Five-year median 13.5×, middle half 10.6–14.5×, range 8.3–16.2×. Now 14.8×: +10% above its own median, higher than 85% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile
Where the cash goes
TTM through Jun 30, 2026 · $B
Cash FFO 4.50B = net income 4.61B + depreciation 1.72B − 1.83B other non-cash items · dividends 2.88B · retained 1.61B
Against its type
SPG (blue) vs. the other Retail REITs on the board (1), grey
P/Cash FFO14.8× vs. 12.9×
Dividend yield4.3% vs. 4.6%
Cash FFO payout64% vs. 60%
Net debt / EBITDA5.7× vs. 5.7×
Interest cover4.7× vs. 3.4×
EBITDA margin72% vs. 64%
Type averages are the plain mean of the other REITs of the same property type with a usable window.
Quarter by quarter
8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter