Simon Property Group Declares Fresh Dividend; Yield is 8.1%
A severe downturn in shopping mall traffic isn't deterring Simon Property Group (NYSE: SPG) from maintaining its dividend. On Tuesday, the company -- which is the top mall real estate investment trust (REIT) in the U.S. -- said its board of directors has declared a common stock distribution of $1.30 per share. This is to be handed out on Oct. 23 to investors of record as of Oct. 9.
The amount matches the previous dividend, which was dispensed in late July. Previous to that, however, Simon was more generous, with a $2.10 per share disbursement.
It almost goes without saying that the company's major challenge is surviving and thriving inside the coronavirus pandemic. Mandatory shutdowns of retail stores earlier in the pandemic have badly affected their operations, and fresh closures could be looming given the recent upturn in cases in many locations.
Source Fool.com
