Simon Property Group: 1Q26 First Look

Research evidence excerpt

Simon Property Group: 1Q26 First Look

Barclays | Simon Property Group

N: Simon Property Group is, or during the past 12 months has been, a non-investment banking client (non-securities related services) of Barclays

Bank PLC and/or an affiliate.

Valuation Methodology: Our price target of $201 includes a 15% premium to our $166 F-NAV estimate, plus NTM dividends. Our NAV, in turn assumes

a 5.75% going-in cap rate and long-term unlevered IRR of 7.7% for SPG's core real estate portfolio. We make additional adjustments for development /

redevelopment in process, plus SPG's ownership in TRG, Klépierre, the remaining "Other Platform Investments," and joint ventures.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Upside risks include better-than-expected credit

loss and same property performance. Downside risks include incremental negative impact from tariff uncertainty impacting retailer sales, softness in

global tourism, and / or tenant inventory level challenges.

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