Simon Property Group: 1Q26 First Look

研报英文原文证据摘录

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.

Disclaimer:

This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates

(collectively and each individually, "Barclays").

It has been prepared for institutional investors and not for retail investors. It has been distributed by one or more Barclays affiliated legal entities listed

below or by an independent and non-affiliated third-party entity (as may be communicated to you by such third-party entity in its communications

with you). It is provided for information purposes only, and Barclays makes no express or implied warranties, and expressly disclaims all warranties of

merchantability or fitness for a particular purpose or use with respect to any data included in this publication.