Simon Property Group, Inc.

Simon's centers are close to full, so growth now comes from re-leasing space it gets back at much higher rents and rebuilding what it already owns. The question is whether those higher rents arrive before the higher interest bills do. How much of the Saks Off Fifth space is already re-leased?

• Growth accelerated every quarter, and guidance was raised twice.

  Income from the domestic properties grew 8.5% in Q2 FY2026 and sales per square foot rose 13.9%. Management says the strength is broad — malls, outlets and mills all selling more — so less of the portfolio can drag.

• Replacing failed tenants creates a big rent step-up, but it lands late.

  The Saks Off Fifth boxes that emptied paid about $18 million a year in rent; the leases refilling them run at more than double that, toward $44 million. The space came back in May, so most of it lands in 2027 — real growth, a year away. How does that rent per square foot compare with the rest of the portfolio?

• Higher interest bills are taking a slice of the rental growth.

  Management expects higher interest costs to knock about 30 cents a share off this year's cash flow, most still ahead. The buildings earn more, but the debt against them costs more too, so less of it reaches shareholders. How much of the 2027 debt maturities is Simon already refinanced?