Realty Income Corporation (O)
Realty Income is a net-lease REIT that owns thousands of single-tenant retail and commercial properties leased under long-term agreements. It is known among income investors for its monthly dividend payments.
Real Estate stock comparison
O vs SPG: which business are you actually underwriting?
Compare Realty Income Corporation with Simon Property Group, Inc. using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Real
- Industry
- Same SIC
- Shared themes
- 2
- Updated
- 2026-02-25
O vs SPG: quick comparison
| Company fact | O | SPG |
|---|---|---|
| Company | Realty Income Corporation | Simon Property Group, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | San Diego, California | Indianapolis, Indiana |
| Founded | 1969 | 1993 |
| SEC industry | Real Estate Investment Trusts | Real Estate Investment Trusts |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-02-25 |
How the businesses differ
Simon Property Group, Inc. (SPG)
Simon Property Group is the largest US owner of shopping malls and premium outlet centers. It has focused its portfolio on top-tier properties and mixed-use redevelopment to counter pressure on traditional retail.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. O is classified by the SEC as Real Estate Investment Trusts, while SPG is classified as Real Estate Investment Trusts. The matching industry code strengthens the peer comparison, although product mix can still differ materially.
Which thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study O when…
- Long-term interest rates and cap rates
- Occupancy and rent growth by property type
- Data-center demand from AI workloads
- Refinancing walls and commercial credit
Study SPG when…
- Long-term interest rates and cap rates
- Occupancy and rent growth by property type
- Data-center demand from AI workloads
- Refinancing walls and commercial credit
Shared research themes
US marketsRates & central banks
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.O's fiscal year ends December 31, while SPG's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House Clerk snapshot contains 0matched transaction rows for Oand 0 for SPG. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
O primary filings
SPG primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving O or SPG
O vs SPG FAQs
Are O and SPG direct competitors?
Realty Income Corporation and Simon Property Group, Inc. share the SEC industry classification “Real Estate Investment Trusts.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Which is better, O or SPG?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this O vs SPG comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. Use a regulated broker or licensed quote provider for current prices, then use the primary filings here to test the business thesis.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-08-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-08-10. Independent educational research; not investment advice.
Go beyond O vs SPG.
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