O vs. SPG: Realty Income vs. Simon Property Stock Comparison

Company Profile

Realty Income (O) and Simon Property (SPG) are both classified in the Retail REITs sub-industry within the broader Retail REITs industry, placing them in the closest GICS peer bucket.

Both Realty Income (O) 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

Simon Property (SPG) at 113.59% clears its industry range for ROE, a sharper capital-efficiency signal than Realty Income (O) at 2.83%, which is closer to a typical peer reading.

Neither Realty Income (O) 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 Realty Income (O) 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 Realty Income (O) at 9.07% 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 Realty Income (O) 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

Realty Income (O) at 2.06 carries current ratio above its industry’s typical mid-range, while Simon Property (SPG) at 0.20 runs in the tighter-liquidity quartile — different working-capital profiles, both worth examining.

Realty Income (O) at 0.73 keeps leverage in the lower quartile, while Simon Property (SPG) at 4.57 is above its industry debt-to-equity ratio range.

Financial Strength Metrics

Dividends

Both Realty Income (O) at 4.96% and Simon Property (SPG) at 3.79% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

An earnings-based payout ratio fits neither Realty Income (O) 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 Realty Income (O) 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.

Both Realty Income (O) at 10.22 and Simon Property (SPG) at 12.96 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.

Realty Income (O) at 1.55 sits near its industry’s typical P/B ratio, while Simon Property (SPG) at 15.26 prices above its benchmark range — SPG looks rich relative to book.

Valuation Metrics