DIGITAL REALTY TRUST, INC. vs SIMON PROPERTY GROUP, INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Simon Property owns Class-A malls; Digital Realty owns data centers, and the market's mood toward each is written in their multiples. Simon trades at 15.8 times earnings, the lowest among these REITs, its mature retail cash flows priced cautiously; Digital Realty at 51.3 carries a growth premium for AI-driven capacity demand, though both P/Es overstate expense once property depreciation is added back. Simon yields 3.77% and runs high leverage at 4.65 turns, standard for a mall REIT; Digital Realty yields less and reinvests in megawatts. Simon converts more free cash, 4.38% against 3.73%. The pair prices a proven retail landlord against a secular-growth data landlord: Simon's malls are cash cows the market treats as ex-growth, Digital Realty's server farms are the growth story, and the multiple gap of more than three turns is the price of that narrative.
Comparison updated 2026-07-11.
| Metric | DLR | SPG |
|---|---|---|
| Price | $193.23 | $226.89 |
| Market cap | $68.3B | $73.7B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 51.3 | 15.8 |
| P/B | 2.87 | 12.14 |
| P/S | 10.77 | 11.09 |
| EV/EBITDA | 24.6 | 21.3 |
| Revenue growth | +12.6% | +10.9% |
| Operating margin | 16.4% | 43.4% |
| Net margin | 9.3% | 82.0% |
| Return on equity | 2.5% | 89.8% |
| Return on assets | 1.2% | 13.8% |
| Return on invested capital | 2.4% | 7.4% |
| FCF yield | 3.7% | 4.4% |
| Dividend yield | — | 3.8% |
| Debt / equity | 0.00 | 4.65 |
| Altman Z (solvency) | 1.69 | 1.39 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.