Simon Property announces 4th dividend hike in 2024
Simon Property Group (SPG) will hike its quarterly dividend by another 2.4 percent to $2.10 per share. This is the fourth dividend hike in 2024 by the retail REIT for a total increase of 10.1%.
The interesting thing is that with this latest dividend hike quarterly payment by SPG is back to the historic high of $2.10 per share that was paid for three straight quarters in late 2019 and early 2020. This also means that the 5 year CAGR for the Simon Property dividend is now exactly 0.0%. Back in 2020 the dividend was cut by 38.1%.
Today, Simon's Board of Directors declared a quarterly common stock dividend of $2.10 for the fourth quarter of 2024. This is an increase of $0.20, or 10.5% year-over-year. The dividend will be payable on December 30, 2024 to shareholders of record on December 9, 2024.
"We are pleased with our quarterly results highlighted by strong financial and operational performance, the very successful openings of Tulsa Premium Outlets and the expansion of Busan Premium Outlets," said David Simon, Chairman, Chief Executive Officer and President. "Today we are pleased to raise our dividend for the fourth consecutive quarter, to $2.10 per share, a year-over-year increase of 10.5%."
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.
