Simon Property Group SPG
Dominant premier shopping, dining, entertainment, and mixed-use destination operator in the United States.
Executive Summary: Simon Property Group (SPG) Institutional Rating
Quantitative Verdict: Simon Property Group (SPG) trades at an annualized dividend yield of 3.97% with an AFFO payout ratio of 67.5%, earning a Dividend Safety Score of 84 / 100 (Safe). The stock currently trades at a 7.0% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $228.00, backed by an institutional portfolio of 230 commercial properties operating at 95.8% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Simon Property Group operates as a Operationally Intensive in the Malls & Outlets real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 95.8%.
Labor & Overhead Efficiency
- • Total Global Employees: 3,100
- • Estimated Market Cap: $80.34 B
- • Capital Per Employee: $25.92M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 6.45%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 4.95% | $297.09 | +30.3% | $211.63 | Undervalued |
| 5.45% | $269.83 | +18.3% | $211.63 | Undervalued |
| 5.95% | $247.16 | +8.4% | $211.63 | Undervalued |
| 6.45% Base Case | $228.00 | 0.0% | $211.63 | Undervalued |
| 6.95% | $211.60 | -7.2% | $211.63 | Overvalued |
| 7.45% | $197.40 | -13.4% | $211.63 | Overvalued |
| 7.95% | $184.98 | -18.9% | $211.63 | Overvalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $2.1000 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| The Houston Galleria & Financial Towers | Houston, TX | 3,000,000 sq ft | 98.1% | Nordstrom, Neiman Marcus, Saks Fifth Avenue, Gucci | $2,137,931,034 |
| King of Prussia Super-Regional Mall | King of Prussia, PA | 2,793,000 sq ft | 95.8% | Apple, Nordstrom, Neiman Marcus, Sephora | $1,969,230,769 |
| The Galleria Luxury Center | Houston, TX | 2,400,000 sq ft | 94.2% | Tiffany & Co., Louis Vuitton, Saks Fifth Ave | $1,666,666,667 |
| Sawgrass Mills Destination Complex | Sunrise, FL | 2,370,000 sq ft | 96.1% | Super Target, Primark, Saks Off 5th | $1,410,447,761 |
| Woodbury Common Premium Outlets | Central Valley, NY | 912,000 sq ft | 98.4% | Gucci, Prada, Nike, Ralph Lauren | $1,435,483,871 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: SPG vs Peers
Institutional CompsDirect peer benchmark comparing Simon Property Group against its top competitors in the Malls & Outlets industry.
| Metric | SPG (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $211.63 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 3.97% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 84 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 17.0x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -7.0% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 95.8% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 230 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (SPG FAQ)
Simon Property Group (SPG) currently pays an annualized dividend of $8.40 per share, representing an annualized dividend yield of 3.97%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 67.5%, earning a Dividend Safety Score of 84/100 with a risk rating of 'Safe'.
Based on REITwave's institutional property-level valuation models, Simon Property Group's consensus base NAV is $228.00 per share. Trading at $211.63, the stock reflects an implied market cap rate of 6.45% and trades at a 7.0% discount to NAV (undervalued).
Simon Property Group owns and operates approximately 230 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 95.8% with a weighted average lease term (WALT) of 5.9 years.
Simon Property Group currently trades at a Price / AFFO multiple of 17.0x based on forward AFFO per share of $12.45. Its Price / FFO multiple stands at 16.5x against forward FFO per share of $12.80.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is David Simon. Total annual reported compensation was $11,663,678, reflecting a CEO-to-median-worker pay ratio of 94:1.
Simon Property Group maintains a Net Debt-to-EBITDA ratio of 5.1x and carries an investment-grade credit rating of A- / A3. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.