SPG vs. VICI: Simon Property vs. VICI Properties Stock Comparison

Company Profile

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

Both Simon Property (SPG) and VICI Properties (VICI) 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 129.35% clears its industry range for ROE, a sharper capital-efficiency signal than VICI Properties (VICI) at 8.28%, which is closer to a typical peer reading.

Neither Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) nor VICI Properties (VICI) 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 Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) and VICI Properties (VICI) 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 Simon Property (SPG) at 6.72% and VICI Properties (VICI) at 4.08% 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 Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) or VICI Properties (VICI) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

VICI Properties (VICI) at 20.26 carries current ratio above its industry’s typical mid-range, while Simon Property (SPG) at 0.39 runs in the tighter-liquidity quartile — different working-capital profiles, both worth examining.

VICI Properties (VICI) at 0.61 keeps leverage in the lower quartile, while Simon Property (SPG) at 5.67 is above its industry debt-to-equity ratio range.

Financial Strength Metrics

Dividends

VICI Properties (VICI) at 7.18% offers top-quartile income, while Simon Property (SPG) at 0.97% sits in the bottom quartile — a wide gap in cash returned to shareholders.

An earnings-based payout ratio fits neither Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) nor VICI Properties (VICI) 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 Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) or VICI Properties (VICI) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.

VICI Properties (VICI) at 6.57 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.

VICI Properties (VICI) at 0.94 sits in the lower P/B ratio quartile relative to book while Simon Property (SPG) at 19.38 prices above its industry range — a wide valuation gap against assets.

Valuation Metrics