Q2 2026 Earnings Beat with Muted Market Reaction

SPG beat Q2 FFO and revenue expectations and raised full-year FFO guidance to $13.20-$13.30, while GAAP EPS missed consensus. Strong leasing, occupancy, sales productivity, NOI growth, dividend growth, and buybacks remain constructive, but valuation concerns and the unexplained losing streak continue. Recent ownership reports are mixed and backward-looking, while model-based fair-value estimates add bearish context but use opaque methodologies.