MAC vs SPG vs CBL vs KIM vs REG

For growth investors, CBL & Associates Properties, Inc.

(CBL) is the stronger pick with 12. 2% revenue growth year-over-year, versus 3. 4% for Regency Centers Corporation (REG). CBL & Associates Properties, Inc. (CBL) offers the better valuation at 10. 2x trailing P/E (48. 0x forward), making it the more compelling value choice. Analysts rate Regency Centers Corporation (REG) a "Buy" — based on 32 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.

On trailing P/E, CBL & Associates Properties, Inc.

(CBL) is the cheapest at 10. 2x versus Kimco Realty Corporation at 28. 7x. On forward P/E, Kimco Realty Corporation is actually cheaper at 30. 8x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Regency Centers Corporation wins at 0. 53x versus Simon Property Group, Inc. 's 0. 98x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Simon Property Group, Inc.

(SPG) delivered a total return of +97. 9%, compared to +35. 7% for Kimco Realty Corporation (KIM). Over 10 years, the gap is even starker: CBL returned +79. 0% versus MAC's -53. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Regency Centers Corporation (REG) is the lower-risk stock at 0.

36β versus The Macerich Company's 1. 29β — meaning MAC is approximately 255% more volatile than REG relative to the S&P 500. On balance sheet safety, Kimco Realty Corporation (KIM) carries a lower debt/equity ratio of 82% versus 6% for CBL & Associates Properties, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), CBL & Associates Properties, Inc.

(CBL) is pulling ahead at 12. 2% versus 3. 4% for Regency Centers Corporation (REG). On earnings-per-share growth, the picture is similar: CBL & Associates Properties, Inc. grew EPS 132. 1% year-over-year, compared to 1. 3% for The Macerich Company. Over a 3-year CAGR, KIM leads at 7. 4% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Simon Property Group, Inc.

(SPG) is the more profitable company, earning 72. 5% net margin versus -19. 4% for The Macerich Company — 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 16. 5% for MAC. At the gross margin level — before operating expenses — SPG leads at 85. 7%, 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.

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, Regency Centers Corporation (REG) is the more undervalued stock at a PEG of 0. 53x versus Simon Property Group, Inc. 's 0. 98x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Kimco Realty Corporation (KIM) trades at 30. 8x forward P/E versus 48. 0x for CBL & Associates Properties, Inc. — 17. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for KIM: 1. 9% to $24. 25.

In this comparison, CBL (5.

7% yield), KIM (4. 5% yield), REG (3. 5% yield), MAC (3. 0% yield) pay a dividend. SPG does not pay a meaningful dividend and should not be held primarily for income.

For long-horizon retirement investors, Regency Centers Corporation (REG) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

36), 3. 5% yield). Both have compounded well over 10 years (REG: +31. 9%, MAC: -53. 8%), 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.

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: MAC is a small-cap income-oriented stock; SPG is a mid-cap deep-value stock; CBL is a small-cap deep-value stock; KIM is a mid-cap income-oriented stock; REG is a mid-cap income-oriented stock. MAC, CBL, KIM, REG pay a dividend while SPG does not, making them suitable for different income and tax situations. 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.