Simon Property Group Cuts Its Dividend; Yield Falls to 7.6%

Simon Property Group (NYSE: SPG) is conserving financial resources by reducing its quarterly dividend. The company's board of directors has declared a new payout of $1.30 per share, which is 38% lower than the $2.10 per share it most recently distributed.

As a real estate investment trust (REIT), Simon is obligated to hand out at least 90% of its net profits as shareholder dividends. But since it is a retail REIT, it has struggled with mandatory store closings around the country, not to mention "stay at home" orders in many locations.

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Source Fool.com