PSA vs. SPG: Public Storage vs. Simon Property Stock Comparison

Company Profile

Public Storage (PSA) and Simon Property (SPG) both fall under the Equity Real Estate Investment Trusts (REITs) industry group, but PSA is classified in Specialized REITs while SPG is classified in Retail REITs.

Both Public Storage (PSA) and Simon Property (SPG) are REITs — read their payout ratios and P/E alongside FFO (funds from operations) rather than at face value.

Price Performance

Cumulative Growth

Trailing Returns

Calendar-Year Returns

Performance Metrics

Risk Profile

Drawdown History

Return Distribution

Risk Metrics

Risk-Adjusted Performance

Risk-Return Positioning

Risk-Adjusted Metrics

Profitability

Both companies show strong equity returns, but Simon Property (SPG) at 120.51% is the standout with ROE above its industry range; Public Storage (PSA) at 21.93% also sits in the top quartile.

Neither Public Storage (PSA) 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.

Neither side reports a meaningful operating margin: for Public Storage (PSA) 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

Growth

Both Public Storage (PSA) at 2.74% and Simon Property (SPG) at 6.72% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

EPS growth isn't a meaningful figure for either Public Storage (PSA) in Equity Real Estate Investment Trusts (REITs) or Simon Property (SPG) in Equity Real Estate Investment Trusts (REITs) under our convention.

Growth Metrics

Financial Strength

Both Public Storage (PSA) at 0.22 and Simon Property (SPG) at 0.27 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

Public Storage (PSA) at 1.10 is near its industry mid-range for debt-to-equity ratio, while Simon Property (SPG) at 5.04 sits above its benchmark range, pointing to a heavier debt load relative to equity.

Financial Strength Metrics

Dividends

Both Public Storage (PSA) at 4.14% and Simon Property (SPG) at 4.41% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

An earnings-based payout ratio fits neither Public Storage (PSA) 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

Valuation

P/E ratio is not a meaningful valuation yardstick for either Public Storage (PSA) 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.

Both Public Storage (PSA) at 10.99 and Simon Property (SPG) at 11.02 command a richer price per dollar of sales than most peers, sitting in the upper P/S ratio quartile of their industries.

Measured against book value, both Public Storage (PSA) at 10.48 and Simon Property (SPG) at 14.83 look expensive — each P/B ratio sits above its industry’s benchmark range.

Valuation Metrics