Public Storage (PSA) vs Simon Property Group, Inc. (SPG)
A side-by-side comparison of Public Storage and Simon Property Group, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
Total return — PSA vs SPG
growth of $100 · dividends reinvested · last 10yPSA vs SPG: by the numbers
- •SPG is the larger company ($66.42B vs $55.29B market cap).
- •SPG converts more revenue to profit (66.39% vs 41.80% net margin).
- •PSA grew revenue faster over the past five years (9.62% vs 8.17% CAGR).
- •SPG pays the higher dividend yield (4.35% vs 4.07%).
Metrics side by side
Valuation
| Metric | PSA | SPG |
|---|---|---|
| P/E ratio | 28.29 | 14.49 |
| Forward P/E | 29.57 | 30.81 |
| P/S ratio | 11.31 | 9.57 |
| P/B ratio | 6.02 | 14.98 |
| EV / EBITDA | 18.49 | 18.94 |
| FCF yield | 5.10% | 4.89% |
For REITs like Public Storage, 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 | PSA | SPG |
|---|---|---|
| Gross margin | 24.96% | 84.58% |
| Operating margin | 48.30% | 47.40% |
| Net margin | 41.80% | 66.39% |
| ROE | 22.24% | 103.91% |
| ROIC | 11.74% | 8.68% |
Dividends
| Metric | PSA | SPG |
|---|---|---|
| Dividend yield | 4.07% | 4.35% |
| Payout ratio | 114.50% | 62.94% |
Public Storage'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 | PSA | SPG |
|---|---|---|
| Revenue CAGR (5Y) | 9.62% | 8.17% |
| EPS CAGR (5Y) | 7.52% | 31.55% |
| FCF CAGR (5Y) | 9.64% | 1.52% |
| Total return CAGR (5Y) | 1.70% | 15.37% |
Frequently asked
- Which has grown faster, PSA or SPG?
- Over the past five years, PSA grew revenue faster — PSA at a 9.62% CAGR versus SPG at 8.17%.
- Does PSA or SPG pay a bigger dividend?
- PSA yields 4.07% and SPG yields 4.35% based on trailing dividends and the latest price.
- Is PSA or SPG more profitable?
- SPG runs the higher net margin — PSA at 41.80% versus SPG at 66.39%.
- How have PSA and SPG total returns compared?
- Over the past 10 years, PSA delivered 6.81% and SPG delivered 5.06% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Public Storage & 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 10, 2026.