Simon Property Group (SPG) cuts dividend 38%.

Simon Property Group (SPG) declared a second quarter dividend of $1.30 today, representing a 38% decline from the prior quarterly dividend of $2.10.  The company also said that it expects to continue the $1.30 quarterly dividend rate through the rest of the year, resulting in total dividends of "at least $6.00 per share for 2020, in cash."

The dividend decrease reflects the impact of the COVID-19 pandemic on the company's retail centers, many of which were closed during the second quarter.  However, SPG also announced that it has since reopened 199 of its 204 U.S. retail properties, which represent approximately 95% of the company's normalized NOI.