IIPR vs SPG: Which Is the Better Dividend Stock?
As of Oct 27, 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 14.16%, IIPR has the higher dividend-safety score, and IIPR looks like the better value (its fair-value estimate is 115% above its share price).
Key facts: IIPR vs SPG
Data as of · Source: SmarterDividends data
- As of Oct 27, 2026, Innovative Industrial Properties, Inc. (IIPR) has the higher forward dividend yield at 14.16%, versus 4.18% for Simon Property Group, Inc. (SPG).
- As of Oct 27, 2026, SmarterDividends grades IIPR's dividend safety B (70/100) and SPG's C (63/100).
- By SmarterDividends' count as of Oct 27, 2026, IIPR has raised its dividend for 8 consecutive years and SPG for 5.
- As of Oct 27, 2026, IIPR pays out 172% of its earnings as dividends and SPG pays out 62%.
- As of Oct 27, 2026, IIPR's fair-value estimate is 115% above its share price and SPG's fair-value estimate is 36% below its share price, so IIPR looks like the better value of the two on SmarterDividends' blended model.
Cite this page
SmarterDividends, "IIPR vs SPG: Dividend Yield, Safety & Value Compared," updated Oct 27, 2026, https://smarterdividends.com/compare/iipr-vs-spg
| Metric | IIPR | SPG |
|---|---|---|
| Forward yield | 14.16% | 4.18% |
| 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 | -79% | 38% |
| Dividend safety score | 70 (B) | 63 (C) |
| Fair value estimate | $115.17 | $136.51 |
| Upside to fair value | +115% | -36% |
| Frequency | quarterly | quarterly |
| Market cap | $1.5B | $80.7B |
| P/E ratio | 12.1 | 15.0 |
Higher yield
IIPR
14.16%
Safer dividend
IIPR
Grade B
Faster growth
IIPR
11.2%
Better value
IIPR
+115% upside
IIPR vs SPG — FAQ
Is IIPR or SPG a better dividend stock?
On the data, IIPR wins more head-to-head categories (5 vs 3). IIPR offers the higher yield (14.16%), while IIPR has the stronger dividend-safety score. The right pick depends on whether you prioritise income, safety or value.
Which has a higher dividend yield, IIPR or SPG?
IIPR has the higher forward dividend yield at 14.16%, versus 4.18% for SPG.
Is IIPR or SPG safer?
IIPR has the higher dividend-safety score (70/100 vs 63/100), reflecting stronger payout coverage and dividend-growth history.
Is IIPR or SPG better value right now?
As of Oct 27, 2026, IIPR looks like the better value: its fair-value estimate is 115% above its share price (undervalued). For SPG, its fair-value estimate is 36% below its share price.
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See more dividend stock comparisons · data refreshes daily · for informational purposes only, not investment advice.