AMT vs. SPG: American Tower vs. Simon Property Stock Comparison
How do American Tower (AMT) and Simon Property (SPG) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
American Tower (AMT) and Simon Property (SPG) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but AMT is classified in Specialized REITs while SPG is classified in Retail REITs.
Both American Tower (AMT) and Simon Property (SPG) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.
| Profile Item | AMT | SPG |
|---|---|---|
| Name | American Tower Corporation | Simon Property Group, Inc. |
| Country/Region | United States | United States |
| GICS Sector | Real Estate | Real Estate |
| GICS Industry Group | Equity Real Estate Investment Trusts (REITs) | Equity Real Estate Investment Trusts (REITs) |
| GICS Industry | Specialized REITs | Retail REITs |
| GICS Sub-Industry | Telecom Tower REITs | Retail REITs |
| Market Capitalization | 75.53 billion USD | 85.50 billion USD |
| Currency | USD | USD |
| Exchange | NYSE | NYSE |
| Listing Date | February 27, 1998 | December 14, 1993 |
| Security Type | REIT | REIT |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | AMT | SPG |
|---|---|---|
| Total Return (1Y) | -24.07% | 41.36% |
| Total Return (3Y, Annualized) | -2.78% | 30.09% |
| Total Return (5Y, Annualized) | -7.22% | 18.13% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | AMT | SPG |
|---|---|---|
| Volatility (1Y, Annualized) | 25.57% | 19.07% |
| Beta (5Y) | 0.90 | 1.31 |
| Max Drawdown (5Y) | -45.34% | -45.84% |
| Avg. Volume (3M) | 3.25M | 1.84M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | AMT | SPG |
|---|---|---|
| Sharpe Ratio (1Y) | -1.10 | 1.96 |
| Sortino Ratio (1Y) | -1.47 | 3.15 |
Profitability
ROE (TTM)
Both American Tower (AMT) at 29.95% and Simon Property (SPG) at 113.59% turn shareholders’ equity into profit at rates above their industry benchmark ranges for ROE. That is a strong capital-efficiency signal, though leverage and the equity base still matter.
AMT
Equity Real Estate Investment Trusts (REITs) industry group
29.95%
- AMT
- 29.95%
- Max
- 21.85%
- Q3
- 9.86%
- Median
- 5.86%
- Q1
- 1.38%
- Min
- -9.66%
SPG
Equity Real Estate Investment Trusts (REITs) industry group
113.59%
- SPG
- 113.59%
- Max
- 21.85%
- Q3
- 9.86%
- Median
- 5.86%
- Q1
- 1.38%
- Min
- -9.66%
Net Margin (TTM)
Neither American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.
Operating Margin (TTM)
Neither side reports a meaningful operating margin: for American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) and Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.
Profitability Metrics
| Metric | AMT | SPG |
|---|---|---|
| ROE (TTM) | 29.95% | 113.59% |
| ROA (TTM) | 4.91% | 5.56% |
| Net Margin (TTM) | -- | -- |
| Operating Margin (TTM) | -- | -- |
| Gross Margin (TTM) | -- | -- |
Growth
Revenue Growth
Revenue Growth Metrics
| Metric | AMT | SPG |
|---|---|---|
| Revenue Growth (YoY) | 5.11% | 6.72% |
| Revenue Growth (3Y CAGR) | 3.34% | 6.35% |
EPS Growth
EPS Growth Metrics
| Metric | AMT | SPG |
|---|---|---|
| EPS Growth (YoY) | -- | -- |
| EPS Growth (3Y CAGR) | -- | -- |
Financial Strength
Current Ratio (MRQ)
Both American Tower (AMT) at 0.30 and Simon Property (SPG) at 0.20 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.
