NNN vs SPG: Which Is the Better Dividend Stock?
As of September 2026, NNN and SPG are closely matched. NNN offers the higher yield at 5.56%, NNN has the higher dividend-safety score, and NNN trades at the larger discount to fair value (+1%).
| Metric | NNN | SPG |
|---|---|---|
| Forward yield | 5.56% | 4.25% |
| Annual dividend | $2.48 | $8.90 |
| Payout ratio | 118% | 62% |
| Years of growth | 35 yr | 5 yr |
| 5-yr dividend growth | 2.7% | 10.5% |
| 5-yr total return | 3% | 61% |
| Dividend safety score | 85 (A) | 61 (C) |
| Fair value estimate | $45.04 | $146.37 |
| Upside to fair value | +1% | -30% |
| Frequency | quarterly | quarterly |
| Market cap | $8.5B | $79.5B |
| P/E ratio | 22.0 | 14.8 |
Higher yield
NNN
5.56%
Safer dividend
NNN
Grade A
Faster growth
SPG
10.5%
Better value
NNN
+1% upside
NNN vs SPG — FAQ
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