AAT vs SPG: Which Is the Better Dividend Stock?
As of September 2026, SPG (Simon Property Group, Inc.) screens as the stronger dividend stock, winning 5 of 7 head-to-head metrics. AAT offers the higher yield at 6.20%, SPG has the higher dividend-safety score, and AAT trades at the larger discount to fair value (-4%).
| Metric | AAT | SPG |
|---|---|---|
| Forward yield | 6.20% | 4.33% |
| Annual dividend | $1.36 | $8.90 |
| Payout ratio | 453% | 62% |
| Years of growth | 5 yr | 5 yr |
| 5-yr dividend growth | 6.3% | 10.5% |
| 5-yr total return | -42% | 40% |
| Dividend safety score | 56 (C) | 63 (C) |
| Fair value estimate | $21.07 | $128.47 |
| Upside to fair value | -4% | -37% |
| Frequency | quarterly | quarterly |
| Market cap | $1.7B | $77.8B |
| P/E ratio | 73.3 | 14.5 |
Higher yield
AAT
6.20%
Safer dividend
SPG
Grade C
Faster growth
SPG
10.5%
Better value
AAT
-4% upside
AAT vs SPG — FAQ
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