Indianapolis, Indiana-based Simon Property Group, Inc. (SPG) is a self-administered and self-managed real estate investment trust (REIT). Valued at $59.7 billion by market cap, the company owns, develops, and manages retail real estate properties, including regional malls, outlet centers, community/lifestyle centers, and international properties.
Shares of this real estate giant have underperformed the broader market over the past year. SPG has gained 2.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 13.2%. In 2025, SPG stock is up 6.1%, compared to the SPX’s 14.5% rise on a YTD basis.
Narrowing the focus, SPG’s outperformance is apparent compared to the Real Estate Select Sector SPDR Fund (XLRE). The exchange-traded fund has declined about 4.6% over the past year. Moreover, SPG’s single-digit gains on a YTD basis outshine the ETF’s marginal returns over the same time frame.
On Nov. 3, SPG shares closed up marginally after reporting its Q3 results. Its FFO per share of $3.22 surpassed Wall Street expectations of $3.09. The company’s revenue was $1.6 billion, beating Wall Street forecasts of $1.5 billion. SPG expects full-year FFO to be $12.60 to $12.70 per share.
For the current fiscal year, ending in December, analysts expect SPG’s FFO per share to decline 2.4% to $12.68 on a diluted basis. The company’s FFO surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 21 analysts covering SPG stock, the consensus is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings, and 13 “Holds.”
This configuration is less bullish than three months ago, with nine analysts suggesting a “Strong Buy.”
On Nov. 12, Michael Mueller from JPMorgan Chase & Co. (JPM) maintained a “Hold” rating on SPG with a price target of $198, implying a potential upside of 8.4% from current levels.
The mean price target of $191.35 represents a 4.7% premium to SPG’s current price levels. The Street-high price target of $225 suggests an upside potential of 23.1%.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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