession": "0001104659-26-019419", "income_statement": { "lease_income": 5839160000, "total_revenue": 6364505000, "depreciation_and_amortization": 1426423000, "total_operating_expenses": 3189109000, "operating_income": 3175396000, "interest_expense": -974835000, "income_from_unconsolidated_entities": 504088000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": 2887460000, "consolidated_net_income": 5364120000, "net_income_attributable_to_noncontrolling_interests": 736508000, "preferred_dividends": 3337000, "net_income_attributable_to_common_stockholders": 4624275000, "diluted_eps": 14.17, "diluted_shares": 326366632 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 4663305000, "dilutive_ffo_allocable_to_common_stockholders": 4027116000, "real_estate_ffo": 4811778000, "diluted_ffo_per_share": 12.34, "real_estate_ffo_per_share": 12.73 }, "balance_sheet": { "investment_properties_at_cost": 50946067000, "accumulated_depreciation": 20701510000, "cash_and_cash_equivalents": 823147000, "total_assets": 40606466000, "mortgages_and_unsecured_indebtedness": 28430175000, "total_liabilities": 33901073000, "redeemable_noncontrolling_interests": 233306000, "total_stockholders_equity": 5208268000, "noncontrolling_interests": 1263819000, "total_equity": 6472087000 }, "cash_flow": { "operating_cash_flow": 4136551000, "acquisitions": -1114368000, "capital_expenditures": -934346000, "net_cash_from_investing_activities": -1600704000, "purchase_of_treasury_stock": -226826000, "preferred_dividends_and_distributions_to_stockholders": -2792872000, "distributions_to_limited_partners": -439384000, "proceeds_from_issuance_of_debt": 3668892000, "repayments_of_debt": -3278469000, "net_cash_from_financing_activities": -3113045000 }, "dividends": { "common_dividends_paid_per_share": 8.55 } }, { "fiscal_year": 2024, "label": "FY2024", "period_start": "2024-01-01", "period_end": "2024-12-31", "period_type": "fiscal year", "source_accession": "0001104659-26-019419", "income_statement": { "lease_income": 5389760000, "total_revenue": 5963798000, "depreciation_and_amortization": 1265340000, "total_operating_expenses": 2871002000, "operating_income": 3092796000, "interest_expense": -905797000, "income_from_unconsolidated_entities": 207322000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": -75818000, "consolidated_net_income": 2729021000, "net_income_attributable_to_noncontrolling_interests": 358125000, "preferred_dividends": 3337000, "net_income_attributable_to_common_stockholders": 2367559000, "diluted_eps": 7.26, "diluted_shares": 326097137 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 4876844000, "dilutive_ffo_allocable_to_common_stockholders": 4235958000, "real_estate_ffo": 4596721000, "diluted_ffo_per_share": 12.99, "real_estate_ffo_per_share": 12.24 }, "balance_sheet": { "investment_properties_at_cost": 40242392000, "accumulated_depreciation": 19047078000, "cash_and_cash_equivalents": 1400345000, "total_assets": 32405691000, "mortgages_and_unsecured_indebtedness": 24264495000, "total_liabilities": 28806239000, "redeemable_noncontrolling_interests": 184729000, "total_stockholders_equity": 2941925000, "noncontrolling_interests": 472798000, "total_equity": 3414723000 }, "cash_flow": { "operating_cash_flow": 3814655000, "acquisitions": -56105000, "capital_expenditures": -755584000, "net_cash_from_investing_activities": 1408321000, "purchase_of_treasury_stock": 0, "preferred_dividends_and_distributions_to_stockholders": -2645213000, "distributions_to_limited_partners": -399186000, "proceeds_from_issuance_of_debt": 1095546000, "repayments_of_debt": -2969288000, "net_cash_from_financing_activities": -4991622000 }, "dividends": { "common_dividends_paid_per_share": 8.1 } }, { "fiscal_year": 2023, "label": "FY2023", "period_start": "2023-01-01", "period_end": "2023-12-31", "period_type": "fiscal year", "source_accession": "0001104659-26-019419", "income_statement": { "lease_income": 5164335000, "total_revenue": 5658836000, "depreciation_and_amortization": 1262107000, "total_operating_expenses": 2851814000, "operating_income": 2807022000, "interest_expense": -854648000, "income_from_unconsolidated_entities": 375663000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": -3056000, "consolidated_net_income": 2617018000, "net_income_attributable_to_noncontrolling_interests": 