Simon Property Group (SPG) will hike its quarterly dividend by another 10 percent to $1.65 per share. This is the third hike announced YTD for a total increase of 26.9 percent. Last year SPG cut its dividend by 38.1 percent during the covid-19 pandemic.

The next quarterly SPG common stock dividend of $1.65 in cash will be paid on December 31. The new annualized dividend rate of $6.60 per share yields 3.9% at a stock price of $164 for SPG. 

"We produced impressive third quarter results," said David Simon, Chairman, Chief Executive Officer and President. "Demand for our space from a broad spectrum of tenants is growing.  Occupancy gains continued, retailer sales accelerated, including our owned brands, and cash flow increased.  Based upon results to date and expectations for the remainder of 2021, we are once again increasing full-year 2021 guidance and raising our quarterly dividend."

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.