Digital Realty Trust, Inc. (DLR) vs Simon Property Group, Inc. (SPG)
A side-by-side comparison of Digital Realty Trust, Inc. and Simon Property Group, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — DLR vs SPG
growth of $100 · dividends reinvested · last 10yDLR vs SPG: by the numbers
- •DLR is the larger company ($69.77B vs $66.42B market cap).
- •SPG converts more revenue to profit (66.39% vs 11.67% net margin).
- •DLR grew revenue faster over the past five years (9.91% vs 8.17% CAGR).
- •SPG pays the higher dividend yield (4.35% vs 2.63%).
Metrics side by side
Valuation
| Metric | DLR | SPG |
|---|---|---|
| P/E ratio | 91.10 | 14.49 |
| Forward P/E | 69.63 | 30.81 |
| P/S ratio | 10.19 | 9.57 |
| P/B ratio | 2.54 | 14.98 |
| EV / EBITDA | 26.75 | 18.94 |
| FCF yield | 1.96% | 4.89% |
For REITs like Digital Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Simon Property Group, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | DLR | SPG |
|---|---|---|
| Gross margin | 55.39% | 84.58% |
| Operating margin | 17.87% | 47.40% |
| Net margin | 11.67% | 66.39% |
| ROE | 2.91% | 103.91% |
| ROIC | 2.25% | 8.68% |
Dividends
| Metric | DLR | SPG |
|---|---|---|
| Dividend yield | 2.63% | 4.35% |
| Payout ratio | 235.75% | 62.94% |
Digital Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Simon Property Group, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | DLR | SPG |
|---|---|---|
| Revenue CAGR (5Y) | 9.91% | 8.17% |
| EPS CAGR (5Y) | 29.87% | 31.55% |
| FCF CAGR (5Y) | 12.36% | 1.52% |
| Total return CAGR (5Y) | 7.20% | 15.37% |
Frequently asked
- Which has grown faster, DLR or SPG?
- Over the past five years, DLR grew revenue faster — DLR at a 9.91% CAGR versus SPG at 8.17%.
- Does DLR or SPG pay a bigger dividend?
- DLR yields 2.63% and SPG yields 4.35% based on trailing dividends and the latest price.
- Is DLR or SPG more profitable?
- SPG runs the higher net margin — DLR at 11.67% versus SPG at 66.39%.
- How have DLR and SPG total returns compared?
- Over the past 10 years, DLR delivered 10.50% and SPG delivered 5.06% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Digital Realty Trust & Simon Property appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 11, 2026.