SPG — what changed in the latest 10-Q
A section-by-section comparison of SPG's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-10 vs the prior 10-Q · 2026-05-11
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +64 | −37 | ~43 | 93 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~4 | 4 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | No paragraph-level changes | 0 | 0 | 0 | 1 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-10
●decreased income and other tax expense of $36.6 million, or $0.10 per diluted share/unit, primarily due to a $20.1 million, or $0.05 per diluted share/unit, non-cash tax impact as a result of a gain within Catalyst due to the deconsolidation of Forever 21 in 2025, and a $4.6 million, or $0.01 per d…
●a loss in 2025 of $9.6 million, or $0.03 per diluted share/unit, on the disposition of certain Klépierre assets, partially offset by,
●increased depreciation and amortization in 2026 of $251.7 million, or $0.66 per diluted share/unit, of which $242.2 million, or $0.64 per diluted share/unit, relates to our acquisition activity,
●decreased income from unconsolidated entities of $55.4 million, or $0.15 per diluted share/unit, the majority of which is due to unfavorable year-over-year operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities,
●increased interest expense of $97.1 million, or $0.26 per diluted share/unit, of which $77.8 million, or $0.20 per diluted share/unit, relates to our acquisition activity,
Text removed vs the prior filing · source: 10-Q · 2026-05-11
●a pre-tax loss in 2025 due to disposal, exchange, or revaluation of equity interests of $24.0 million, or $0.06 per diluted share/unit, related to certain post-merger activities within Catalyst, and
●increased depreciation and amortization in 2026 of $130.8 million, or $0.34 per diluted share/unit, of which $121.2 million, or $0.32 per diluted share/unit, relates to our acquisition activity,
●decreased income from unconsolidated entities of $51.6 million, or $0.14 per diluted share/unit, the majority of which is due to unfavorable year-over-year operations from other platform investments, partially offset by improved operations and core fundamentals in our other unconsolidated entities,
●increased interest expense of $48.7 million, or $0.13 per diluted share/unit, of which $39.3 million, or $0.10 per diluted share/unit, relates to our acquisition activity,
●increased general and administrative expenses of $41.7 million, or $0.11 per diluted share/unit, which includes $40.0 million of accelerated stock compensation expense recognized in the first quarter of 2026,
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice