Simon Property hikes dividend by 7.1%

Simon Property Group (SPG) will hike its quarterly dividend by another 7.1 percent to $1.50 per share in Q3 of 2021. This follows a dividend hike of 7.7 percent to $1.40 per share earlier in 2021. This also follows a dividend cut of 38.1 percent to $1.30 per share in 2020. 

The new annualized dividend rate of $6.00 per share yields 4.4% at a stock price of $129 for SPG. The next ex-dividend date is September 8, 2021.

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.