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Blackstone Real Estate Income Trust vs Simon Property: revenue, profit, margins and growth compared

Blackstone Real Estate Income Trust brought in $8B of revenue in fiscal 2025, Simon Property $6.4B in fiscal 2025. Revenue changed by -6.7% at Blackstone Real Estate Income Trust and +6.7% at Simon Property on the year before, so Simon Property grew faster. Blackstone Real Estate Income Trust kept -41.2% of its revenue as net profit, Simon Property 72.7%. Free cash flow was $1.1B at Blackstone Real Estate Income Trust and $3.2B at Simon Property.

Side by side, latest fiscal year

BSTTSPG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8B$6.4B
Revenue growth-6.7%+6.7%
Net income-$3.3B$4.6B
Net margin-41.2%72.7%
Free cash flow$1.1B$3.2B
Free cash flow margin13.4%50.3%
Earnings per share (diluted)-$0.92$14.17
Cash$1.6B$823.1M
Debt$55.5B$28.4B
Price to earningsn/a14.9
Market valuen/a$68.5B
Dividend yieldn/a4.04%
Rank by revenue in sector#6 of 231 · Real estate#9 of 231 · Real estate

Over the years

Revenue
BSTT FY2018: $723.3MBSTT FY2019: $1.7BBSTT FY2020: $2.6BBSTT FY2021: $3.7BBSTT FY2022: $7.6BBSTT FY2023: $8.9BBSTT FY2024: $8.5BBSTT FY2025: $8BSPG FY2018: $5.6BSPG FY2019: $5.8BSPG FY2020: $4.6BSPG FY2021: $5.1BSPG FY2022: $5.3BSPG FY2023: $5.7BSPG FY2024: $6BSPG FY2025: $6.4BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $8BSPG $6.4B
Net income
BSTT FY2018: -$281.1MBSTT FY2019: -$401.8MBSTT FY2020: -$853.4MBSTT FY2021: -$804.8MBSTT FY2022: -$883.5MBSTT FY2023: -$691.8MBSTT FY2024: -$890.5MBSTT FY2025: -$3.3BSPG FY2018: $2.4BSPG FY2019: $2.1BSPG FY2020: $1.1BSPG FY2021: $2.2BSPG FY2022: $2.1BSPG FY2023: $2.3BSPG FY2024: $2.4BSPG FY2025: $4.6BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT -$3.3BSPG $4.6B
Net margin
BSTT FY2018: -38.9%BSTT FY2019: -23.8%BSTT FY2020: -33.4%BSTT FY2021: -21.8%BSTT FY2022: -11.6%BSTT FY2023: -7.7%BSTT FY2024: -10.4%BSTT FY2025: -41.2%SPG FY2018: 43.2%SPG FY2019: 36.5%SPG FY2020: 24.1%SPG FY2021: 43.9%SPG FY2022: 40.4%SPG FY2023: 40.3%SPG FY2024: 39.7%SPG FY2025: 72.7%FY18FY19FY20FY21FY22FY23FY24FY25
BSTT -41.2%SPG 72.7%
Revenue growth
BSTT FY2019: +133.1%BSTT FY2020: +51.3%BSTT FY2021: +44.9%BSTT FY2022: +106.8%BSTT FY2023: +16.8%BSTT FY2024: -4.5%BSTT FY2025: -6.7%SPG FY2019: +1.9%SPG FY2020: -19.9%SPG FY2021: +11.1%SPG FY2022: +3.4%SPG FY2023: +6.9%SPG FY2024: +5.4%SPG FY2025: +6.7%FY19FY20FY21FY22FY23FY24FY25
BSTT -6.7%SPG +6.7%
Free cash flow
BSTT FY2018: $150.4MBSTT FY2019: $401.2MBSTT FY2020: $644.7MBSTT FY2021: $1.2BBSTT FY2022: $1.4BBSTT FY2023: $1.2BBSTT FY2024: $950.5MBSTT FY2025: $1.1BSPG FY2018: $3BSPG FY2019: $2.9BSPG FY2020: $1.8BSPG FY2021: $3.1BSPG FY2022: $3.1BSPG FY2023: $3.1BSPG FY2024: $3.1BSPG FY2025: $3.2BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $1.1BSPG $3.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Blackstone Real Estate Income Trust and Simon Property

Which is bigger by revenue, Blackstone Real Estate Income Trust or Simon Property?

Blackstone Real Estate Income Trust is bigger by revenue: $8B in fiscal 2025, against $6.4B for Simon Property in fiscal 2025.

Which keeps more of its revenue as profit, Blackstone Real Estate Income Trust or Simon Property?

Blackstone Real Estate Income Trust had a net margin of -41.2% in fiscal 2025; Simon Property had 72.7% in fiscal 2025.

Which grew revenue faster, Blackstone Real Estate Income Trust or Simon Property?

In their latest fiscal years revenue changed by -6.7% at Blackstone Real Estate Income Trust and +6.7% at Simon Property.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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