SPGSimon Property Group

Real estate · REIT · NYSE

Simon Property Group, Inc. is an Indiana corporation that operates as a self-administered and self-managed real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. 10-K, Item 1

Headquarters: Indianapolis, IN
CEO: David Simon
Next results: around Feb 1, 2027

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SPG and 9 peers, year by year

The 9 Real estate companies closest to SPG in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
SPG Simon Property Group	FY2025	$6.4B	+6.7%	-	49.9%	72.7%	50.3%	88.8%	5.46
WY Weyerhaeuser	FY2025	$6.9B	−3.1%	14.8%	10.6%	4.7%	-	3.4%	0.59
VTR Ventas	FY2025	$5.8B	+18.5%	-	-	4.3%	−22.0%	2.0%	1.04
IRM Iron Mountain	FY2025	$6.9B	+12.2%	-	16.9%	2.1%	−13.5%	n/m	n/m
DLR Digital Realty	FY2025	$6.1B	+10.0%	-	10.8%	21.4%	-	5.7%	-
HST Host Hotels & Resorts	FY2025	$6.1B	+7.6%	-	14.0%	12.5%	-	11.7%	0.19
O Realty Income	FY2025	$5.7B	+9.1%	-	-	18.4%	-	2.7%	0.01
PLD Prologis	FY2025	$8.8B	+7.2%	-	49.6%	37.9%	-	6.3%	0.66
PSA Public Storage	FY2025	$4.8B	+2.7%	-	-	37.0%	-	19.3%	1.11
EQIX Equinix	FY2025	$9.2B	+5.4%	-	20.0%	14.6%	−4.3%	9.5%	0.14