333892000, "preferred_dividends": 3337000, "net_income_attributable_to_common_stockholders": 2279789000, "diluted_eps": 6.98, "diluted_shares": 326807326 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 4685866000, "dilutive_ffo_allocable_to_common_stockholders": 4088139000, "real_estate_ffo": 4409131000, "diluted_ffo_per_share": 12.51, "real_estate_ffo_per_share": 11.78 }, "cash_flow": { "operating_cash_flow": 3930793000, "acquisitions": -65829000, "capital_expenditures": -793283000, "net_cash_from_investing_activities": -1363181000, "purchase_of_treasury_stock": -140593000, "preferred_dividends_and_distributions_to_stockholders": -2439233000, "distributions_to_limited_partners": -355548000, "proceeds_from_issuance_of_debt": 3629840000, "repayments_of_debt": -2658525000, "net_cash_from_financing_activities": -2020249000 }, "dividends": { "common_dividends_paid_per_share": 7.45 } } ], "quarterly": [ { "fiscal_year": 2026, "fiscal_quarter": 3, "label": "Q3 FY2026", "period_start": "2026-07-01", "period_end": "2026-09-30", "period_type": "three months", "source_accession": "0001104659-26-123591", "income_statement": { "lease_income": 1681393000, "total_revenue": 1814556000, "depreciation_and_amortization": 510768000, "total_operating_expenses": 1010106000, "operating_income": 804450000, "interest_expense": -287590000, "income_from_unconsolidated_entities": 152992000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": 10701000, "consolidated_net_income": 565294000, "net_income_attributable_to_noncontrolling_interests": 65501000, "preferred_dividends": 834000, "net_income_attributable_to_common_stockholders": 498959000, "diluted_eps": 1.54, "diluted_shares": 323370997 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 1171639000, "dilutive_ffo_allocable_to_common_stockholders": 999354000, "real_estate_ffo": 1276719000, "diluted_ffo_per_share": 3.09, "real_estate_ffo_per_share": 3.37 }, "balance_sheet": { "investment_properties_at_cost": 51263154000, "accumulated_depreciation": 21829576000, "cash_and_cash_equivalents": 569941000, "total_assets": 39075130000, "mortgages_and_unsecured_indebtedness": 28423903000, "total_liabilities": 33666361000, "redeemable_noncontrolling_interests": 268936000, "total_stockholders_equity": 4085150000, "noncontrolling_interests": 1054683000, "total_equity": 5139833000 }, "dividends": { "common_dividends_paid_per_share": 2.25 } }, { "fiscal_year": 2025, "fiscal_quarter": 3, "label": "Q3 FY2025", "period_start": "2025-07-01", "period_end": "2025-09-30", "period_type": "three months", "source_accession": "0001104659-26-123591", "income_statement": { "lease_income": 1452930000, "total_revenue": 1601572000, "depreciation_and_amortization": 338639000, "total_operating_expenses": 788658000, "operating_income": 812914000, "interest_expense": -242790000, "income_from_unconsolidated_entities": 143916000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": 10398000, "consolidated_net_income": 702696000, "net_income_attributable_to_noncontrolling_interests": 95688000, "preferred_dividends": 834000, "net_income_attributable_to_common_stockholders": 606174000, "diluted_eps": 1.86, "diluted_shares": 326485607 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 1227543000, "dilutive_ffo_allocable_to_common_stockholders": 1062498000, "real_estate_ffo": 1215247000, "diluted_ffo_per_share": 3.25, "real_estate_ffo_per_share": 3.22 } } ], "year_to_date": { "label": "9M FY2026", "period_start": "2026-01-01", "period_end": "2026-09-30", "period_type": "nine months", "source_accession": "0001104659-26-123591", "income_statement": { "lease_income": 4969633000, "total_revenue": 5362247000, "depreciation_and_amortization": 1429541000, "total_operating_expenses": 2971537000, "operating_income": 2390710000, "interest_expense": -844417000, "income_from_unconsolidated_entities": 250871000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": 66294000, "consolidated_net_income": 1707959000, "net_income_attributable_to_noncontrolling_interests": 243788000, "preferred_dividends": 2503000, "net_income_attributable_to_common_stockholders": 1461668000, "diluted_eps": 4.51, "diluted_shares": 324124532 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 3464228000, "dilutive_ffo_allocable_to_common_stockholders": 