AMT
Equity Real Estate Investment Trusts (REITs) industry group
0.30
- Max
- 4.00
- Q3
- 1.93
- Median
- 0.98
- Q1
- 0.46
- AMT
- 0.30
- Min
- 0.08
SPG
Equity Real Estate Investment Trusts (REITs) industry group
0.20
- Max
- 4.00
- Q3
- 1.93
- Median
- 0.98
- Q1
- 0.46
- SPG
- 0.20
- Min
- 0.08
Debt / Equity (MRQ)
Debt sits unusually high against shareholders’ equity for both American Tower (AMT) at 4.45 and Simon Property (SPG) at 4.57 — each debt-to-equity ratio is above its industry benchmark range.
AMT
Equity Real Estate Investment Trusts (REITs) industry group
4.45
- AMT
- 4.45
- Max
- 2.53
- Q3
- 1.51
- Median
- 1.04
- Q1
- 0.77
- Min
- 0.19
SPG
Equity Real Estate Investment Trusts (REITs) industry group
4.57
- SPG
- 4.57
- Max
- 2.53
- Q3
- 1.51
- Median
- 1.04
- Q1
- 0.77
- Min
- 0.19
Financial Strength Metrics
| Metric | AMT | SPG |
|---|---|---|
| Current Ratio (MRQ) | 0.30 | 0.20 |
| Debt / Equity (MRQ) | 4.45 | 4.57 |
| Net Debt / EBITDA | 6.23 | 5.79 |
Dividends
Dividend Yield (TTM)
Both American Tower (AMT) at 4.15% and Simon Property (SPG) at 3.83% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.
AMT
Equity Real Estate Investment Trusts (REITs) industry group
4.15%
- Max
- 8.88%
- Q3
- 5.56%
- AMT
- 4.15%
- Median
- 4.01%
- Q1
- 3.15%
- Min
- 0.00%
SPG
Equity Real Estate Investment Trusts (REITs) industry group
3.83%
- Max
- 8.88%
- Q3
- 5.56%
- Median
- 4.01%
- SPG
- 3.83%
- Q1
- 3.15%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
An earnings-based payout ratio fits neither American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.
Dividend Metrics
| Metric | AMT | SPG |
|---|---|---|
| Dividend Yield (TTM) | 4.15% | 3.83% |
| Dividend Payout Ratio (TTM) | -- | -- |
Valuation
P/E Ratio (TTM)
P/E ratio is not a meaningful valuation yardstick for either American Tower (AMT) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.
P/S Ratio (TTM)
American Tower (AMT) at 6.98 is priced about in line with its industry on P/S ratio, while Simon Property (SPG) at 12.86 sits in the pricier quartile — SPG costs more per dollar of sales.
AMT
Equity Real Estate Investment Trusts (REITs) industry group
6.98
- Max
- 15.51
- Q3
- 8.88
- AMT
- 6.98
- Median
- 6.59
- Q1
- 3.75
- Min
- 0.82
SPG
Equity Real Estate Investment Trusts (REITs) industry group
12.86
- Max
- 15.51
- SPG
- 12.86
- Q3
- 8.88
- Median
- 6.59
- Q1
- 3.75
- Min
- 0.82
P/B Ratio (MRQ)
Measured against book value, both American Tower (AMT) at 21.45 and Simon Property (SPG) at 15.14 look expensive — each P/B ratio sits above its industry’s benchmark range.
AMT
Equity Real Estate Investment Trusts (REITs) industry group
21.45
- AMT
- 21.45
- Max
- 4.82
- Q3
- 2.67
- Median
- 1.78
- Q1
- 1.20
- Min
- 0.35
SPG
Equity Real Estate Investment Trusts (REITs) industry group
15.14
- SPG
- 15.14
- Max
- 4.82
- Q3
- 2.67
- Median
- 1.78
- Q1
- 1.20
- Min
- 0.35
Valuation Metrics
| Metric | AMT | SPG |
|---|---|---|
| P/E Ratio (TTM) | -- | -- |
| P/S Ratio (TTM) | 6.98 | 12.86 |
| P/B Ratio (MRQ) | 21.45 | 15.14 |
| Free Cash Flow Yield (TTM) | -- | -- |