Revenuepeer median $6.1B

Sales growthpeer median +7.6%

Operating marginpeer median 15.4%

SPG 49.9%
PLD 49.6%
EQIX 20.0%
IRM 16.9%
HST 14.0%
DLR 10.8%
WY 10.6%
VTR -
O -
PSA -

Net marginpeer median 14.6%

FCF marginpeer median −13.5%

SPG 50.3%
EQIX −4.3%
IRM −13.5%
VTR −22.0%
WY -
DLR -
HST -
O -
PLD -
PSA -

Return on equitypeer median 6.0%

SPG 88.8%
PSA 19.3%
HST 11.7%
EQIX 9.5%
PLD 6.3%
DLR 5.7%
WY 3.4%
O 2.7%
VTR 2.0%
IRM n/m

Debt / equitypeer median 0.59

SPG 5.46
PSA 1.11
VTR 1.04
PLD 0.66
WY 0.59
HST 0.19
EQIX 0.14
O 0.01
IRM n/m
DLR -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	$5.4B	$5.5B	$5.6B	$5.8B	$4.6B	$5.1B	$5.3B	$5.7B	$6.0B	$6.4B
WY Dec	$6.4B	$7.2B	$7.5B	$6.6B	$7.5B	$10.2B	$10.2B	$7.7B	$7.1B	$6.9B
VTR Dec	$3.4B	$3.6B	$3.7B	$3.9B	$3.8B	$3.8B	$4.1B	$4.5B	$4.9B	$5.8B
IRM Dec	$3.5B	$3.8B	$4.2B	$4.3B	$4.1B	$4.5B	$5.1B	$5.5B	$6.1B	$6.9B
DLR Dec	$2.1B	$2.5B	$3.0B	$3.2B	$3.9B	$4.4B	$4.7B	$5.5B	$5.6B	$6.1B
HST Dec	$5.4B	$5.4B	$5.5B	$5.5B	$1.6B	$2.9B	$4.9B	$5.3B	$5.7B	$6.1B
O Dec	$1.1B	$1.2B	$1.3B	$1.5B	$1.6B	$2.1B	$3.3B	$4.1B	$5.3B	$5.7B
PLD Dec	$2.5B	$2.6B	$2.8B	$3.3B	$4.4B	$4.8B	$6.0B	$8.0B	$8.2B	$8.8B
PSA Dec	$2.6B	$2.7B	$2.8B	$2.9B	$2.9B	$3.4B	$4.2B	$4.5B	$4.7B	$4.8B
EQIX Dec	$3.6B	$4.4B	$5.1B	$5.6B	$6.0B	$6.6B	$7.3B	$8.2B	$8.7B	$9.2B
Peer median	$3.4B	$3.6B	$3.7B	$3.9B	$3.9B	$4.4B	$4.9B	$5.5B	$5.7B	$6.1B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	+3.2%	+1.9%	+2.1%	+1.9%	−19.9%	+11.1%	+3.4%	+6.9%	+5.4%	+6.7%
WY Dec	+21.3%	+13.1%	+3.9%	−12.3%	+14.9%	+35.4%	−0.2%	−24.6%	−7.2%	−3.1%
VTR Dec	+4.8%	+3.8%	+4.8%	+3.4%	−2.0%	+0.9%	+7.9%	+8.9%	+9.5%	+18.5%
IRM Dec	+16.7%	+9.5%	+9.9%	−1.4%	−11.9%	+8.3%	+13.6%	+7.4%	+12.2%	+12.2%
DLR Dec	+21.5%	+14.7%	+23.9%	+5.3%	+21.6%	+13.4%	+6.0%	+16.7%	+1.4%	+10.0%
HST Dec	+1.5%	−0.8%	+2.5%	−1.0%	−70.4%	+78.4%	+69.8%	+8.2%	+7.0%	+7.6%
O Dec	-	+10.2%	+9.2%	+12.3%	+10.7%	+26.3%	+60.7%	+22.0%	+29.2%	+9.1%
PLD Dec	-	+3.4%	+7.1%	+18.8%	+33.3%	+7.2%	+25.5%	+34.3%	+2.2%	+7.2%
PSA Dec	+7.5%	+4.2%	+3.2%	+3.5%	+2.1%	+17.2%	+22.4%	+8.0%	+3.9%	+2.7%
EQIX Dec	+32.5%	+20.9%	+16.1%	+9.7%	+7.8%	+10.6%	+9.5%	+12.7%	+6.8%	+5.4%
Peer median	+16.7%	+9.5%	+7.1%	+3.5%	+7.8%	+13.4%	+13.6%	+8.9%	+6.8%	+7.6%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	-	-	-	-	-	-	-	-	-	-
WY Dec	21.8%	26.4%	25.2%	17.4%	27.7%	40.2%	35.5%	21.9%	18.4%	14.8%
VTR Dec	-	-	-	-	-	-	-	-	-	-
IRM Dec	-	-	-	-	-	-	-	-	-	-
DLR Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	-	-	-	-	-	-	-	-	-	-
O Dec	-	-	-	-	-	-	-	-	-	-
PLD Dec	-	-	-	-	-	-	-	-	-	-
PSA Dec	73.9%	73.5%	73.0%	-	-	-	-	-	-	-
EQIX Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	50.1%	50.7%	51.8%	50.6%	42.8%	47.2%	48.8%	49.6%	51.9%	49.9%
WY Dec	12.9%	15.7%	18.6%	9.9%	22.7%	35.7%	30.2%	15.5%	9.6%	10.6%
VTR Dec	-	-	-	-	-	-	-	-	-	-
IRM Dec	14.3%	16.5%	19.1%	18.3%	22.5%	19.0%	20.6%	16.8%	16.4%	16.9%
DLR Dec	23.2%	18.4%	18.0%	18.5%	14.3%	15.7%	12.6%	9.6%	8.5%	10.8%
HST Dec	12.6%	12.5%	9.6%	14.6%	−58.8%	−8.7%	15.8%	15.6%	15.4%	14.0%
O Dec	-	-	-	-	-	-	-	-	-	-
PLD Dec	26.4%	74.6%	60.2%	55.5%	47.7%	67.4%	58.0%	46.2%	53.8%	49.6%
PSA Dec	53.7%	53.3%	-	-	-	-	-	-	-	-
EQIX Dec	17.1%	18.5%	19.3%	21.0%	17.6%	16.7%	16.5%	17.6%	15.2%	20.0%
Peer median	17.1%	18.4%	18.9%	18.4%	20.0%	17.9%	18.5%	16.2%	15.3%	15.4%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	33.8%	35.2%	43.2%	36.5%	24.1%	43.9%	40.4%	40.3%	39.7%	72.7%
