AMT vs SPG: Dividend Comparison
Dividend data as of
American Tower Corp /Ma/ (AMT) and Simon Property Group Inc. (SPG) are both in the Real Estate sector, making them natural rivals for dividend investors. SPG edges ahead on yield at 4.36% versus AMT's 3.76%. For dividend growth, SPG leads with a 5-year CAGR of 10.0% versus AMT's 6.9%. AMT holds the edge in dividend safety with a "Safe" rating. AMT is a Dividend Contender with 14 years of consecutive increases.
Verdict
Yield Analysis
SPG yields 0.59% more than AMT. In dollar terms, AMT pays $6.72/share vs SPG's $8.55/share annually.
Dividend Growth
AMT: Dividend growth is slowing — the 3-year CAGR of 2.7% trails the 5-year rate of 6.9% and the 10-year rate of 13.5%.
SPG: Dividend growth is slowing — the 3-year CAGR of 7.1% trails the 5-year rate of 10.0% and the 10-year rate of 6.4%.
Dividend Safety
AMT: The payout ratio of 1% is well within sustainable levels, leaving room for future increases. Earnings cover the dividend 0.9x.
SPG: The payout ratio of 60% is moderate. The dividend is currently covered by earnings but leaves less room for growth. Earnings cover the dividend 1.7x.
Estimated Annual Dividend Income
Based on current dividend yields. Actual income may vary.
What does $10,000 buy in AMT vs SPG today?
At $190.81 per share, $10,000 buys about 52.4 shares of American Tower Corp /Ma/ (AMT). Each share pays $6.72 per year in dividends, so the position starts out generating roughly $352 per year — about $29 a month.
At $197.66 per share, $10,000 buys about 50.6 shares of Simon Property Group Inc. (SPG). Each share pays $8.55 per year in dividends, so the position starts out generating roughly $433 per year — about $36 a month.
SPG is the larger income stream from day one: $80 per year more on the same $10,000 invested.
What could $10,000 of AMT or SPG income look like in 10 years?
American Tower Corp /Ma/ (AMT) has raised its dividend about 6.9% a year over the past five years. If that pace held, the $376 per year that $10,000 generates today at the current 3.76% yield would reach $733 per year by 2036 — a 7.3% yield on the original cost.
Simon Property Group Inc. (SPG) has raised its dividend about 10.0% a year over the past five years. If that pace held, the $436 per year that $10,000 generates today at the current 4.36% yield would reach $1,125 per year by 2036 — a 11.2% yield on the original cost.
On those trailing rates, SPG pays more in 2036: $1,125 versus $733 per year. The projection assumes each five-year growth rate persists and no dividends are reinvested — real payouts will differ.
When would AMT's dividend growth overtake SPG's higher yield?
It doesn't, on the trailing numbers. Simon Property Group Inc. (SPG) yields more today (4.36% vs 3.76%) and has also grown its dividend at least as fast (10.0% vs 6.9% a year over five years). Unless AMT accelerates its raises or SPG stumbles, AMT never closes the income gap — SPG wins on both current income and growth.
Can AMT and SPG afford their dividends?
American Tower Corp /Ma/ (AMT) earns $6.27 per share against $6.72 paid out in dividends — 0.9x coverage (a 1% payout ratio).
Simon Property Group Inc. (SPG) earns $14.17 per share against $8.55 paid out in dividends — 1.7x coverage (a 60% payout ratio).
SPG's wider coverage leaves more cushion if earnings dip. As a rule of thumb, coverage below about 1.5x (a payout ratio above ~65%) is where a dividend starts to look stretched — worth watching for AMT if earnings weaken.
Which fits an early-retirement income portfolio better, AMT or SPG?
For income you need right now, Simon Property Group Inc. (SPG) leads: $100,000 invested today pays about $363 a month at the current 4.36% yield, versus $314 a month from American Tower Corp /Ma/ (AMT) at 3.76%.
SPG also leads on dividend growth (10.0% vs 6.9% a year over five years), so the trailing numbers favor it on both fronts.
On consistency: AMT has raised its dividend 14 consecutive years; SPG has raised its dividend 4 consecutive years.
Many income investors simply hold both — the mix pairs current yield with growth and spreads single-name risk. Whichever way you lean, dividends are never guaranteed; recheck the payout each quarter rather than setting and forgetting.
$10,000 with DRIP: projected annual income
If each holding keeps raising its dividend at its real 5-year rate and every payment is reinvested, a $10,000 position pays $1,061/yr in AMT vs $1,722/yr in SPG by year 10.
Assumes dividends are reinvested at the current yield and grow at each holding's trailing 5-year dividend CAGR. A projection, not a prediction — no price appreciation modeled.
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