NREF vs SPG: Which Is the Better Dividend Stock?
As of September 2026, SPG (Simon Property Group, Inc.) screens as the stronger dividend stock, winning 6 of 8 head-to-head metrics. NREF offers the higher yield at 11.55%, SPG has the higher dividend-safety score, and NREF trades at the larger discount to fair value (+133%).
| Metric | NREF | SPG |
|---|---|---|
| Forward yield | 11.55% | 4.35% |
| Annual dividend | $2.00 | $8.90 |
| Payout ratio | 85% | 62% |
| Years of growth | 0 yr | 5 yr |
| 5-yr dividend growth | 7.1% | 10.5% |
| 5-yr total return | -11% | 58% |
| Dividend safety score | 44 (D) | 63 (C) |
| Fair value estimate | $40.33 | $146.37 |
| Upside to fair value | +133% | -29% |
| Frequency | quarterly | quarterly |
| Market cap | $398.3M | $77.8B |
| P/E ratio | 7.4 | 14.5 |
Higher yield
NREF
11.55%
Safer dividend
SPG
Grade C
Faster growth
SPG
10.5%
Better value
NREF
+133% upside
NREF vs SPG — FAQ
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