Headquartered in Indianapolis, Indiana, Simon Property Group, Inc. (SPG) is a real estate company specializing in premier shopping, dining, entertainment, and mixed-use destinations. It has a market cap of $54.3 billion and is celebrated for its innovation, operational excellence, and commitment to providing exceptional consumer experiences.
SPG shares have gained 24.1% over the past 52 weeks and 8% on a YTD basis, outshining the broader S&P 500 Index ($SPX), which rallied 22.5% over the past year and returned 4.2% in 2025.
Narrowing the focus, SPG outpaced the Real Estate Select Sector SPDR Fund (XLRE). The exchange-traded fund has gained about 10.1% over the past year and a 3.8% rise this year.
On Feb. 4, Simon Property announced its fourth-quarter earnings, and its shares jumped 3.3% in the next trading session. Its FFO of $3.68 per share surpassed the consensus estimate of $3.40 per share. The company also posted a revenue of $1.58 billion, also topping Street forecasts. Looking ahead, the company projects net income for 2025 to be between $6.95 and $7.20 per diluted share, with Real Estate FFO expected to range from $12.40 to $12.65 per share.
For the current fiscal year, ending in December, analysts project Simon Property’s FFO to fall 3.5% year over year to $12.54. Moreover, the company's earnings surprise history is mixed, as it topped the consensus estimates in two of the last four quarters and missed on two other occasions.
The overall consensus is a “Moderate Buy” among the 18 analysts covering SPG stock. That’s based on eight “Strong Buy” ratings and 10 “Holds.”
The overall configuration is slightly more bullish than a month ago when it had seven “Strong Buy” ratings.
On Feb. 5, Piper Sandler Companies (PIPR) upgraded Simon Property Group to "Overweight" from "Neutral," raising its price target to $205 from $175. The firm cited stronger earnings potential, a renewed focus on real estate assets, and increased investment in B-tier malls amid strong tenant demand. Management's confidence in external investments and cash flow growth eased prior concerns about slowing earnings.
SPG’s mean price target of $190.28 implies a premium of 2.3% from its current market prices. The Street-high target price of $220 suggests an upside potential of 18.3%.
