NLCP 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. NLCP offers the higher yield at 11.15%, SPG has the higher dividend-safety score, and NLCP trades at the larger discount to fair value (+105%).
| Metric | NLCP | SPG |
|---|---|---|
| Forward yield | 11.15% | 4.35% |
| Annual dividend | $1.72 | $8.90 |
| Payout ratio | 146% | 62% |
| Years of growth | 4 yr | 5 yr |
| 5-yr dividend growth | — | 10.5% |
| 5-yr total return | -49% | 58% |
| Dividend safety score | 60 (C) | 63 (C) |
| Fair value estimate | $31.05 | $146.37 |
| Upside to fair value | +105% | -29% |
| Frequency | quarterly | quarterly |
| Market cap | $316.8M | $77.8B |
| P/E ratio | 13.0 | 14.5 |
Higher yield
NLCP
11.15%
Safer dividend
SPG
Grade C
Faster growth
SPG
10.5%
Better value
NLCP
+105% upside
NLCP vs SPG — FAQ
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