NREF vs SPG: Which Is the Better Dividend Stock?
As of July 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 11.83%, SPG has the higher dividend-safety score, and NREF trades at the larger discount to fair value (+136%).
| Metric | NREF | SPG |
|---|---|---|
| Forward yield | 11.83% | 3.85% |
| Annual dividend | $2.00 | $8.80 |
| Payout ratio | 78% | 60% |
| Years of growth | 0 yr | 5 yr |
| 5-yr dividend growth | 7.1% | 10.5% |
| 5-yr total return | -21% | 70% |
| Dividend safety score | 46 (D) | 61 (C) |
| Fair value estimate | $39.94 | $150.64 |
| Upside to fair value | +136% | -34% |
| Frequency | quarterly | quarterly |
| Market cap | $388.1M | $86.7B |
| P/E ratio | 6.6 | 15.9 |
Higher yield
NREF
11.83%
Safer dividend
SPG
Grade C
Faster growth
SPG
10.5%
Better value
NREF
+136% upside
NREF vs SPG — FAQ
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