IIPR vs SPG: Which Is the Better Dividend Stock?
As of September 2026, IIPR (Innovative Industrial Properties, Inc.) screens as the stronger dividend stock, winning 5 of 8 head-to-head metrics. IIPR offers the higher yield at 13.67%, IIPR has the higher dividend-safety score, and IIPR trades at the larger discount to fair value (+94%).
| Metric | IIPR | SPG |
|---|---|---|
| Forward yield | 13.67% | 4.35% |
| Annual dividend | $7.60 | $8.90 |
| Payout ratio | 172% | 62% |
| Years of growth | 8 yr | 5 yr |
| 5-yr dividend growth | 11.2% | 10.5% |
| 5-yr total return | -76% | 58% |
| Dividend safety score | 69 (B) | 63 (C) |
| Fair value estimate | $108.96 | $146.37 |
| Upside to fair value | +94% | -29% |
| Frequency | quarterly | quarterly |
| Market cap | $1.6B | $77.8B |
| P/E ratio | 12.7 | 14.5 |
Higher yield
IIPR
13.67%
Safer dividend
IIPR
Grade B
Faster growth
IIPR
11.2%
Better value
IIPR
+94% upside
IIPR vs SPG — FAQ
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