2954991000, "real_estate_ffo": 3733236000, "diluted_ffo_per_share": 9.12, "real_estate_ffo_per_share": 9.82 }, "cash_flow": { "operating_cash_flow": 3100618000, "acquisitions": 0, "capital_expenditures": -694964000, "net_cash_from_investing_activities": -443116000, "purchase_of_treasury_stock": -572524000, "preferred_dividends_and_distributions_to_stockholders": -2172492000, "distributions_to_limited_partners": -375105000, "proceeds_from_issuance_of_debt": 10024465000, "repayments_of_debt": -9728917000, "net_cash_from_financing_activities": -2910708000 }, "prior_year_comparative": { "label": "9M FY2025", "period_start": "2025-01-01", "period_end": "2025-09-30", "period_type": "nine months", "source_accession": "0001104659-26-123591", "income_statement": { "lease_income": 4199812000, "total_revenue": 4573043000, "depreciation_and_amortization": 1005748000, "total_operating_expenses": 2288316000, "operating_income": 2284727000, "interest_expense": -702509000, "income_from_unconsolidated_entities": 297150000, "gain_loss_on_acquisition_disposal_and_impairment_of_assets_and_interests_net": 794000, "consolidated_net_income": 1824237000, "net_income_attributable_to_noncontrolling_interests": 245728000, "preferred_dividends": 2503000, "net_income_attributable_to_common_stockholders": 1576006000, "diluted_eps": 4.83, "diluted_shares": 326429395 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 3421393000, "dilutive_ffo_allocable_to_common_stockholders": 2961257000, "real_estate_ffo": 3483527000, "diluted_ffo_per_share": 9.07, "real_estate_ffo_per_share": 9.24 }, "cash_flow": { "operating_cash_flow": 2932810000, "acquisitions": -961080000, "capital_expenditures": -679448000, "net_cash_from_investing_activities": -1238697000, "purchase_of_treasury_stock": 0, "preferred_dividends_and_distributions_to_stockholders": -2075359000, "distributions_to_limited_partners": -322777000, "proceeds_from_issuance_of_debt": 3072892000, "repayments_of_debt": -2192624000, "net_cash_from_financing_activities": -1541881000 }, "dividends": { "common_dividends_paid_per_share": 6.35 } }, "dividends": { "common_dividends_paid_per_share": 6.7 } }, "trailing_twelve_months": { "label": "TTM ended Q3 FY2026", "period_start": "2025-10-01", "period_end": "2026-09-30", "period_type": "trailing twelve months", "source_accession": "0001104659-26-123591", "source_accessions": [ "0001104659-26-019419", "0001104659-26-123591" ], "derivation": "FY2025 (10-K) minus nine months ended September 30, 2025 plus nine months ended September 30, 2026 (both from the Q3 FY2026 10-Q)", "income_statement": { "total_revenue": 7153709000, "lease_income": 6608981000, "operating_income": 3281379000, "consolidated_net_income": 5247842000, "net_income_attributable_to_common_stockholders": 4509937000 }, "funds_from_operations": { "ffo_of_the_operating_partnership": 4706140000, "real_estate_ffo": 5061487000 }, "cash_flow": { "operating_cash_flow": 4304359000, "capital_expenditures": -949862000, "preferred_dividends_and_distributions_to_stockholders": -2890005000 } }, "notes": [ "Template: REIT. Simon Property Group owns and operates shopping malls, Premium Outlets and Mills properties, so the record is built around lease income, operating income, net income, NAREIT funds from operations (FFO) and dividends rather than cost of goods and gross margin.", "The 10-K (accession 0001104659-26-019419) and 10-Q (accession 0001104659-26-123591) are combined reports for Simon Property Group, Inc. and its operating partnership, Simon Property Group, L.P. Every figure here is from the statements of Simon Property Group, Inc., the listed company.", "Coverage: annual figures are the fiscal years the FY2025 10-K prints on the face of its statements \u2014 income statement, FFO and cash flow for 2025, 2024 and 2023, and balance sheets at December 31, 2025 and 2024 (FY2023 therefore carries no balance sheet). Quarterly figures are the three months ended September 30, 2026 and 2025 from the Q3 FY2026 10-Q, plus the September 30, 2026 balance sheet. Nine-month figures sit in year_to_date with the prior-year nine months as its comparative.", "The filings report in thousands of US dollars; figures here are stated in actual dollars. Per-share amounts are in dollars per share and share counts are actual shares.", "operating_income is the line