FCPT vs SPG: Which Is the Better Dividend Stock?
As of June 2026, FCPT and SPG are closely matched. FCPT offers the higher yield at 5.73%, FCPT has the higher dividend-safety score, and FCPT trades at the larger discount to fair value (+14%).
| Metric | FCPT | SPG |
|---|---|---|
| Forward yield | 5.73% | 3.88% |
| Annual dividend | $1.47 | $8.80 |
| Payout ratio | 130% | 60% |
| Years of growth | 9 yr | 5 yr |
| 5-yr dividend growth | 3.1% | 10.5% |
| 5-yr total return | -11% | 79% |
| Dividend safety score | 74 (B) | 61 (C) |
| Fair value estimate | $29.08 | $154.92 |
| Upside to fair value | +14% | -32% |
| Frequency | quarterly | quarterly |
| Market cap | $2.8B | $86.2B |
| P/E ratio | 23.0 | 15.8 |
Higher yield
FCPT
5.73%
Safer dividend
FCPT
Grade B
Faster growth
SPG
10.5%
Better value
FCPT
+14% upside
FCPT vs SPG — FAQ
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