ESS vs SPG: Which Is the Better Dividend Stock?
As of September 2026, ESS and SPG are closely matched. SPG offers the higher yield at 4.33%, ESS has the higher dividend-safety score, and ESS trades at the larger discount to fair value (-6%).
| Metric | ESS | SPG |
|---|---|---|
| Forward yield | 3.82% | 4.33% |
| Annual dividend | $10.36 | $8.90 |
| Payout ratio | 161% | 62% |
| Years of growth | 30 yr | 5 yr |
| 5-yr dividend growth | 4.1% | 10.5% |
| 5-yr total return | -21% | 40% |
| Dividend safety score | 83 (A) | 63 (C) |
| Fair value estimate | $254.73 | $128.47 |
| Upside to fair value | -6% | -37% |
| Frequency | quarterly | quarterly |
| Market cap | $18.9B | $77.8B |
| P/E ratio | 42.7 | 14.5 |
Higher yield
SPG
4.33%
Safer dividend
ESS
Grade A
Faster growth
SPG
10.5%
Better value
ESS
-6% upside
ESS vs SPG — FAQ
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