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.
SPG vs VTR: how the two businesses compare
- Similar size: SPG and VTR each brought in about $6.4B of yearly revenue.
- More cash from each sale: SPG turns 65 cents of each sales dollar into operating cash flow, against 28 cents at VTR.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Simon Property (SPG) and Ventas (VTR) reported similar revenue: $6.4B (fiscal year ended Dec 2025) versus $5.8B (fiscal year ended Dec 2025). Both file with the SEC under the same industry code, SIC 6798 (Real Estate Investment Trusts).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Real Estate
- Real Estate Investment Trusts
- Same classification
- December 31
- Same calendar
- Feb 25, 2026
SPG vs VTR: quick comparison
| Company fact | SPG | VTR |
|---|---|---|
| Company | Simon Property Group, Inc. | Ventas, Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Indianapolis, Indiana | — |
| Founded | 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 · 2026-02-06 |
SPG vs VTR: audited financials
- Scale: revenue is roughly in line ($6.4B for SPG versus $5.8B for VTR).
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | SPG | VTR |
|---|---|---|
| Revenue | $6.4B2025-01-01 to 2025-12-31 · SEC filing | $5.8B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $4.1B2025-01-01 to 2025-12-31 · SEC filing | $1.6B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $14.172025-01-01 to 2025-12-31 · SEC filing | $0.542025-01-01 to 2025-12-31 · SEC filing |
SPG: FY ending 2025-12-31 · VTR: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where SPG and VTR overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 6798, Real Estate Investment Trusts.
- Shared research theme: Rates & central banks.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Only SPG maps to Economic trends.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Ventas, Inc. (VTR)
Ventas is a healthcare REIT owning senior housing, medical offices, and research facilities.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves SPG
We have not yet published a company-specific driver list for SPG. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
What moves VTR
We have not yet published a company-specific driver list for VTR. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-06.
The investment question
You now know how SPG and VTR are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 7 matched transaction rows for SPG and 3 matched transaction rows for VTR. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
SPG primary filings
VTR 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 SPG or VTR
SPG vs VTR FAQs
Are SPG and VTR direct competitors?
Simon Property and Ventas 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.
Is SPG or VTR the bigger company by revenue?
Simon Property (SPG) and Ventas (VTR) reported similar revenue: $6.4B (fiscal year ended Dec 2025) versus $5.8B (fiscal year ended Dec 2025). Both file with the SEC under the same industry code, SIC 6798 (Real Estate Investment Trusts). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, SPG or VTR?
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 SPG vs VTR comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Simon Property Group, Inc. and Ventas, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
SPG vs VTR compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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