Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc., the Operating Partnership, and …
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Competitive advantage assessment
Key strengths
Strong NOI MarginsNOI margins are strong (score 0.89), demonstrating rent pricing power.
Stable NOI PerformanceNOI stability is excellent (score 0.86), suggesting reliable rent streams.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Simon Property Group, Inc. ranks #2 of 33
scored companies in REIT - Retail by moat score — the top 6%.
The widest moat in the group is NNN REIT, Inc. (NNN)
at 79/100.
Moat scores for companies ranked near SPG in REIT - Retail
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 73
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 76
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 72
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 86
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 76
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
Simon Property Group, Inc. (SPG) scores 79 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #2 of 33 scored companies in REIT - Retail, the top 6%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 37 companies in REIT - Retail. Its strongest defense is Rent Pricing Power (88/100) and its weakest is Capital Recycling & Growth (72/100).
How does Simon Property Group, Inc. compare with other REIT - Retail companies?
Simon Property Group, Inc. ranks #2 of 33 scored companies in REIT - Retail by moat score. The widest moat in REIT - Retail is NNN REIT, Inc. (NNN) at 79/100. The companies ranked closest are NNN REIT, Inc. (NNN) at 79 just above it and Four Corners Property Trust, In (FCPT) at 77 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 37 companies in REIT - Retail. The defenses are then weighted to produce the overall score out of 100.
Why is Simon Property Group, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Simon Property Group, Inc.?
The REIT Specialized template measures 6 defenses, and SPG scores: Rent Pricing Power (88), AFFO Strength (73), Balance Sheet & Cost of Capital (76), Capital Recycling & Growth (72), Operational Efficiency (86), Portfolio Quality & Diversification (76). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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