On 12 Nov 2026 our base value for Simon Property Group is $273.52 a share, 17.1% above its $233.61 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $273.52 | +17.1% | funds from operations $21.22 a share (FY2025) at its own 5-year median of 12.9× (today 11×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $2.57bn | $1.33bn | $3.89bn | 328.59m | $11.85 | $159.77 | 13.5× |
| 2022 | $2.45bn | $1.29bn | $3.74bn | 327.82m | $11.42 | $117.48 | 10.3× |
| 2023 | $2.28bn | $1.33bn | $3.62bn | 326.81m | $11.07 | $142.64 | 12.9× |
| 2024 | $2.73bn | $1.36bn | $4.09bn | 326.10m | $12.54 | $172.21 | 13.7× |
| 2025 | $5.36bn | $1.55bn | $6.92bn | 326.02m | $21.22 | $185.11 | 8.7× |
| Median P/FFO | 12.9× |
| Latest FFO per share (FY2025) | $21.22 |
| Value per share = median × latest FFO per share | $273.52 |
For a REIT the base value is the price-to-FFO value: $273.52 a share.
Bear $218.26 · Base $273.52 · Bull $286.06 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 68% chance the price is higher than today's $233.61 in a year, from 17.7% volatility. The simulation assumes the price drifts up at our discount rate of 9.95% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $200.95 | $244.17 |
| 9 Oct 2026 | $199.42 | $273.52 |
| 16 Oct 2026 | $205.44 | $273.52 |
| 23 Oct 2026 | $211.63 | $273.52 |
| 30 Oct 2026 | $217.75 | $273.52 |
| 6 Nov 2026 | $228.42 | $273.52 |
| 12 Nov 2026 | $233.61 | $273.52 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on SPG · Simon Property Group company page · Call and put prices