KREF 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. KREF offers the higher yield at 5.23%, SPG has the higher dividend-safety score, and KREF trades at the larger discount to fair value (-29%).
| Metric | KREF | SPG |
|---|---|---|
| Forward yield | 5.23% | 4.25% |
| Annual dividend | $0.40 | $8.90 |
| Payout ratio | 588% | 62% |
| Years of growth | 0 yr | 5 yr |
| 5-yr dividend growth | -10.3% | 10.5% |
| 5-yr total return | -64% | 61% |
| Dividend safety score | 44 (D) | 61 (C) |
| Fair value estimate | $5.41 | $146.37 |
| Upside to fair value | -29% | -30% |
| Frequency | quarterly | quarterly |
| Market cap | $491.9M | $79.5B |
| P/E ratio | — | 14.8 |
Higher yield
KREF
5.23%
Safer dividend
SPG
Grade C
Faster growth
SPG
10.5%
Better value
KREF
-29% upside
KREF vs SPG — FAQ
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