Simon Property Group (SPG) Lowers Quarterly Dividend 38.1% to $1.30, 7.6% Yield; Provides Business Update

Simon Property Group (NYSE: SPG) declared a quarterly dividend of $1.30 per share, or $5.2 annualized. This is a 38.1% decrease from the prior dividend of $2.1.

The dividend will be payable on July 24, 2020, to stockholders of record on July 10, 2020, with an ex-dividend date of July 9, 2020.

The annual yield on the dividend is 7.6 percent.

Business Update

Today, Simon provided an update on the reopening of the Company's retail properties and declared a common stock dividend for the second quarter 2020.

Simon has reopened 199 of its 204 U.S. retail properties in 37 states which represent more than 95% of the Company's property net operating income ("NOI"). These properties are located where governmental orders have enabled reopening and the remaining five properties are expected to reopen within the next week.

More than 18,000 stores across the Company's U.S. portfolio have reopened. Since reopening, many tenants have reported higher-than-expected conversion rates and sales.

In addition, 30 of Simon's Designer and international Premium Outlets properties are open, including all of the Company's international Premium Outlets in Asia and Designer Outlets in Continental Europe, with nearly 100% of retail stores open. The last remaining international Premium Outlet is expected to open next week. The Company recently announced the grand opening of Siam Premium Outlets Bangkok, marking Thailand's first Premium Outlet center.

The Company maintains a strong liquidity position of approximately $8.5 billion, consisting of approximately $3.5 billion of cash on hand, including its share of joint venture cash, and $5.0 billion of available capacity under its revolving credit facilities and term loan, net of outstanding U.S. and Euro commercial paper as of May 31, 2020.

For a dividend history and other dividend-related data on Simon Property Group (SPG) click here.

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