Simon captions 'Operating income before other items' (revenue less operating expenses, before interest expense, income from unconsolidated entities, gains and losses on equity interests and assets, and taxes).", "Signs follow the filing: items printed in parentheses (interest expense, capital expenditures, acquisitions, share repurchases, dividends and distributions paid, debt repayments, and losses) are stored as negative numbers.", "Simon reports a single 'basic and diluted' earnings per share figure; it is stored as diluted_eps, and diluted_shares is the 'Weighted Average Shares Outstanding \u2014 Basic and Diluted' from the per share data note. The filings state that no securities had a material dilutive effect.", "FFO figures are non-GAAP measures taken from the reconciliation to consolidated net income in each filing's Management's Discussion and Analysis. 'FFO of the Operating Partnership' is total FFO, including the share allocable to limited partners; diluted FFO per share is struck on weighted average shares and units combined (379.1 million in Q3 FY2026). Real Estate FFO further excludes other platform investments, gains or losses on disposal, exchange or revaluation of equity interests, and unrealized changes in the fair value of publicly traded equity instruments and a derivative instrument.", "FY2025 net income includes a net gain of $2.89 billion on the line 'Gain (loss) on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net', which is why FY2025 net income ($5.36 billion consolidated) and earnings per share ($14.17) are roughly double FY2024. FFO excludes this gain: diluted FFO per share was $12.34 in FY2025 against $12.99 in FY2024.", "The 10-Q states that the three months ended September 30, 2026 include $49.8 million of additional consolidated depreciation and amortization and a $25.2 million decrease in amortization of Simon's excess investment in unconsolidated entities as a result of finalizing purchase accounting for the TRG Acquisition.", "mortgages_and_unsecured_indebtedness is the single consolidated debt line on the balance sheet. redeemable_noncontrolling_interests is the line 'Limited partners' preferred interest in the Operating Partnership and noncontrolling redeemable interests', which the balance sheet presents between liabilities and equity; total assets equal total liabilities plus that line plus total equity. total_equity includes noncontrolling interests; total_stockholders_equity excludes them.", "The December 31, 2025 balance sheet column printed in the Q3 FY2026 10-Q is identical, line for line, to the balance sheet in the FY2025 10-K.", "Dividends per share are common stock dividends paid, as stated in each filing: $8.55 for 2025, $8.10 for 2024 and $7.45 for 2023 (10-K); $2.25 for the third quarter of 2026, $6.70 for the nine months ended September 30, 2026 and $6.35 for the nine months ended September 30, 2025 (10-Q). The 10-Q also reports that on November 5, 2026 the board declared a fourth-quarter 2026 dividend of $2.30 per share.", "Cash flow figures are not stored for the individual quarters: the 10-Q prints its cash flow statement for the nine months only, so cash flows appear in year_to_date and in the annual periods.", "trailing_twelve_months (October 1, 2025 to September 30, 2026) is derived, not printed: the FY2025 10-K figure less the nine months ended September 30, 2025 plus the nine months ended September 30, 2026, both nine-month figures from the 10-Q. Per-share figures are not derived for this period." ], "uncertainties": [ "The dividend paid per share for the third quarter of 2025 is not stated in these two filings, so that period carries no dividend-per-share figure.", "Quarterly cash flows for the three months ended September 30, 2026 and 2025 cannot be read from these filings (the 10-Q prints nine-month cash flows only) and are left out rather than estimated." ], "headline": { "period": "Q3 FY2026", "period_end_words": "September 30, 2026", "metrics": [ { "label": "Revenue", "format": "usd", "value": 1814556000, "text": "$1.81 billion", "exact": "$1,814,556,000", "compact": "$1.81B", "abs": "$1.81 billion", "prior_value": 1601572000, "prior": "$1.60 billion", "priorabs": "$1.60 billion", "yoy": "up 