WY Dec	16.1%	8.1%	10.0%	−1.2%	10.6%	25.6%	18.5%	10.9%	5.6%	4.7%
VTR Dec	18.9%	38.0%	10.9%	11.2%	11.6%	1.3%	−1.1%	−0.9%	1.6%	4.3%
IRM Dec	3.0%	4.4%	8.4%	6.3%	8.3%	10.0%	10.9%	3.4%	2.9%	2.1%
DLR Dec	19.9%	10.1%	10.9%	18.1%	9.1%	38.6%	8.0%	17.3%	10.8%	21.4%
HST Dec	14.0%	10.5%	19.7%	16.8%	−45.2%	−0.4%	12.9%	13.9%	12.3%	12.5%
O Dec	28.6%	26.2%	27.4%	29.3%	24.0%	17.3%	26.0%	21.4%	16.3%	18.4%
PLD Dec	47.8%	63.1%	58.8%	47.2%	33.4%	61.8%	56.3%	38.1%	45.5%	37.9%
PSA Dec	56.8%	54.0%	62.0%	53.3%	46.6%	57.2%	104.0%	47.6%	44.1%	37.0%
EQIX Dec	3.5%	5.3%	7.2%	9.1%	6.2%	7.5%	9.7%	11.8%	9.3%	14.6%
Peer median	18.9%	10.5%	10.9%	16.8%	10.6%	17.3%	12.9%	13.9%	10.8%	14.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	$2.6B	$2.9B	$3.0B	$2.9B	$1.8B	$3.1B	$3.1B	$3.1B	$3.1B	$3.2B
WY Dec	$284.0M	$843.0M	$744.0M	-	-	-	-	-	-	-
VTR Dec	$1.2B	$1.3B	$1.2B	$1.3B	$842.9M	−$775.9M	$219.5M	$470.4M	−$1.2B	−$1.3B
IRM Dec	$215.3M	$377.8M	$475.5M	$273.7M	$549.4M	$147.8M	$52.3M	−$225.7M	−$594.9M	−$931.6M
DLR Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	$1.0B	$1.0B	$1.0B	-	-	-	-	-	-	-
O Dec	-	-	-	-	-	-	-	-	-	-
PLD Dec	-	-	-	-	-	-	-	-	-	-
PSA Dec	-	-	-	-	-	-	-	-	-	-
EQIX Dec	−$94.0M	$60.5M	−$280.7M	−$86.8M	$27.3M	−$204.3M	$685.0M	$436.0M	$183.0M	−$400.0M
Peer median	$284.0M	$843.0M	$744.0M	$273.7M	$549.4M	−$204.3M	$219.5M	$436.0M	−$594.9M	−$931.6M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	47.4%	51.8%	52.6%	50.9%	40.0%	60.8%	58.9%	55.4%	51.3%	50.3%
WY Dec	4.5%	11.7%	10.0%	-	-	-	-	-	-	-
VTR Dec	35.9%	36.3%	33.4%	33.1%	22.2%	−20.3%	5.3%	10.5%	−24.4%	−22.0%
IRM Dec	6.1%	9.8%	11.3%	6.4%	13.2%	3.3%	1.0%	−4.1%	−9.7%	−13.5%
DLR Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	18.6%	19.0%	18.6%	-	-	-	-	-	-	-
O Dec	-	-	-	-	-	-	-	-	-	-
PLD Dec	-	-	-	-	-	-	-	-	-	-
PSA Dec	-	-	-	-	-	-	-	-	-	-
EQIX Dec	−2.6%	1.4%	−5.5%	−1.6%	0.5%	−3.1%	9.4%	5.3%	2.1%	−4.3%
Peer median	6.1%	11.7%	11.3%	6.4%	13.2%	−3.1%	5.3%	5.3%	−9.7%	−13.5%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	42.6%	52.8%	73.9%	83.1%	36.5%	66.8%	68.1%	75.4%	80.5%	88.8%
WY Dec	11.2%	6.5%	8.3%	−0.9%	9.1%	24.2%	17.5%	8.2%	4.1%	3.4%
VTR Dec	6.2%	12.5%	4.0%	4.1%	4.3%	0.5%	−0.5%	−0.4%	0.8%	2.0%
IRM Dec	5.4%	7.4%	19.0%	18.3%	30.1%	52.6%	87.5%	87.0%	n/m	n/m
DLR Dec	8.4%	2.4%	3.4%	5.9%	2.0%	9.5%	2.1%	5.0%	2.8%	5.7%
HST Dec	10.9%	8.1%	14.5%	12.6%	−11.6%	−0.2%	9.4%	11.2%	10.5%	11.7%
O Dec	4.7%	4.3%	4.5%	4.5%	3.6%	1.4%	3.0%	2.6%	2.2%	2.7%
PLD Dec	8.1%	10.6%	7.4%	6.9%	4.6%	8.8%	6.3%	5.8%	6.9%	6.3%
PSA Dec	15.4%	16.1%	18.8%	16.8%	15.9%	20.9%	43.2%	21.5%	21.3%	19.3%
EQIX Dec	2.9%	3.4%	5.1%	5.7%	3.5%	4.6%	6.1%	7.8%	6.0%	9.5%
Peer median	8.1%	7.4%	7.4%	5.9%	4.3%	8.8%	6.3%	7.8%	5.0%	6.0%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	5.33	6.68	7.07	9.56	8.79	7.53	7.95	8.61	8.25	5.46
WY Dec	0.72	0.67	0.65	0.75	0.63	0.47	0.47	0.50	0.52	0.59
VTR Dec	1.06	1.04	1.05	1.22	1.17	1.13	1.25	1.42	1.26	1.04
IRM Dec	3.23	3.07	4.38	5.92	7.66	10.83	16.60	n/m	n/m	n/m
DLR Dec	-	-	-	-	-	-	-	-	-	-
HST Dec	0.17	0.21	0.06	0.06	0.07	0.07	0.11	0.11	0.14	0.19
O Dec	0.59	-	-	-	0.00	0.04	0.02	0.02	0.00	0.01
PLD Dec	0.71	0.60	0.50	0.53	0.53	0.01	0.45	0.55	0.57	0.66
PSA Dec	0.04	0.16	0.15	0.21	0.30	0.80	0.68	0.91	0.96	1.11
EQIX Dec	1.22	1.24	1.37	1.18	1.00	1.08	1.12	1.11	1.13	0.14
Peer median	0.71	0.67	0.65	0.75	0.58	0.64	0.58	0.55	0.57	0.59

