ELS vs. SPG: Equity LifeStyle Properties vs. Simon Property Stock Comparison

Company Profile

Equity LifeStyle Properties (ELS) and Simon Property (SPG) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but ELS is classified in Residential REITs while SPG is classified in Retail REITs.

Both Equity LifeStyle Properties (ELS) and Simon Property (SPG) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Price Performance

Cumulative Growth

Trailing Returns

Calendar-Year Returns

Performance Metrics

Risk Profile

Drawdown History

Return Distribution

Risk Metrics

Risk-Adjusted Performance

Risk-Return Positioning

Risk-Adjusted Metrics

Profitability

Both companies show strong equity returns, but Simon Property (SPG) at 129.35% is the standout with ROE above its industry range; Equity LifeStyle Properties (ELS) at 22.34% also sits in the top quartile.

Neither Equity LifeStyle Properties (ELS) 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.

Neither side reports a meaningful operating margin: for Equity LifeStyle Properties (ELS) 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

Growth

Both Equity LifeStyle Properties (ELS) at 1.18% and Simon Property (SPG) at 6.72% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

EPS growth isn't a meaningful figure for either Equity LifeStyle Properties (ELS) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

Both Equity LifeStyle Properties (ELS) at 0.12 and Simon Property (SPG) at 0.39 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

Both balance sheets lean debt-heavy versus peers, but SPG is more stretched: Equity LifeStyle Properties (ELS) at 1.83 sits in the higher-leverage quartile and Simon Property (SPG) at 5.67 is above its industry benchmark range.

Financial Strength Metrics

Dividends

Equity LifeStyle Properties (ELS) at 3.40% pays a yield in its industry’s typical range, while Simon Property (SPG) at 0.97% falls in the bottom quartile of its peers.

An earnings-based payout ratio fits neither Equity LifeStyle Properties (ELS) 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

Valuation

P/E ratio is not a meaningful valuation yardstick for either Equity LifeStyle Properties (ELS) 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.

Equity LifeStyle Properties (ELS) at 7.96 is priced about in line with its industry on P/S ratio, while Simon Property (SPG) at 12.09 sits in the pricier quartile — SPG costs more per dollar of sales.

Measured against book value, both Equity LifeStyle Properties (ELS) at 6.99 and Simon Property (SPG) at 19.38 look expensive — each P/B ratio sits above its industry’s benchmark range.

Valuation Metrics