Simon Property Group (SPG) will raise its quarterly dividend by 5.4 precent to $1.95 per share in the first quarter of 2018. This follows a total dividend hike of 12.1 percent in 2017.

The dividend will be payable on February 28, 2018 to stockholders of record on February 14, 2018. The new dividend yield for SPG is 4.6%.

"We had a strong fourth quarter concluding another year of industry-leading growth with record earnings and dividends for our company," said David Simon, Chairman and Chief Executive Officer.  "In 2017, we opened five new centers, delivered six significant property transformations and expansions, and completed several major financing transactions that further enhanced our strong balance sheet.  We continue to strengthen our portfolio through our innovative and disciplined investment activities that will allow us to continue to deliver cash flow and FFO per share growth."

Simon Property Group, Inc. is a real estate investment trust (REIT). The Company owns real estate properties across North America, Europe and Asia, which consist primarily of malls, Premium Outlets and The Mills. Simon Property is the largest shareholder in Klépierre, a French REIT and one of Europe's biggest publicly traded mall operators.