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SPG Dec	$5.87	$6.24	$7.87	$6.81	$3.59	$6.84	$6.52	$6.98	$7.26	$14.17
WY Dec	$1.39	$0.77	$0.99	−$0.10	$1.07	$3.47	$2.53	$1.15	$0.54	$0.45
VTR Dec	$1.86	$3.78	$1.14	$1.17	$1.17	$0.13	−$0.12	−$0.10	$0.19	$0.54
IRM Dec	$0.42	$0.64	$1.23	$0.93	$1.19	$1.55	$1.90	$0.63	$0.61	$0.49
DLR Dec	$2.20	$0.99	$1.21	$2.35	$1.00	$5.94	$1.11	$2.88	$1.61	$3.58
HST Dec	$1.02	$0.76	$1.47	$1.26	−$1.04	−$0.02	$0.88	$1.04	$0.99	$1.10
O Dec	$1.13	$1.10	$1.26	$1.38	$1.14	$0.87	$1.42	$1.26	$0.98	$1.17
PLD Dec	$2.27	$3.06	$2.87	$2.46	$2.01	$3.94	$4.25	$3.29	$4.01	$3.56
PSA Dec	$6.81	$6.73	$8.54	$7.29	$6.29	$9.87	$23.50	$11.06	$10.64	$9.01
EQIX Dec	$1.79	$3.00	$4.56	$5.99	$4.18	$5.53	$7.67	$10.31	$8.50	$13.76
Peer median	$1.79	$1.10	$1.26	$1.38	$1.17	$3.47	$1.90	$1.26	$0.99	$1.17

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out SPG and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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