LIVE
SPG
Simon Property Group, Inc. · Real Estate - Mall & Retail REIT
$211.33
+5.21% this month
VERSUS
⟷
COMPARE
NNN
National Retail Properties, Inc. · Real Estate - Net Lease REIT
$45.00
+0.36% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
SPG
2
NNN
2
Comparison scoreboard
MIXED SETUPAI Score
SPG ✓39.0
NNN 25.7
1Y Return
SPG ✓+34.49%
NNN +11.62%
Fwd P/E
SPG 32.66
NNN ✓21.44
Target Up.
SPG -2.05%
NNN ✓+2.74%
Op. Margin
SPG 43.38%
NNN N/A
Metrics last refreshed: 6/20/2026
Quick take
SPG vs NNN Stock Comparison: AI Score, Valuation, Performance and Upside
SPG owns and actively manages premier malls and outlets with more cyclical, higher-risk-higher-reward economics, while NNN owns single-tenant net lease properties with simpler, more predictable triple-net cash flows and a long dividend growth track record. The comparison highlights two fundamentally different retail real estate investment models.
SPG vs NNN contrasts an actively managed, higher-quality mall and outlet REIT with more cyclical exposure against a more passive, predictable single-tenant net lease REIT with a long dividend growth history.
Live analysis · updated 6/20/2026
SPG and NNN are closely matched — they split the tracked metrics evenly. SPG has delivered stronger 1-year price return (+34.49% vs +11.62%), though NNN trades at the lower forward P/E (21.44x vs 32.66x). Analyst consensus implies meaningfully more upside for NNN (+2.74%) than for SPG (-2.05%).
Normalized 1Y performance
SPG
NNN
Recent returns
SPG
NNN
Analyst price targets & sentiment
SPG · 18 analysts
STRONG BUYHOLDSTRONG SELL
Buy (2.2/5.0)
Price target range
analyst low$120.00
analyst mean$214.55
current price$211.33
-2.0% upside to analyst mean
NNN · 15 analysts
Price target range
analyst low$44.00
analyst high$50.00
analyst mean$46.23
current price$45.00
+2.7% upside to analyst mean
Who should consider this stock?
SPG may suit investors who:
- →Want exposure to the highest-quality U.S. malls and premium outlets
- →Believe mixed-use redevelopment will continue creating incremental value
- →Are comfortable with greater cyclicality and economic sensitivity
NNN may suit investors who:
- →Want exposure to predictable, long-term triple-net lease cash flows
- →Value a long, consistent track record of dividend increases
- →Prefer lower volatility over active mall management exposure
Performance & AI score
| Metric | SPG | NNN |
|---|---|---|
| AI score | 39.0 | 25.7 |
| AI rank | #1209 | #2702 |
| Latest close | $211.33 | $45.00 |
| 1M return | +5.21% | +0.36% |
| 6M return | +14.72% | +13.80% |
| 1Y return | +34.49% | +11.62% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SPG | NNN |
|---|---|---|
| 1Y ago | $13.45K (+34.5%) started 2025-06-18 | $11.83K (+18.3%) started 2025-06-18 |
| 5Y ago | $25.45K (+154.5%) started 2021-06-21 | $16.8K (+68.0%) started 2021-06-18 |
| 10Y ago | $28.62K (+186.2%) started 2016-06-20 | $29.33K (+193.3%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | SPG | NNN |
|---|---|---|
| Market cap | $83.23B | $8.56B |
| Trailing P/E | 15.22 | 21.95 |
| Forward P/E | 32.66 | 21.44 |
| Price/Sales | 10.20 | 9.15 |
| EV/Revenue | 15.19 | 14.57 |
| Analyst target | $214.55 | $46.23 |
| Target upside | -2.05% | +2.74% |
Growth, profitability & risk
| Metric | SPG | NNN |
|---|---|---|
| Revenue growth | 19.30% | 4.10% |
| Earnings growth | 16.40% | -2.70% |
| EPS growth | +16.40% | -2.70% |
| FCF margin | +37.52% | -148.90% |
| Operating margin | 43.38% | N/A |
| Profit margin | 70.59% | 41.38% |
