U.S. malls · Premium Outlets · Retail REIT
Simon Property Group
Simon Property Group owns malls and outlets and collects rent from retail tenants. Q2 2026 consolidated lease income was $1.660 billion and U.S. mall and outlet occupancy was 96.0%. It pays property operating costs and interest while acquiring retail real estate interests.
Business categories Commercial Property & REITs · Real Estate · primary
- Commercial Property & REITs: Federal Realty Investment Trust · BXP, Inc. · Host Hotels & Resorts · Kimco Realty · Link REIT
SPG Updated Oct 20, 2026 6 AI consumers· 3 recurring
Per the valuechain.wiki graph, Simon Property Group is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 2 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-10-20).
Financials & Segments
- Total revenue · Consolidated H1 2026 total revenue of US$3.547691 billion (Q2 2026 Form 10-Q)
- Customer concentration · U.S. mall and Premium Outlet occupancy was 96.0% at June 30, 2026. Rent from individual TJX and Ross leases is undisclosed.
- Segments · Lease income · Management fees and other revenues · Other income
Revenue from
- U.S. mall and outlet tenants (undisclosed) High confidence· Amount $1.7B · Q2 2026 · Consolidated statement lease income
Lease income from the consolidated tenant base, not an amount attributable to any individual tenant, for Q2 2026.Mentions KO Maeil Business Newspaper Published Aug 11, 2026: Simon Property Q2 2026 real estate FFO reaches $3.29 per shareConfirms EN Simon Property Group Published Aug 10, 2026: Simon Property Group Q2 2026 Supplemental InformationMentions KO Daishin Securities Research Center Published Sep 4, 2024: The Time for REITs Opened by Rate Cuts - TJX Companies High confidence
TJX leases TJ Maxx and HomeGoods stores at Simon centers. Rent for this landlord relationship is undisclosed; Simon-wide lease revenue is not attributed to TJX. - Ross Stores High confidence
Ross leases stores at Simon properties including Midland Park Mall and St. Johns Town Center. Rent attributable to this landlord relationship is undisclosed.
Pays to
- Bondholders and lenders (undisclosed) High confidence· Amount $281M · Q2 2026 · Consolidated interest expense
Consolidated interest expense on debt and bonds, not a payment attributable to one lender or bondholder.Confirms EN Simon Property Group Published Aug 10, 2026: Simon Property Group Q2 2026 Supplemental Information - Shopping center operating vendors (undisclosed) High confidence· Amount $171M · Q2 2026 · Consolidated property operating expense
Consolidated property operating costs paid across vendors and on-site services. Individual vendor contracts are undisclosed.Confirms EN Simon Property Group Published Aug 10, 2026: Simon Property Group Q2 2026 Supplemental Information
Investments
- Taubman Realty Group High confidence· Amount $900M · 2025-10-31 · Approximate consideration for remaining 12% Taubman stake
Simon acquired the remaining 12% of Taubman for approximately $0.9 billion of consideration, moving from 88% to full ownership. This is acquisition consideration, not operating expense.Mentions KO Linevest News Published Aug 12, 2026: Simon Property Q2 2026: real estate FFO up 7.9% and guidance raisedMentions KO Daishin Securities Research Center Published Sep 4, 2024: The Time for REITs Opened by Rate Cuts - Brickell City Centre High confidence· Amount $498M · 2025-06-27 · Cash consideration including working capital for remaining retail and parking interests
Acquired the remaining 75% retail interest and 100% parking component. Cash consideration including working capital was $497.7 million, not a valuation of the entire property.Mentions KO Korea Economic TV WOW Global Published Feb 4, 2026: Simon Property Group earnings: growth and risks
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Ross Stores | lead1 | -6 | +2.9 | +20.6 | +10.4 | +20.4 | +28.6 |
| TJX Companies | lead1 | +12.8 | +6.7 | +19.7 | +30.6 | +28.7 | -13.2 |
| Simon Property Group | node | +95.7 | -21.9 | +29.2 | +26.9 | +12.9 | +11.4 |
YTD as of 2026-10-09 · source: Yahoo Finance
The idea that mall-landlord equities follow retailer equities with a fixed lag did not hold for Simon. In the reopening year 2021, Simon returned 95.7%, ahead of TJX at 12.8% and Ross at -6.0%. Simon then fell 21.9% in 2022 while the two tenants gained 6.7% and 2.9%. Simon led again at 29.2% in 2023, but lagged in 2025 at 12.9% versus 28.7% for TJX and 20.4% for Ross. Their 2026 returns split again: Simon +11.4% through October 9, TJX -13.2% and Ross +28.6% through September 4. Different cutoff dates limit precise relative comparisons. Simon’s Q2 2026 occupancy of 96.0% and lease income of $1.659709 billion show a firm rental business, but bilateral TJX and Ross rent is undisclosed, so no individual tenant can be credited for the growth. Interest rates, debt costs and acquisitions put separate clocks between tenant sales, renewed rent and REIT shares. The next test is the joint path of Q3 base rent, occupancy and interest expense.
Analysis generated from returns as of 2026-10-09← All companiesMarkdown · JSON · Customers · Suppliers · Ripple