Simon Property Group (SPG) will hike its quarterly dividend by 7.7 percent to $1.40 per share in 2021. This follows a dividend cut of 38.1 percent to $1.30 per share. Previously, the commercial REIT last hiked its quarterly dividend by 2.4 percent to $2.10 per share in the third quarter of 2019.
The next dividend of $1.40 per share will be payable on July 23, 2021 to shareholders of record on July 2, 2021. The new annualized dividend rate of $5.60 per share yields 4.3% at a stock price of $130.
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. Simon Property Group has paid a dividend every year to shareholders since 2000. The dividend was cut in 2009 during the financial crisis and in 2020 because of the COVID-19 pandemic.