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Simon Property Group

NYSE:SPG
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SPG
NYSE
$53B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). The last earnings update was 11 days ago. More info.


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SPG Share Price and Events
7 Day Returns
-4.1%
NYSE:SPG
0.2%
US REITs
-1%
US Market
1 Year Returns
-16.7%
NYSE:SPG
8.1%
US REITs
-0.4%
US Market
SPG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Simon Property Group (SPG) -4.1% -5% -12.9% -16.7% -29.9% -12.3%
US REITs 0.2% 2.8% 3.7% 8.1% 8.6% 25%
US Market -1% -3.3% 0.8% -0.4% 30.4% 37.1%
1 Year Return vs Industry and Market
  • SPG underperformed the REITs industry which returned 8.1% over the past year.
  • SPG underperformed the Market in United States of America which returned -0.4% over the past year.
Price Volatility
SPG
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Simon Property Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Simon Property Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Simon Property Group.

NYSE:SPG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SPG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.475 (1 + (1- 21%) (45.22%))
0.762
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:SPG using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

NYSE:SPG Discount to Share Price
Calculation Result
Value per share (USD) From above. $254.18
Current discount Discount to share price of $148.61
= -1 x ($148.61 - $254.18) / $254.18
41.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Simon Property Group is available for.
Intrinsic value
42%
Share price is $148.61 vs Future cash flow value of $254.18
Current Discount Checks
For Simon Property Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Simon Property Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Simon Property Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Simon Property Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Simon Property Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SPG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $7.48
NYSE:SPG Share Price ** NYSE (2019-08-16) in USD $148.61
United States of America REITs Industry PE Ratio Median Figure of 153 Publicly-Listed REITs Companies 33.56x
United States of America Market PE Ratio Median Figure of 3,096 Publicly-Listed Companies 17.26x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Simon Property Group.

NYSE:SPG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SPG Share Price ÷ EPS (both in USD)

= 148.61 ÷ 7.48

19.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Simon Property Group is good value based on earnings compared to the US REITs industry average.
  • Simon Property Group is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Simon Property Group's expected growth come at a high price?
Raw Data
NYSE:SPG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
0.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 140 Publicly-Listed REITs Companies 2.14x
United States of America Market PEG Ratio Median Figure of 2,126 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

NYSE:SPG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.86x ÷ 0.2%

87.7x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Simon Property Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Simon Property Group's assets?
Raw Data
NYSE:SPG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $9.34
NYSE:SPG Share Price * NYSE (2019-08-16) in USD $148.61
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.93x
United States of America Market PB Ratio Median Figure of 5,273 Publicly-Listed Companies 1.7x
NYSE:SPG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SPG Share Price ÷ Book Value per Share (both in USD)

= 148.61 ÷ 9.34

15.91x

* Primary Listing of Simon Property Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Simon Property Group is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Simon Property Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Simon Property Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Simon Property Group expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Simon Property Group expected to grow at an attractive rate?
  • Simon Property Group's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Simon Property Group's earnings growth is positive but not above the United States of America market average.
  • Simon Property Group's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SPG Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SPG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 0.2%
NYSE:SPG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 3.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.6%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SPG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SPG Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 2,201
2022-12-31 2,211
2021-12-31 6,379 2,179 1
2020-12-31 5,838 3,964 2,299 5
2019-12-31 5,741 3,774 2,137 4
NYSE:SPG Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 5,635 3,802 2,313
2019-03-31 5,626 3,745 2,365
2018-12-31 5,640 3,751 2,437
2018-09-30 5,599 3,626 2,295
2018-06-30 5,611 3,621 2,253
2018-03-31 5,587 3,652 2,088
2017-12-31 5,539 3,594 1,945
2017-09-30 5,539 3,559 1,768
2017-06-30 5,492 3,488 1,759
2017-03-31 5,444 3,438 1,832
2016-12-31 5,435 3,373 1,836
2016-09-30 5,388 3,339 1,833

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Simon Property Group's earnings are expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
  • Simon Property Group's revenue is expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SPG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Simon Property Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SPG Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 7.18 7.18 7.18 1.00
2022-12-31 7.21 7.21 7.21 1.00
2021-12-31 7.15 7.20 7.10 2.00
2020-12-31 7.00 7.58 5.95 6.00
2019-12-31 6.69 7.04 5.94 5.00
NYSE:SPG Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 7.48
2019-03-31 7.65
2018-12-31 7.87
2018-09-30 7.40
2018-06-30 7.26
2018-03-31 6.71
2017-12-31 6.24
2017-09-30 5.66
2017-06-30 5.62
2017-03-31 5.84
2016-12-31 5.87
2016-09-30 5.88

