Comprehensive Stock Comparison
Compare Kite Realty Group Trust (KRG) vs Simon Property Group, Inc. (SPG) vs Realty Income Corporation (O) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | O | 9.1% revenue growth vs KRG's 0.7% |
| Value | SPG | Lower P/E (30.4x vs 80.9x) |
| Quality / Margins | SPG | 72.5% net margin vs O's 18.4% |
| Stability / Safety | O | Beta 0.19 vs SPG's 0.86 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | O | +23.6% vs SPG's +14.1% |
| Efficiency (ROA) | SPG | 11.4% ROA vs O's 1.5%, ROIC 7.6% vs 2.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Kite Realty Group Trust is a retail-focused real estate investment trust that owns and operates neighborhood, community, and lifestyle shopping centers. It generates revenue primarily through collecting rent from retail tenants—with anchor tenants and smaller shops contributing to its income stream—along with property management fees and development activities. The company's competitive advantage lies in its vertically integrated operations and expertise in redeveloping properties in desirable markets to maximize tenant value.
Simon Property Group is a real estate investment trust that owns and operates premier shopping malls, outlets, and mixed-use destinations across North America, Europe, and Asia. It generates revenue primarily through tenant leases—collecting base rents, percentage rents based on tenant sales, and common area maintenance charges—with retail properties contributing over 90% of its income. The company's moat lies in its portfolio of high-quality, dominant regional malls in prime locations that attract premium tenants and shoppers, creating a network effect that's difficult to replicate.
Realty Income is a real estate investment trust that owns and leases single-tenant commercial properties to retail and service-oriented businesses. It generates revenue primarily through long-term triple-net leases—where tenants pay rent plus property expenses—with retail clients like convenience stores and drugstores accounting for roughly 80% of its portfolio. The company's moat lies in its massive scale, diversified tenant base, and long-term lease structure that provides predictable monthly cash flow supporting its famous monthly dividend payments.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
SPG leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). O leads in 1 (Analyst Outlook). 3 tied.
Financial Metrics (TTM)
SPG is the larger business by revenue, generating $6.4B annually — 7.5x KRG's $848M. SPG is the more profitable business, keeping 72.5% of every revenue dollar as net income compared to O's 18.4%. On growth, SPG holds the edge at +13.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | KRGKite Realty Group… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| RevenueTrailing 12 months | $848M | $6.4B | $5.7B |
| EBITDAEarnings before interest/tax | $573M | $4.7B | $4.1B |
| Net IncomeAfter-tax profit | $299M | $4.6B | $1.1B |
| Free Cash FlowCash after capex | $278M | $2.3B | $2.8B |
| Gross MarginGross profit ÷ Revenue | +53.3% | +85.7% | +89.8% |
| Operating MarginEBIT ÷ Revenue | +23.1% | +49.9% | +28.3% |
| Net MarginNet income ÷ Revenue | +35.2% | +72.5% | +18.4% |
| FCF MarginFCF ÷ Revenue | +32.8% | +35.4% | +48.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | -3.4% | +13.2% | +11.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +7.5% | +3.6% | +39.1% |
Valuation Metrics
At 14.4x trailing earnings, SPG trades at a 75% valuation discount to O's 57.3x P/E. Adjusting for growth (PEG ratio), SPG offers better value at 0.46x vs O's 80.25x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | KRGKite Realty Group… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Market CapShares × price | $5.4B | $66.3B | $62.6B |
| Enterprise ValueMkt cap + debt − cash | $8.8B | $95.4B | $62.1B |
| Trailing P/EPrice ÷ TTM EPS | 18.88x | 14.42x | 57.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 80.90x | 30.39x | 41.80x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.46x | 80.25x |
| EV / EBITDAEnterprise value multiple | 15.33x | 20.48x | 15.16x |
| Price / SalesMarket cap ÷ Revenue | 6.42x | 10.42x | 10.88x |
| Price / BookPrice ÷ Book value/share | 1.75x | 9.91x | 1.51x |
| Price / FCFMarket cap ÷ FCF | 19.61x | — | 15.66x |
Profitability & Efficiency
SPG delivers a 68.8% return on equity — every $100 of shareholder capital generates $69 in annual profit, vs $3 for O. KRG carries lower financial leverage with a 1.06x debt-to-equity ratio, signaling a more conservative balance sheet compared to SPG's 4.47x. On the Piotroski fundamental quality scale (0–9), KRG scores 6/9 vs O's 5/9, reflecting solid financial health.
