DLR vs. SPG: Digital Realty Trust vs. Simon Property Stock Comparison
How do Digital Realty Trust (DLR) and Simon Property (SPG) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.
Company Profile
Digital Realty Trust (DLR) and Simon Property (SPG) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but DLR is classified in Specialized REITs while SPG is classified in Retail REITs.
Both Digital Realty Trust (DLR) and Simon Property (SPG) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.
| Profile Item | DLR | SPG |
|---|---|---|
| Name | Digital Realty Trust, Inc. | Simon Property Group, Inc. |
| Country/Region | United States | United States |
| GICS Sector | Real Estate | Real Estate |
| GICS Industry Group | Equity Real Estate Investment Trusts (REITs) | Equity Real Estate Investment Trusts (REITs) |
| GICS Industry | Specialized REITs | Retail REITs |
| GICS Sub-Industry | Data Center REITs | Retail REITs |
| Market Capitalization | 65.36 billion USD | 85.50 billion USD |
| Currency | USD | USD |
| Exchange | NYSE | NYSE |
| Listing Date | October 29, 2004 | December 14, 1993 |
| Security Type | REIT | REIT |
Price Performance
Cumulative Growth
Trailing Returns
Calendar-Year Returns
Performance Metrics
| Metric | DLR | SPG |
|---|---|---|
| Total Return (1Y) | 3.54% | 41.36% |
| Total Return (3Y, Annualized) | 18.53% | 30.09% |
| Total Return (5Y, Annualized) | 6.23% | 18.13% |
Risk Profile
Drawdown History
Return Distribution
Risk Metrics
| Metric | DLR | SPG |
|---|---|---|
| Volatility (1Y, Annualized) | 23.92% | 19.07% |
| Beta (5Y) | 1.04 | 1.31 |
| Max Drawdown (5Y) | -48.52% | -45.84% |
| Avg. Volume (3M) | 2.65M | 1.84M |
Risk-Adjusted Performance
Risk-Return Positioning
Risk-Adjusted Metrics
| Metric | DLR | SPG |
|---|---|---|
| Sharpe Ratio (1Y) | -0.02 | 1.96 |
| Sortino Ratio (1Y) | -0.03 | 3.15 |
Profitability
ROE (TTM)
Simon Property (SPG) at 113.59% clears its industry range for ROE, a sharper capital-efficiency signal than Digital Realty Trust (DLR) at 5.69%, which is closer to a typical peer reading.
DLR
Equity Real Estate Investment Trusts (REITs) industry group
5.69%
- Max
- 21.85%
- Q3
- 9.86%
- Median
- 5.86%
- DLR
- 5.69%
- Q1
- 1.38%
- Min
- -9.66%
SPG
Equity Real Estate Investment Trusts (REITs) industry group
113.59%
- SPG
- 113.59%
- Max
- 21.85%
- Q3
- 9.86%
- Median
- 5.86%
- Q1
- 1.38%
- Min
- -9.66%
Net Margin (TTM)
Neither Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) is well served by net margin: heavy depreciation makes net income a poor profitability proxy in their businesses, where FFO-based measures are the standard read.
Operating Margin (TTM)
Neither side reports a meaningful operating margin: for Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) and Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs), funding costs are part of the core business, so net margin and ROE are the cleaner profitability reads.
Profitability Metrics
| Metric | DLR | SPG |
|---|---|---|
| ROE (TTM) | 5.69% | 113.59% |
| ROA (TTM) | 1.26% | 5.56% |
| Net Margin (TTM) | -- | -- |
| Operating Margin (TTM) | -- | -- |
| Gross Margin (TTM) | -- | -- |
Growth
Revenue Growth
Revenue Growth Metrics
| Metric | DLR | SPG |
|---|---|---|
| Revenue Growth (YoY) | 10.04% | 6.72% |
| Revenue Growth (3Y CAGR) | 9.22% | 6.35% |
EPS Growth
EPS Growth Metrics
| Metric | DLR | SPG |
|---|---|---|
| EPS Growth (YoY) | -- | -- |
| EPS Growth (3Y CAGR) | -- | -- |
Financial Strength
Current Ratio (MRQ)
Digital Realty Trust (DLR) at 1.23 keeps current ratio within its industry’s typical mid-range, while Simon Property (SPG) at 0.20 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for SPG.