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Simon Property Group is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Simon Property Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Simon Property Group has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Simon Property Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Simon Property Group's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Simon Property Group's year on year earnings growth rate has been positive over the past 5 years.
  • Simon Property Group's 1-year earnings growth is less than its 5-year average (2.7% vs 10.6%)
  • Simon Property Group's earnings growth has not exceeded the US REITs industry average in the past year (2.7% vs 16.9%).
Earnings and Revenue History
Simon Property Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Simon Property Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SPG Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 5,635.20 2,312.86 399.99
2019-03-31 5,626.27 2,364.54 387.46
2018-12-31 5,640.02 2,436.72 377.13
2018-09-30 5,598.94 2,295.04 369.19
2018-06-30 5,610.57 2,252.56 368.09
2018-03-31 5,587.06 2,087.54 374.42
2017-12-31 5,538.64 1,944.63 378.85
2017-09-30 5,538.96 1,767.94 394.91
2017-06-30 5,492.49 1,758.90 406.90
2017-03-31 5,444.28 1,832.30 409.47
2016-12-31 5,435.23 1,835.56 405.05
2016-09-30 5,387.84 1,833.43 402.07
2016-06-30 5,350.81 1,748.69 400.42
2016-03-31 5,386.58 1,766.24 407.70
2015-12-31 5,257.80 1,824.38 388.85
2015-09-30 5,174.30 1,837.13 386.48
2015-06-30 5,088.86 1,669.09 389.19
2015-03-31 4,921.73 1,614.88 391.98
2014-12-31 4,870.82 1,375.89 395.09
2014-09-30 4,824.85 1,303.43 395.12
2014-06-30 4,737.04 1,324.56 378.79
2014-03-31 4,640.05 1,204.37 360.02
2013-12-31 4,543.85 1,131.51 355.78
2013-09-30 4,637.13 1,114.30 353.34
2013-06-30 4,718.87 1,096.13 345.50
2013-03-31 4,821.94 1,013.03 343.96
2012-12-31 4,256.16 1,274.77 331.40
2012-09-30 4,706.99 1,478.71 344.52

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Simon Property Group made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Simon Property Group used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Simon Property Group has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Simon Property Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Simon Property Group has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Simon Property Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Simon Property Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Simon Property Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Simon Property Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Simon Property Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Simon Property Group Company Filings, last reported 1 month ago.

