PLD vs SPG: Dividend Comparison
Dividend data as of
Prologis, Inc. (PLD) and Simon Property Group Inc. (SPG) are both in the Real Estate sector, making them natural rivals for dividend investors. SPG offers a significantly higher 4.36% yield compared to PLD's 2.88%, a gap of 1.48%. For dividend growth, PLD leads with a 5-year CAGR of 12.5% versus SPG's 10.0%. PLD holds the edge in dividend safety with a "Safe" rating. PLD is a Dividend Contender with 12 years of consecutive increases.
Verdict
Yield Analysis
SPG yields 1.48% more than PLD. In dollar terms, PLD pays $4.04/share vs SPG's $8.55/share annually.
Dividend Growth
PLD: Dividend growth is slowing — the 3-year CAGR of 7.8% trails the 5-year rate of 12.5% and the 10-year rate of 10.2%.
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
PLD: 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 PLD vs SPG today?
At $138.93 per share, $10,000 buys about 72.0 shares of Prologis, Inc. (PLD). Each share pays $4.04 per year in dividends, so the position starts out generating roughly $291 per year — about $24 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: $142 per year more on the same $10,000 invested.
What could $10,000 of PLD or SPG income look like in 10 years?
Prologis, Inc. (PLD) has raised its dividend about 12.5% a year over the past five years. If that pace held, the $288 per year that $10,000 generates today at the current 2.88% yield would reach $936 per year by 2036 — a 9.4% 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 $936 per year. The projection assumes each five-year growth rate persists and no dividends are reinvested — real payouts will differ.
When would PLD's dividend growth overtake SPG's higher yield?
Prologis, Inc. (PLD) yields less today (2.88% vs 4.36%) but has grown its dividend faster — 12.5% vs 10.0% a year over the past five years. If both trends continued, a $10,000 position in PLD would start out-earning the same position in SPG around 2044 (roughly 18 years from now), paying about $2,404 per year at the crossover. Before that point, SPG pays more each year; after it, the gap compounds in PLD's favor.
Can PLD and SPG afford their dividends?
Prologis, Inc. (PLD) earns $3.45 per share against $4.04 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 PLD if earnings weaken.
Which fits an early-retirement income portfolio better, PLD 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 $240 a month from Prologis, Inc. (PLD) at 2.88%.
With a decade or more before the income is needed, PLD's faster dividend growth (12.5% vs 10.0% a year) matters more than the starting yield — raises compound into the larger paycheck over time.
On consistency: PLD has raised its dividend 12 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 $1,242/yr in PLD 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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