REITs and investment offices · 16/36 against 20/36 checks · to 2026-09-08
PLD vs SPG.
PrologisOwns logistics warehouses worldwide and leases them to shippers and retailers.
Simon Property GroupOwns and runs premium shopping malls and outlet centres.→Prologis (PLD) and Simon Property Group (SPG) are within reach of each other at $129.1B and $68.6B, and on the filings Simon Property Group passes more, 20 checks of 36 against 16.
Which passes more checks?
widest gap first→The two are furthest apart on Growth, where Simon Property Group passes 5 more of the six.
| PLD | SPG | |
|---|---|---|
| Growth | 0/6 | 5/6 |
| Value | 0/6 | 4/6 |
| Shareholder returns | 4/6 | 1/6 |
| Quality | 6/6 | 5/6 |
| Health | 5/6 | 4/6 |
| Trend analysis | 1/6 | 1/6 |
| All checks | 16/36 | 20/36 |
→Prologis turns over $8.9B to Simon Property Group's $6.9B, 1.3 times as much. Prologis keeps 42.5% of revenue as profit against 77.6% at Simon Property Group.
Which is growing faster, PLD or SPG?
→Simon Property Group grew revenue faster last year, +15.0% against +6.7% at Prologis - 8 points apart. Over three years the order is the same, Prologis at +13.7% and Simon Property Group at +6.3%.
| PLD | SPG | |
|---|---|---|
| Revenue (TTM) | $8.9B | $6.9B |
| Revenue growth, 1 year | +6.7% | +15.0% |
| Revenue CAGR, 3 years | +13.7% | +6.3% |
| Net income (TTM) | $3.8B | $5.4B |
| Free cash flow (TTM) | $5.0B | $3.2B |
Which is cheaper?
→Simon Property Group is the cheaper of the two on earnings, 12.8x against 34.9x. Against their own histories, Prologis is above its 28.1x median and Simon Property Group is below its 14.0x.
| PLD | SPG | |
|---|---|---|
| Share price | $138.48 | $211.88 |
| Market cap | $129.1B | $68.6B |
| P/E | 34.9x | 12.8x |
| P/E, own median own 10-year median / own 8-year median | 28.1x | 14.0x |
| P/S | 14.4x | 9.9x |
| Free cash flow yield | 3.9% | 4.7% |
Which hands more back to owners?
→Prologis pays 2.9% at today's price and Simon Property Group effectively pays nothing, which is the clearest difference in what each hands back.
| PLD | SPG | |
|---|---|---|
| Dividend yield | 2.9% | - |
| Payout ratio | 99.1% | - |
| Years of unbroken dividend | - | - |
Which keeps more of each sale?
→Prologis keeps more of each sale: operating margin of 52.4% against 47.4%, a gap of 5 points that flows into everything below it.
| PLD | SPG | |
|---|---|---|
| Gross margin | - | - |
| Operating margin | 52.4% | 47.4% |
| Return on equity | 7.1% | 121.4% |
Which balance sheet is stronger?
→Prologis carries much the lighter balance sheet, 0.65x of debt to equity against 6.47x - which matters most in the year a downturn arrives, not this one.
| PLD | SPG | |
|---|---|---|
| Debt / equity | 0.65x | 6.47x |
| Interest coverage | 4.6x | 3.1x |
| Cash and short-term investments | $861M | $1.3B |
Where they differ most
the checks behind the gapGrowth: Simon Property Group 5 ahead
- Outgrew its sector last year 15.0% vs 7.7% (sector 70th pct, n=179)
- Profits grew last year 120.7% vs 0.0%
- Profit growth beats its peers 30.0% vs 16.5% (sector 70th pct, n=118)
- Outgrew its sector last year 6.7% vs 7.7% (sector 70th pct, n=179)
- Sustained growth beats its sector (3 years) 13.7% vs 16.1% (sector 70th pct, n=170)
- Profits grew last year -0.1% vs 0.0%
Value: Simon Property Group 4 ahead
- Earnings yield beats a long bond (4%) 7.8% vs 4.0%
- FFO yield above 5% 10.3% vs 5.0%
- Cheap on FFO 9.71 vs 16.00 (peer median)
- Earnings yield beats a long bond (4%) 2.9% vs 4.0%
- FFO yield above 5% 4.5% vs 5.0%
- Cheap on FFO 22.11 vs 16.00 (peer median)