NYSE:SPG Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 3,595.00 23,324.68 479.78
2019-03-31 3,925.82 23,185.97 436.80
2018-12-31 4,027.12 23,305.54 514.34
2018-09-30 4,095.44 23,678.26 695.72
2018-06-30 4,076.63 23,505.00 714.25
2018-03-31 4,235.02 23,647.62 367.21
2017-12-31 4,429.24 24,632.46 1,482.31
2017-09-30 4,429.34 23,410.36 508.41
2017-06-30 4,475.54 23,422.69 488.61
2017-03-31 4,895.85 23,149.05 534.50
2016-12-31 5,097.67 22,977.10 560.06
2016-09-30 5,486.16 23,086.42 815.75
2016-06-30 5,474.81 22,934.74 884.78
2016-03-31 5,518.07 22,975.82 805.08
2015-12-31 5,241.91 22,416.68 701.13
2015-09-30 5,352.84 22,629.05 856.86
2015-06-30 5,411.61 22,071.38 567.26
2015-03-31 5,997.53 21,706.36 833.73
2014-12-31 5,977.04 20,855.09 613.18
2014-09-30 5,892.19 21,202.36 818.00
2014-06-30 6,141.15 21,901.36 1,665.82
2014-03-31 6,971.89 23,186.81 1,013.37
2013-12-31 7,013.12 22,670.32 1,691.01
2013-09-30 6,984.29 22,734.25 1,099.32
2013-06-30 6,986.27 22,688.62 1,095.83
2013-03-31 7,010.69 22,573.82 829.97
2012-12-31 7,071.10 23,114.51 1,184.52
2012-09-30 7,175.05 22,573.53 456.31
  • Simon Property Group's level of debt (648.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (356.7% vs 648.8% today).
  • Debt is not well covered by operating cash flow (16.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
X
Financial health checks
We assess Simon Property Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Simon Property Group has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Simon Property Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.65%
Current annual income from Simon Property Group dividends. Estimated to be 5.78% next year.
If you bought $2,000 of Simon Property Group shares you are expected to receive $113 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Simon Property Group's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • Simon Property Group's dividend is above the markets top 25% of dividend payers in United States of America (3.84%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SPG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 183 Stocks 3.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2010 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SPG Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 8.76 2.00
2022-12-31 8.61 2.00
2021-12-31 8.89 6.00
2020-12-31 8.61 16.00
2019-12-31 8.32 10.00
NYSE:SPG Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-08-07 8.400 5.507
2019-07-31 8.400 5.360
2019-05-08 8.200 4.987
2019-04-30 8.200 4.654
2019-02-22 8.200 4.575
2019-02-01 8.200 4.478
2018-11-02 8.000 4.496
2018-10-25 8.000 4.394
2018-08-02 8.000 4.505
2018-07-30 8.000 4.559
2018-05-03 7.800 4.720
2018-04-27 7.800 4.934
2018-02-23 7.800 5.069
2018-01-31 7.800 5.003
2017-10-27 7.400 4.536
2017-08-01 7.200 4.481
2017-01-31 7.000 4.205
2016-10-26 6.600 3.628
2016-07-27 6.600 3.148
2016-04-26 6.400 3.079
2016-02-26 6.400 3.158
2016-01-29 6.400 3.432
2015-11-04 6.400 3.377
2015-10-27 6.400 3.130
2015-08-05 6.200 3.298
2015-07-24 6.200 3.317
2015-04-24 6.000 3.325
2015-02-27 5.600 2.939
2015-01-30 5.600 2.882
2014-10-22 5.200 2.808
2014-07-23 5.200 3.094
2014-04-22 5.200 3.061
2014-01-31 5.000 3.086
2013-10-25 4.800 3.130
2013-07-29 4.600 3.032
2013-04-26 4.600 2.743
2013-02-04 4.600 2.813
2012-10-25 4.400 2.824
2012-07-24 4.200 2.681
2012-04-27 4.000 2.625
2012-02-03 3.800 2.679
2011-10-26 3.600 2.838
2011-10-25 3.600 2.943
2011-07-26 3.200 2.789
2011-04-29 3.200 2.756
2011-02-04 3.200 2.993
2010-11-01 3.200 3.215
2010-07-30 2.400 2.556
2010-02-05 2.400 2.874
2009-10-30 2.400 3.226
2009-08-04 2.400 3.636
2009-05-01 2.400 4.654
2009-01-30 3.600 9.573
2008-11-03 3.600 7.285

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Simon Property Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (543.5x coverage).
X
Income/ dividend checks
We assess Simon Property Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Simon Property Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Simon Property Group has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Simon Property Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Simon
COMPENSATION $11,436,918
AGE 57
TENURE AS CEO 24.6 years
CEO Bio

Mr. David E. Simon has been the Chief Executive Officer of Simon Property Group, Inc. or its predecessor since 1995 and its Chairman since October 25, 2007 and its Director since 1993. Mr. Simon also serves as the President of Simon Property Group, Inc. since February 2019. Mr. Simon served as President of Simon’s predecessor since 1993 until 1996. Mr. Simon has been a General Partner of Simon Property Group LP since 1998, which he joined in 1990. Prior to that, he was the Chief Executive Officer at Simon Property Group Inc.'s predecessor since 1995. He joined the firm in 1990. From 1988 to 1990, Mr. Simon served as Vice President at Wasserstein Perella & Company. He has been the Chairman of Supervisory Board at Klepierre SA since March 14, 2012. Mr. Simon serves as Member of Executive Council of Flexis Capital LLC. He is a Member of Board of Overseers of Columbia Business School. Mr. Simon is a Director of First Health Group Corp. since 1990. He served as a Director of Q Interactive, Inc. Mr. Simon served as a Director of WP GLIMCHER Inc. from December 17, 2013 to May 21, 2015. He served as a Director of CoolSavings since November 1999. Mr. Simon was a Director of The Real Estate Roundtable. Mr. Simon was a member and Chairman of the National Association of Real Estate Investment Trusts (NAREIT) Board of Governors and was a Trustee of the International Council of Shopping Centers (ICSC). From 1985 to 1988, he was an Associate at First Boston Corp. His appointments expired as Director, Chairman of the Board and Chief Executive Officer with Simon Property Group (Delaware), Inc., The Retail Property Trust and M.S. Management Associates, Inc. and Chairman of the Board and Chief Executive Officer with Simon Management Associates, LLC and CPG Holdings, LLC. He holds an MBA from Columbia University's Graduate School of Business and a B.S. degree from Indiana University.

CEO Compensation
  • David's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • David's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Simon Property Group management team in years:

4
Average Tenure
50
Average Age
  • The tenure for the Simon Property Group management team is about average.
Management Team

David Simon

TITLE
Chairman
COMPENSATION
$11M
AGE
57
TENURE
24.6 yrs

Brian McDade

TITLE
Executive VP
COMPENSATION
$2M
AGE
40
TENURE
0.8 yrs

John Rulli

TITLE
Chief Administrative Officer & President of Malls
COMPENSATION
$3M
AGE
63
TENURE
12.6 yrs

Steve Fivel

TITLE
General Counsel & Secretary
COMPENSATION
$3M
AGE
58
TENURE
2.6 yrs

Stanley Shashoua

TITLE
Chief Investment Officer
AGE
48

Adam Reuille

TITLE
Senior VP & Chief Accounting Officer
AGE
44
TENURE
0.8 yrs

David Schacht

TITLE
Senior VP & Chief Information Officer

Tom Ward

TITLE
Senior Vice President of Investor Relations
AGE
50
TENURE
5.5 yrs

Ali Slocum

TITLE
Vice President of Public Relations

Mikael Thygesen

TITLE
Chief Marketing Officer & President of Simon Brand Ventures
Board of Directors Tenure

Average tenure and age of the Simon Property Group board of directors in years:

11.8
Average Tenure
71
Average Age
  • The average tenure for the Simon Property Group board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Rick Sokolov

TITLE
Vice Chairman
COMPENSATION
$5M
AGE
69
TENURE
0.5 yrs

David Simon

TITLE
Chairman
COMPENSATION
$11M
AGE
57
TENURE
11.8 yrs

Herb Simon

TITLE
Chairman Emeritus
AGE
84
TENURE
11.8 yrs

John Rulli

TITLE
Chief Administrative Officer & President of Malls
COMPENSATION
$3M
AGE
63
TENURE
11.8 yrs

Al Smith

TITLE
Director
COMPENSATION
$332K
AGE
78
TENURE
26.6 yrs

Karen Horn

TITLE
Independent Director
COMPENSATION
$306K
AGE
76
TENURE
15.3 yrs

Reuben Leibowitz

TITLE
Director
COMPENSATION
$332K
AGE
71
TENURE
14.3 yrs

Larry Glasscock

TITLE
Lead Independent Director
COMPENSATION
$356K
AGE
71
TENURE
5.4 yrs

Daniel Smith

TITLE
Director
COMPENSATION
$297K
AGE
62
TENURE
10.3 yrs

Allan Hubbard

TITLE
Director
COMPENSATION
$306K
AGE
71
TENURE
10.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. May 19 Sell John Rulli Individual 16. May 19 16. May 19 -9,160 $176.17 $-1,613,717
31. Oct 18 Sell John Rulli Individual 30. Oct 18 30. Oct 18 -6,000 $186.52 $-1,119,120
X
Management checks
We assess Simon Property Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Simon Property Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Simon Property Group, Inc. (NYSE:SPG) Stock Goes Ex-Dividend In Just 3 Days

So we need to investigate whether Simon Property Group can afford its dividend, and if the dividend could grow. … Check out our latest analysis for Simon Property Group Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. … However, we'd also note that Simon Property Group is paying out more than half of its earnings and cash flow as profits, which could limit the dividend growth if earnings growth slows.

Simply Wall St -

Are Insiders Selling Simon Property Group, Inc. (NYSE:SPG) Stock?

So shareholders might well want to know whether insiders have been buying or selling shares in Simon Property Group, Inc. … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Simon Property Group The Last 12 Months Of Insider Transactions At Simon Property Group Over the last year, we can see that the biggest insider sale was by the Chief Administrative Officer & President of Malls, John Rulli, for US$1.6m worth of shares, at about US$176 per share. … An insider hasn't bought Simon Property Group stock in the last three months, but there was some selling.

