IIPR vs SPG: Which Is the Better Dividend Stock?
As of July 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 11.79%, IIPR has the higher dividend-safety score, and IIPR trades at the larger discount to fair value (+12%).
| Metric | IIPR | SPG |
|---|---|---|
| Forward yield | 11.79% | 3.85% |
| Annual dividend | $7.60 | $8.80 |
| Payout ratio | 194% | 60% |
| Years of growth | 8 yr | 5 yr |
| 5-yr dividend growth | 11.2% | 10.5% |
| 5-yr total return | -74% | 70% |
| Dividend safety score | 73 (B) | 61 (C) |
| Fair value estimate | $71.94 | $150.64 |
| Upside to fair value | +12% | -34% |
| Frequency | quarterly | quarterly |
| Market cap | $1.9B | $86.7B |
| P/E ratio | 16.5 | 15.9 |
Higher yield
IIPR
11.79%
Safer dividend
IIPR
Grade B
Faster growth
IIPR
11.2%
Better value
IIPR
+12% upside
IIPR vs SPG — FAQ
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