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 · 2026-05-11 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +76 | −95 | ~27 | 70 |
| 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.
Not shown (absent or not faithfully extractable): Market risk (Item 3)
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 · 2026-05-11
Until October 31, 2025, we owned an 88% noncontrolling interest in The Taubman Realty Group, LLC, or TRG. As further discussed in Note 4 of the condensed notes to the consolidated financial statements, on October 31, 2025, we acquired the remaining 12% interest which we did not previously own, or th…
●improved operating performance and solid core business fundamentals in 2026 and the impact of our acquisition activity, as discussed below,
●increased lease income of $261.1 million, or $0.69 per diluted share/unit, of which $189.1 million, or $0.50 per diluted share/unit, relates to our acquisition activity,
●a non-cash gain of $64.3 million, or $0.17 per diluted share/unit, due to the exchange of 4,074,711 shares of Klépierre to settle the conversion of €110.3 million of the Operating Partnership’s exchangeable bonds in 2026,
●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
Text removed vs the prior filing · source: 10-Q · 2025-11-06
●a pre-tax gain during the first quarter of 2024 on the sale of all our remaining interests in Authentic Brands Group, or ABG, of $414.8 million, or $1.11 per diluted share/unit,
●increased depreciation and amortization in 2025 of $68.0 million, or $0.18 per diluted share/unit, primarily due to our acquisition and development activity,
●decreased other income of $62.6 million, or $0.17 per diluted share/unit, primarily due to decreased interest income of $46.7 million, or $0.12 per diluted share/unit, and lower distributions and other activity of $15.9 million, or $0.05 per diluted share/unit,
●increased real estate tax expenses of $28.3 million, or $0.08 per diluted share/unit, primarily due to the consolidation of three properties and successful property tax appeals in 2024,
●increased property operating expenses in 2025 of $27.9 million, or $0.07 per diluted share/unit,
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