| Metric | KRGKite Realty Group… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| ROE (TTM)Return on equity | +9.4% | +68.8% | +2.6% |
| ROA (TTM)Return on assets | +4.5% | +11.4% | +1.5% |
| ROICReturn on invested capital | +2.3% | +7.6% | +2.3% |
| ROCEReturn on capital employed | +3.0% | +9.1% | +2.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.06x | 4.47x | — |
| Net DebtTotal debt minus cash | $3.3B | $29.1B | -$435M |
| Cash & Equiv.Liquid assets | $37M | $823M | $435M |
| Total DebtShort + long-term debt | $3.4B | $29.9B | $0 |
| Interest CoverageEBIT ÷ Interest expense | 1.59x | 3.26x | — |
Total Returns (with DRIP)
A $10,000 investment in SPG five years ago would be worth $21,129 today (with dividends reinvested), compared to $14,035 for O. Over the past 12 months, O leads with a +23.6% total return vs SPG's +14.1%. The 3-year compound annual growth rate (CAGR) favors SPG at 23.1% vs O's 6.3% — a key indicator of consistent wealth creation.
| Metric | KRGKite Realty Group… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| YTD ReturnYear-to-date | +11.2% | +10.8% | +17.9% |
| 1-Year ReturnPast 12 months | +19.0% | +14.1% | +23.6% |
| 3-Year ReturnCumulative with dividends | +34.9% | +86.7% | +19.9% |
| 5-Year ReturnCumulative with dividends | +59.6% | +111.3% | +40.3% |
| 10-Year ReturnCumulative with dividends | +35.3% | +44.9% | +67.6% |
| CAGR (3Y)Annualised 3-year return | +10.5% | +23.1% | +6.3% |
Risk & Volatility
O is the less volatile stock with a 0.19 beta — it tends to amplify market swings less than SPG's 0.86 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | KRGKite Realty Group… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.60x | 0.86x | 0.19x |
| 52-Week HighHighest price in past year | $26.30 | $205.12 | $67.94 |
| 52-Week LowLowest price in past year | $18.52 | $136.34 | $50.71 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +99.4% | +98.6% |
| RSI (14)Momentum oscillator 0–100 | 70.9 | 67.1 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 1.5M | 1.3M | 5.4M |
Analyst Outlook
Analyst consensus: KRG as "Hold", SPG as "Hold", O as "Hold". Consensus price targets imply -3.1% upside for KRG (target: $25) vs -5.4% for O (target: $63).
