Realty Income vs Simon Property Group (O vs SPG)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
Simon Property Group is the larger company by revenue ($6.4B vs $5.7B) and market value ($80.4B vs $58.1B). Realty Income has grown revenue faster over the last 4 fiscal years (+176.4% cumulative vs +24.4%). Simon Property Group trades at the lower trailing P/E (15.0x vs 44.8x).
About Realty Income
Realty Income Corporation is a real estate investment trust that acquires, owns, and manages freestanding commercial properties leased under long-term net lease agreements. The company serves a diversified base of clients, including investment grade and creditworthy operators, primarily in the United States, the United Kingdom, and Europe. Its portfolio includes retail properties and other commercial real estate types, and it focuses on generating stable rental income through properties important to its clients' operations.
About Simon Property Group
Simon Property Group Inc. operates as a real estate investment trust specializing in retail real estate. The company owns and manages shopping malls, premium outlet centers, and other retail properties across the United States. It serves retailers and consumers by providing commercial spaces for retail businesses.
Head to head (O FY2025 vs SPG FY2025)
| Metric | OFY2025 | SPGFY2025 |
|---|---|---|
| Revenue | $5.75B | $6.36B |
| Revenue growth (YoY) | 9.1% | 6.7% |
| Gross margin | — | — |
| Operating margin | — | 49.9% |
| Net margin | 18.4% | 84.3% |
| Net income | $1.06B | $5.36B |
| Diluted EPS | $1.17 | $14.17 |
| FCF margin | — | 50.3% |
| ROE | 2.6% | 82.9% |
| Long-term debt / equity | — | 4.39× |
| Market cap | $58.06B | $80.43B |
| P/E | 44.8× | 15.0× |
Fundamentals are from each company’s SEC filings (O FY2025, SPG FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| O | $2.08B | $3.34B | $4.08B | $5.27B | $5.75B |
| SPG | $5.12B | $5.29B | $5.66B | $5.96B | $6.36B |
Peer standing
Where each company ranks among the 165 REITs, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | O | SPG |
|---|---|---|
| Net margin | 18.4%63rd percentile of 156 | 84.3%99th percentile of 156 |
| Revenue growth (YoY) | +9.1%75th percentile of 161 | +6.7%66th percentile of 161 |
| ROE | 2.6%45th percentile of 142 | 82.9%Highest of 142 |
| P/E | 44.8×75th percentile of 109 | 15.0×13th percentile of 109 |
| Short interest (days to cover) | 6.37d74th percentile of 152 | 5.83d69th percentile of 152 |
Short interest
| FINRA settlement data | O | SPG |
|---|---|---|
| Shares sold short | 37.8M | 8.7M |
| Change vs prior settlement | -16.6% | -10.8% |
| Days to cover | 6.37 | 5.83 |
| As of settlement | 2026-08-14 | 2026-08-14 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | O | SPG |
|---|---|---|
| Buys | — | 28 ($533,052) |
| Sells | — | 0 |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
6 tracked 13F managers hold both Realty Income and Simon Property Group as of their latest quarterly filings: AQR Capital Management, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.