Indianapolis-based Simon Property Group, Inc. (SPG) operates as a retail REIT focused on owning premier shopping, dining, entertainment, and mixed-use destinations. Valued at $57.1 billion by market cap, Simon owns 250+ iconic properties across North America, Europe, and Asia, providing community gathering places for millions of people every day.

The real estate giant has notably underperformed the broader market over the past year. SPG stock has gained 9.2% over the past 52 weeks and 1.1% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 14.3% gains over the past year and 8.7% returns in 2025.

Narrowing the focus, Simon Property has notably outperformed the sector-focused Real Estate Select Sector SPDR Fund’s (XLRE) marginal 76 bps dip over the past year, but lagged behind XLRE’s 2.9% uptick in 2025.

Simon Property Group’s stock prices gained 3.3% in the trading session following the release of its solid Q2 results on Aug. 4. Driven by robust growth in lease income and management fees and other revenues, the company’s overall topline for the quarter increased 2.8% year-over-year to $1.5 billion. This was also supported by an improvement in the occupancy rate. Further, the company’s NOI increased by 4.2% compared to the year-ago quarter.

Meanwhile, Simon’s real estate FFO grew 4.1% year-over-year to $3.05 per share, surpassing the consensus estimates by 33 bps. Further, observing the solid momentum, the company raised its full-year real estate FFO guidance.

For the full fiscal 2025, ending in December, analysts expect Simon to deliver a real estate FFO of $12.53 per share, down 3.5% year-over-year. The company has a mixed earnings surprise history. While it missed the Street’s bottom-line estimates once over the past four quarters, it surpassed the projections on three other occasions.

The stock has a consensus “Moderate Buy” rating overall. Of the 20 analysts covering the SPG stock, opinions include nine “Strong Buys” and 11 “Holds.”

This configuration is slightly more optimistic than two months ago, when eight analysts gave “Strong Buy” recommendations.

On Aug. 5, Stifel analyst Simon Yarmak maintained a “Buy” rating on SPG, but reduced the price target from $180 to $179.

As of writing, SPG’s mean price target of $182.58 represents a modest 4.9% premium to current price levels. Meanwhile, the street-high target of $225 suggests a notable 29.2% upside potential.