Regency Centers Corporation (REG) vs Simon Property Group, Inc. (SPG)

Regency Centers Corporation and Simon Property Group, Inc. are both Reit Retail companies. Simon Property Group, Inc. is the larger, with a market value of $71.7B against $13.4B — 5.4× the size. Simon Property Group, Inc. trades at the lower P/E: 14.4× against 24.8×. Simon Property Group, Inc. grew revenue faster over the last twelve months: 15.0% against 8.24%. Simon Property Group, Inc. has the higher net margin (66.5% vs 33.5%) and the higher return on invested capital (6.18% vs 3.17%). Both pay a dividend; Simon Property Group, Inc. yields more (5.40% vs 4.32%). Across the 23 metrics below, Simon Property Group, Inc. leads on 14 and Regency Centers Corporation on 9.

Valuation

Metric REG SPG Reit Retail median
P/E 24.82 14.44 24.82
P/S 8.29 9.56 6.69
P/B 1.94 11.99 1.75
Price to free cash flow 37.19 20.63 13.29
EV/EBITDA 17.76 18.26 15.42
EV/Sales 11.19 13.55 10.60
Earnings yield 4.03% 6.92% 3.91%
Free cash flow yield 2.69% 4.85% 2.98%

Profitability

Metric REG SPG Reit Retail median
Gross margin 70.35% 81.43% 71.78%
Operating margin 37.11% 47.40% 34.62%
Net margin 33.54% 66.52% 27.14%
Free cash flow margin 22.29% 46.36% 18.82%
Return on equity 8.01% 110.70% 7.05%
Return on assets 4.20% 12.65% 3.40%
Return on invested capital 3.17% 6.18% 3.18%

Growth

Metric REG SPG Reit Retail median
Revenue growth (TTM) 8.24% 15.02% 8.49%
EPS growth (last fiscal year) 33.65% 95.18% —
Revenue growth, 5-year CAGR 8.86% 6.67% 8.62%
Net income growth, 5-year CAGR 62.83% 33.05% 1.85%

Health

Metric REG SPG Reit Retail median
Debt to equity 0.69 5.15 0.94
Current ratio 1.25 1.05 1.62
Net debt to EBITDA 4.69 5.84 5.40

Dividend

Metric REG SPG Reit Retail median
Dividend yield 4.32% 5.40% 4.57%
Payout ratio 1.20 1.09 1.21

Size

Metric REG SPG Reit Retail median
Market cap 13.35b 71.72b 3.65b

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