2024-04-14 23:46:02 ET
Summary
- Simon Property Group just hiked its dividend by 2.6% and currently offers a 5.4% dividend yield.
- The REIT owns high-quality retail assets and is operating with a strong balance sheet that has access to $11 billion in liquidity.
- Leasing momentum is strong, occupancy was up 90 basis points year-over-year, and rent per square foot is moving up.
I've been buying Simon Property Group ( SPG ) over the last few months. The shopping mall and outlet center REIT last declared a quarterly cash dividend of $1.950 per share , a 2.6% sequential hike, and $7.8 per share annualized for a 5.4% yield. SPG has raised its dividend by a 3-year compound annual growth rate of 8.2% , but the distribution still sits roughly 7% below its pre-pandemic peak. The REIT generated a fiscal 2023 fourth-quarter FFO of $3.69 per share which covered its dividend by 189%, while this included investment gains of $0.31 per share from the partial sale of its Authentic Brands Group stake, the REIT is still comfortably covering its dividend....
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I Added Simon Property Group's 5.4% Dividend Yield To My Shopping