| Metric | KRGKite Realty Group… | SPGSimon Property Gr… | ORealty Income Cor… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $25.25 | $194.60 | $63.38 |
| # AnalystsCovering analysts | 25 | 37 | 33 |
| Dividend YieldAnnual dividend ÷ price | — | — | — |
| Dividend StreakConsecutive years of raises | 4 | 2 | 27 |
| Dividend / ShareAnnual DPS | — | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Kite Realty Group T… (KRG) | 100 | 142.68 | +42.7% |
| Simon Property Grou… (SPG) | 100 | 150.31 | +50.3% |
| Realty Income Corpo… (O) | 100 | 83.35 | -16.6% |
Simon Property Grou… (SPG) returned +111% over 5 years vs Realty Income Corpo… (O)'s +40%. A $10,000 investment in SPG 5 years ago would be worth $21,129 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Kite Realty Group T… (KRG) | $354M | $848M | +139.4% |
| Simon Property Grou… (SPG) | $5.4B | $6.4B | +17.1% |
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
Kite Realty Group Trust's revenue grew from $354M (2016) to $848M (2025) — a 10.2% CAGR. Simon Property Group, Inc.'s revenue grew from $5.4B (2016) to $6.4B (2025) — a 1.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Kite Realty Group T… (KRG) | 0.3% | 35.2% | +10446.2% |
| Simon Property Grou… (SPG) | 33.8% | 72.5% | +114.3% |
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
Kite Realty Group Trust's net margin went from 0% (2016) to 35% (2025). Simon Property Group, Inc.'s net margin went from 34% (2016) to 73% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Kite Realty Group T… (KRG) | 140 | 17.4 | -87.6% |
| Simon Property Grou… (SPG) | 27.5 | 13.1 | -52.4% |
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
Kite Realty Group Trust has traded in a 17x–140x P/E range over 3 years; current trailing P/E is ~19x. Simon Property Group, Inc. has traded in a 13x–28x P/E range over 9 years; current trailing P/E is ~14x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Kite Realty Group T… (KRG) | 0.01 | 1.38 | +13700.0% |
| Simon Property Grou… (SPG) | 5.87 | 14.14 | +140.9% |
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
Kite Realty Group Trust's EPS grew from $0.01 (2016) to $1.38 (2025) — a 73% CAGR. Simon Property Group, Inc.'s EPS grew from $5.87 (2016) to $14.14 (2025) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
Kite Realty Group Trust generated $278M FCF in 2025 (+545% vs 2021). Simon Property Group, Inc. generated $0M FCF in 2025 (-100% vs 2021).
KRG vs SPG vs O: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is KRG or SPG or O a better buy right now?
Simon Property Group, Inc. (SPG) offers the better valuation at 14.4x trailing P/E (30.4x forward), making it the more compelling value choice. Analysts rate Kite Realty Group Trust (KRG) a "Hold" — based on 25 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — KRG or SPG or O?
On trailing P/E, Simon Property Group, Inc. (SPG) is the cheapest at 14.4x versus Realty Income Corporation at 57.3x. On forward P/E, Simon Property Group, Inc. is actually cheaper at 30.4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Simon Property Group, Inc. wins at 0.96x versus Realty Income Corporation's 80.25x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — KRG or SPG or O?
Over the past 5 years, Simon Property Group, Inc. (SPG) delivered a total return of +111.3%, compared to +40.3% for Realty Income Corporation (O). A $10,000 investment in SPG five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: O returned +67.6% versus KRG's +35.3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — KRG or SPG or O?
By beta (market sensitivity over 5 years), Realty Income Corporation (O) is the lower-risk stock at 0.19β versus Simon Property Group, Inc.'s 0.86β — meaning SPG is approximately 353% more volatile than O relative to the S&P 500. On balance sheet safety, Kite Realty Group Trust (KRG) carries a lower debt/equity ratio of 106% versus 4% for Simon Property Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — KRG or SPG or O?
Simon Property Group, Inc. (SPG) is the more profitable company, earning 72.5% net margin versus 18.4% for Realty Income Corporation — meaning it keeps 72.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SPG leads at 49.9% versus 23.1% for KRG. At the gross margin level — before operating expenses — O leads at 89.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is KRG or SPG or O more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Simon Property Group, Inc. (SPG) is the more undervalued stock at a PEG of 0.96x versus Realty Income Corporation's 80.25x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Simon Property Group, Inc. (SPG) trades at 30.4x forward P/E versus 80.9x for Kite Realty Group Trust — 50.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for KRG: -3.1% to $25.25.
07Which pays a better dividend — KRG or SPG or O?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is KRG or SPG or O better for a retirement portfolio?
For long-horizon retirement investors, Realty Income Corporation (O) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.19)). Both have compounded well over 10 years (O: +67.6%, SPG: +44.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between KRG and SPG and O?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: KRG is a small-cap quality compounder stock; SPG is a mid-cap deep-value stock; O is a mid-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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