Simply Wall St -

Should Simon Property Group, Inc. (NYSE:SPG) Be Part Of Your Dividend Portfolio?

It is worth considering that Simon Property Group is a Real Estate Investment Trust (REIT). REITs have different rules governing their payments, and are often required to pay out a high portion of their earnings to investors. Is Simon Property Group's Balance Sheet Risky? As Simon Property Group has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Simon Property Group has grown its earnings per share at 16% per annum over the past five years. … Simon Property Group's earnings per share have grown rapidly in recent years, although more than half of its profits are being paid out as dividends, which makes us wonder if the company has a limited number of reinvestment opportunities in its business.

Simply Wall St -

One Metric To Rule Them All: Simon Property Group, Inc. (NYSE:SPG)

Simon Property Group, Inc. … View our latest analysis for Simon Property Group A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Next Steps: Simon Property Group can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

A Spotlight On Simon Property Group, Inc.'s (NYSE:SPG) Fundamentals

For those interested in understanding where the figures come from and want to see the analysis, take a look at the report on Simon Property Group here. … NYSE:SPG Historical Dividend Yield, June 13th 2019 Next Steps: For Simon Property Group, I've put together three pertinent factors you should look at: Future Outlook: What are well-informed industry analysts predicting for SPG’s future growth? … Take a look at our free research report of analyst consensus for SPG’s outlook.

Simply Wall St -

Investors Who Bought Simon Property Group (NYSE:SPG) Shares Three Years Ago Are Now Down 15%

Although the share price is down over three years, Simon Property Group actually managed to grow EPS by 10% per year in that time. … As it happens, Simon Property Group's TSR for the last 3 years was -3.1%, which exceeds the share price return mentioned earlier. … A Different Perspective It's nice to see that Simon Property Group shareholders have received a total shareholder return of 10% over the last year.

Simply Wall St -

Is Simon Property Group, Inc.'s (NYSE:SPG) 70% ROE Better Than Average?

See our latest analysis for Simon Property Group How Do You Calculate Return On Equity? … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Simon Property Group: 70% = US$2.4b ÷ US$3.9b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Simon Property Group's Debt And Its 70% ROE It appears that Simon Property Group makes extensive use of debt to improve its returns, because it has a relatively high debt to equity ratio of 6.04.

Simply Wall St -

Why Simon Property Group, Inc.'s (NYSE:SPG) CEO Pay Matters To You

In 1995 David Simon was appointed CEO of Simon Property Group, Inc. … Check out our latest analysis for Simon Property Group … How Does David Simon's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Here's How We Evaluate Simon Property Group, Inc.'s (NYSE:SPG) Dividend

Is Simon Property Group, Inc. … With Simon Property Group yielding 4.6% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. … Explore this interactive chart for our latest analysis on Simon Property Group!

Simply Wall St -

What Should We Expect From Simon Property Group, Inc.'s (NYSE:SPG) Earnings In The Years Ahead?

Simon Property Group, Inc.'s (NYSE:SPG) announced its latest earnings update in December 2018, whicha

Simply Wall St -

Company Info

Description

Simon is a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Details
Name: Simon Property Group, Inc.
SPG
Exchange: NYSE
Founded: 1960
$52,729,650,698
$45,777,288,809
354,818,994
Website: http://www.simon.com
Address: Simon Property Group, Inc.
225 West Washington Street,
Indianapolis,
Indiana, 46204,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SPG Common Stock New York Stock Exchange US USD 14. Dec 1993
DB SQI Common Stock Deutsche Boerse AG DE EUR 14. Dec 1993
LSE 0L6P Common Stock London Stock Exchange GB USD 14. Dec 1993
WBAG SPGR Common Stock Wiener Boerse AG AT EUR 14. Dec 1993
NYSE SPG.PRJ PFD J 8.375% New York Stock Exchange US USD 29. Oct 2004
BOVESPA SIMN34 BDR EACH 1 REP 0.25 COM USD0.0001 Bolsa de Valores de Sao Paulo BR BRL 20. May 2019
Number of employees
Current staff
Staff numbers
4,150
Simon Property Group employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/18 23:48
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/16
Last earnings filing: 2019/08/07
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.