DLR
Equity Real Estate Investment Trusts (REITs) industry group
1.23
- Max
- 4.00
- Q3
- 1.93
- DLR
- 1.23
- Median
- 0.98
- Q1
- 0.46
- Min
- 0.08
SPG
Equity Real Estate Investment Trusts (REITs) industry group
0.20
- Max
- 4.00
- Q3
- 1.93
- Median
- 0.98
- Q1
- 0.46
- SPG
- 0.20
- Min
- 0.08
Debt / Equity (MRQ)
Digital Realty Trust (DLR) at 0.77 keeps leverage in the lower quartile, while Simon Property (SPG) at 4.57 is above its industry debt-to-equity ratio range.
DLR
Equity Real Estate Investment Trusts (REITs) industry group
0.77
- Max
- 2.53
- Q3
- 1.51
- Median
- 1.04
- Q1
- 0.77
- DLR
- 0.77
- Min
- 0.19
SPG
Equity Real Estate Investment Trusts (REITs) industry group
4.57
- SPG
- 4.57
- Max
- 2.53
- Q3
- 1.51
- Median
- 1.04
- Q1
- 0.77
- Min
- 0.19
Financial Strength Metrics
| Metric | DLR | SPG |
|---|---|---|
| Current Ratio (MRQ) | 1.23 | 0.20 |
| Debt / Equity (MRQ) | 0.77 | 4.57 |
| Net Debt / EBITDA | 5.88 | 5.79 |
Dividends
Dividend Yield (TTM)
Simon Property (SPG) at 3.83% pays a yield in its industry’s typical range, while Digital Realty Trust (DLR) at 2.82% falls in the bottom quartile of its peers.
DLR
Equity Real Estate Investment Trusts (REITs) industry group
2.82%
- Max
- 8.88%
- Q3
- 5.56%
- Median
- 4.01%
- Q1
- 3.15%
- DLR
- 2.82%
- Min
- 0.00%
SPG
Equity Real Estate Investment Trusts (REITs) industry group
3.83%
- Max
- 8.88%
- Q3
- 5.56%
- Median
- 4.01%
- SPG
- 3.83%
- Q1
- 3.15%
- Min
- 0.00%
Dividend Payout Ratio (TTM)
An earnings-based payout ratio fits neither Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) nor Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): their distributions are mandated and conventionally measured against FFO, so the accounting-earnings ratio overstates both.
Dividend Metrics
| Metric | DLR | SPG |
|---|---|---|
| Dividend Yield (TTM) | 2.82% | 3.83% |
| Dividend Payout Ratio (TTM) | -- | -- |
Valuation
P/E Ratio (TTM)
P/E ratio is not a meaningful valuation yardstick for either Digital Realty Trust (DLR) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs): depreciation suppresses reported earnings in their businesses, and price-to-FFO is the conventional yardstick instead.
P/S Ratio (TTM)
Both Digital Realty Trust (DLR) at 10.35 and Simon Property (SPG) at 12.86 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.
DLR
Equity Real Estate Investment Trusts (REITs) industry group
10.35
- Max
- 15.51
- DLR
- 10.35
- Q3
- 8.88
- Median
- 6.59
- Q1
- 3.75
- Min
- 0.82
SPG
Equity Real Estate Investment Trusts (REITs) industry group
12.86
- Max
- 15.51
- SPG
- 12.86
- Q3
- 8.88
- Median
- 6.59
- Q1
- 3.75
- Min
- 0.82
P/B Ratio (MRQ)
Both look rich against book: Digital Realty Trust (DLR) at 2.68 sits in the upper P/B ratio quartile, and Simon Property (SPG) at 15.14 prices even higher, above its industry range.
DLR
Equity Real Estate Investment Trusts (REITs) industry group
2.68
- Max
- 4.82
- DLR
- 2.68
- Q3
- 2.67
- Median
- 1.78
- Q1
- 1.20
- Min
- 0.35
SPG
Equity Real Estate Investment Trusts (REITs) industry group
15.14
- SPG
- 15.14
- Max
- 4.82
- Q3
- 2.67
- Median
- 1.78
- Q1
- 1.20
- Min
- 0.35
Valuation Metrics
| Metric | DLR | SPG |
|---|---|---|
| P/E Ratio (TTM) | -- | -- |
| P/S Ratio (TTM) | 10.35 | 12.86 |
| P/B Ratio (MRQ) | 2.68 | 15.14 |
| Free Cash Flow Yield (TTM) | -- | -- |