REIT Report Card · August 15, 2026
Simon Property Group is the mall landlord, $83.3B, about $293 million a day. Shares are +27.2% over the past year. EBITDA margins are about 73.9%, which is excellent. EV / EBITDA is about 21.8x. OCF dividend coverage is 1.21x, a modest cushion on a strong operating year.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A | Plenty of daily volume |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | B+ | Interest is covered, without a huge cushion |
| Operating Quality | A | Excellent profit margins |
| Cash Generation | B | Decent cash generation relative to today's stock price |
| Dividend | B | The dividend is covered. Yield is not the whole story |
| Valuation | B- | You're paying up for the shares |
| Recent Performance | A+ | A standout year for the share price |
| Overall | B+ | Mall scale and a strong year. Dividend coverage is only okay |
1. Valuation
A buyer is taking the equity and the net debt together. This multiple is the combined price.
At about 21.8x EV / EBITDA, SPG trades at a full but less extreme multiple.
Bottom line: This is a full price, not a distressed one.
2. Leverage
For every $1 of annual EBITDA SPG generates, it has about $5.54 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: SPG uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 25% of SPG's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: SPG's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
SPG generates about 4.79x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
SPG turns about 74 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
SPG generated operating cash flow equal to about 4.9% of its current equity value.
For every $100 of current equity value, the company generated about $4.95 of trailing operating cash flow.
Bottom line: There's real cash in dollars, but a higher stock price compresses the yield you get today.
7. Cash Conversion
About 80% of SPG's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers SPG's annualized dividend about 1.21x.
SPG generates roughly 1.21x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
SPG is not mainly a high-income REIT.
Put $10,000 into SPG at the current indicated yield and you'd get about $410 a year if the dividend stays the same.
Bottom line: People who buy SPG are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $293 million of SPG stock changes hands on an average trading day.
Bottom line: Daily volume of about $293 million is active for an equity REIT.
If you put $10,000 into SPG today, based on the numbers in this report:
SPG has $29.44B of total debt against $1.02B of cash (5.54x net debt / EBITDA). Interest coverage of 4.8x is not a full answer to that load.
At 21.8x EV / EBITDA, the valuation is neither a bargain nor a blow-off.
OCF dividend coverage is 1.21x and the indicated yield is 4.10%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $293.2M, active enough for most individual-sized trades.
Simon had a +27.2% year and still shows 73.9% EBITDA margins. Coverage of the dividend is 1.21x, a softer line than the operating year.
A 73.9% EBITDA margin after a +27.2% year is a strong operating result. OCF dividend coverage at 1.21x is the line that stays only okay.
21.8x EV / EBITDA, 5.54x leverage, 1.21x coverage, 4.1% yield. The operating year was strong. The payout cushion is the part that is only okay.
| Metric | SPG |
|---|---|
| Market Capitalization | $83.31B |
| Enterprise Value | $111.72B |
| Share Price | $219.58 |
| Revenue (TTM) | $6.94B |
| EBITDA (TTM) | $5.13B |
| EBIT (TTM) | $3.29B |
| Operating Cash Flow (TTM) | $4.12B |
| CapEx (TTM) | $0.91B |
| Cash | $1.02B |
| Total Debt | $29.44B |
| Average Daily $ Volume | $293.2M |
| Daily Equity Turnover | 0.35% |
| EV / EBITDA | 21.78x |
| EBITDA Yield on EV | 4.59% |
| EBITDA Margin | 73.92% |
| Net Debt / EBITDA | 5.54x |
| Net Debt / Market Cap | 34.11% |
| Net Debt / Enterprise Value | 25.44% |
| Debt / Total Capital | 26.11% |
| Cash / Debt | 3.46% |
| EV Premium to Equity | 34.10% |
| Operating Cash Flow Yield | 4.95% |
| OCF / EBITDA Conversion | 80.31% |
| CapEx / Operating Cash Flow | 21.98% |
| CapEx / Revenue | 13.05% |
| Post-CapEx Cash Yield | 3.86% |
| Dividend / OCF Burden | 0.83x |
| OCF Dividend Coverage | 1.21x |
| Implied Interest / Revenue | 15.44% |
| EBITDA Interest Coverage | 4.79x |
| Reported Interest Coverage (source) | 3.07x |
| Dividend Yield | 4.10% |
| 52-Week Price Change | +27.23% |
| Approx. 1-Year Total Carry | +31.33% |
| Beta (5Y) | 1.33 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/spg/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.