13.3%", "source": { "array": "quarterly", "field": "income_statement.total_revenue", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001104659-26-123591", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001104659-26-123591", "gap_days": 365 } }, { "label": "Net income", "format": "usd", "value": 498959000, "text": "$498.96 million", "exact": "$498,959,000", "compact": "$498.96M", "abs": "$498.96 million", "prior_value": 606174000, "prior": "$606.17 million", "priorabs": "$606.17 million", "yoy": "down 17.7%", "source": { "array": "quarterly", "field": "income_statement.net_income_attributable_to_common_stockholders", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001104659-26-123591", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001104659-26-123591", "gap_days": 365 } }, { "label": "Diluted EPS", "format": "eps", "value": 1.54, "text": "$1.54", "exact": "$1.54", "compact": "$1.54", "abs": "$1.54", "prior_value": 1.86, "prior": "$1.86", "priorabs": "$1.86", "yoy": "down 17.2%", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001104659-26-123591", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001104659-26-123591", "gap_days": 365 } }, { "label": "Real Estate FFO per share", "format": "eps", "value": 3.37, "text": "$3.37", "exact": "$3.37", "compact": "$3.37", "abs": "$3.37", "prior_value": 3.22, "prior": "$3.22", "priorabs": "$3.22", "yoy": "up 4.7%", "source": { "array": "quarterly", "field": "funds_from_operations.real_estate_ffo_per_share", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001104659-26-123591", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001104659-26-123591", "gap_days": 365 } }, { "label": "FFO per share", "format": "eps", "value": 3.09, "text": "$3.09", "exact": "$3.09", "compact": "$3.09", "abs": "$3.09", "prior_value": 3.25, "prior": "$3.25", "priorabs": "$3.25", "yoy": "down 4.9%", "source": { "array": "quarterly", "field": "funds_from_operations.diluted_ffo_per_share", "index": 0, "period_label": "Q3 FY2026", "period_end": "2026-09-30", "period_start": "2026-07-01", "span_days": 91, "source_accession": "0001104659-26-123591", "prior_index": 1, "prior_period_label": "Q3 FY2025", "prior_period_end": "2025-09-30", "prior_period_start": "2025-07-01", "prior_span_days": 91, "prior_source_accession": "0001104659-26-123591", "gap_days": 365 } } ], "summary": "Simon Property Group reported $1.81 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026, up 13.3% from a year earlier, with properties consolidated after it took full ownership of The Taubman Realty Group adding to rental income. Net income attributable to common stockholders was $498.96 million, or $1.54 per diluted share, compared with $1.86 a year earlier, and the quarter included non-cash mark-to-market losses on the Kl\u00e9pierre exchangeable bonds and on an equity security held by one of its other platform investments. Real Estate FFO, the company's preferred measure, which excludes those items, was $3.37 per share, up 4.7% from $3.22, while FFO was $3.09 per share against $3.25.", "qa": [ { "q": "How much revenue did Simon Property Group report in Q3 FY2026?", "a": "Simon Property Group reported $1.81 billion in revenue for Q3 FY2026, the quarter ended September 30, 2026. That is up 13.3% from $1.60 billion in the same quarter a year earlier." }, { "q": "What were Simon Property Group's net income and EPS in Q3 FY2026?", "a": "Simon Property Group's net income attributable to common stockholders was $498.96 million in Q3 FY2026, down 17.7% from $606.17 million a year earlier. Diluted earnings per share were $1.54, compared with $1.86." }, { "q": "Why did Simon Property Group's earnings fall in Q3 FY2026?", "a": "Simon Property Group's Q3 FY2026 net income attributable to common stockholders of $498.96 million, against $606.17 million a year earlier, included non-cash mark-to-market losses on the Kl\u00e9pierre exchangeable bonds and on an equity security held by one of its other platform investments. Depreciation and interest expense also rose with acquisitions, including The Taubman Realty Group, even as lease income grew." }, { "q": "What was Simon Property Group's FFO per share in Q3 FY2026?", "a": "Simon Property Group's Real Estate FFO, the measure the company prefers, was $3.37 per share in Q3 FY2026, up 4.7% from $3.22 a year earlier. 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