| ROIC proxy | 113.59% | 8.85% |
| Return on equity | 113.59% | 8.85% |
| Dividend yield | 4.02% | 5.27% |
| Beta | 1.35 | 0.79 |
| Debt/equity | 457.47 | 110.44 |
| Current ratio | 0.20 | 0.16 |
| Quick ratio | 0.20 | 0.11 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
SPG max drawdown12.55%
NNN max drawdown8.83%
SPG max wkly drop6.70%
NNN max wkly drop6.01%
5Y risk snapshot
SPG max drawdown45.84%
NNN max drawdown25.22%
SPG max wkly drop15.68%
NNN max wkly drop11.62%
10Y risk snapshot
SPG max drawdown77.00%
NNN max drawdown54.99%
SPG max wkly drop55.74%
NNN max wkly drop43.12%
Performance metrics by period
| Period | Metric | SPG | NNN |
|---|---|---|---|
| 1Y | Growth | +34.52% | +11.62% |
| CAGR | +34.58% | +11.63% | |
| Sharpe ratio | 1.44 | 0.48 | |
| Max drawdown | 12.55% | 8.83% | |
| Max daily drop | 3.55% | 4.00% | |
| Max wkly drop | 6.70% | 6.01% | |
| 5Y | Growth | +99.76% | +24.57% |
| CAGR | +14.87% | +4.49% | |
| Sharpe ratio | 0.49 | 0.09 | |
| Max drawdown | 45.84% | 25.22% | |
| Max daily drop | 10.11% | 5.42% | |
| Max wkly drop | 15.68% | 11.62% | |
| 10Y | Growth | +61.14% | +56.61% |
| CAGR | +4.89% | +4.59% | |
| Sharpe ratio | 0.19 | 0.14 | |
| Max drawdown | 77.00% | 54.99% | |
| Max daily drop | 26.71% | 24.42% | |
| Max wkly drop | 55.74% | 43.12% |
Business comparison
| Category | SPG | NNN |
|---|---|---|
| Company | Simon Property Group, Inc. | National Retail Properties, Inc. |
| Sector | Real Estate | Real Estate - Net Lease REIT |
| Industry | REIT - Retail | N/A |
| Core business | Simon Property Group is the largest U.S. mall REIT, owning and operating premier shopping malls, premium outlets, and mixed-use properties, focused on high-quality, well-located retail real estate. | National Retail Properties is a net lease REIT focused on single-tenant retail properties, primarily in convenience stores, restaurants, and automotive service categories, leased under long-term net leases. |
| Investor focus | Investors track Simon's occupancy rates, releasing spreads (rent growth on new leases versus expiring ones), and tenant sales productivity across its mall and outlet portfolio. | Investors track National Retail Properties' long dividend increase streak (one of the longest in the REIT sector), acquisition cap rates, and tenant diversification across retail subcategories. |
SPG strengths
- →Dominant ownership of the highest-quality, most productive U.S. malls and outlets
- →Strong balance sheet and access to capital relative to mall REIT peers
- →Diversification into mixed-use development adds growth beyond traditional retail
NNN strengths
- →One of the longest consecutive annual dividend increase streaks in the entire REIT sector
- →Conservative balance sheet and disciplined underwriting approach
- →Diversified across resilient retail subcategories like convenience and automotive services
Risks to watch — SPG
- →Mall real estate continues to face structural pressure from e-commerce shift
- →More volatile and economically sensitive than triple-net lease REITs
- →Department store anchor bankruptcies and closures create periodic releasing challenges
Risks to watch — NNN
- →Smaller scale than larger net lease peers limits some diversification and capital cost advantages
- →Retail-concentrated portfolio carries some exposure to e-commerce disruption in certain subcategories
- →Slower growth profile than some smaller, faster-growing net lease peers
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