Simon, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today provided an update on the reopening of the Company’s retail properties and declared a common stock dividend for the second quarter 2020.
Simon has reopened 199 of its 204 U.S. retail properties in 37 states which represent more than 95% of the Company’s property net operating income (“NOI”). These properties are located where governmental orders have enabled reopening and the remaining five properties are expected to reopen within the next week.
More than 18,000 stores across the Company’s U.S. portfolio have reopened. Since reopening, many tenants have reported higher-than-expected conversion rates and sales.
In addition, 30 of Simon’s Designer and international Premium Outlets properties are open, including all of the Company’s international Premium Outlets in Asia and Designer Outlets in Continental Europe, with nearly 100% of retail stores open. The last remaining international Premium Outlet is expected to open next week. The Company recently announced the grand opening of Siam Premium Outlets Bangkok, marking Thailand’s first Premium Outlet center.
The Company maintains a strong liquidity position of approximately $8.5 billion, consisting of approximately $3.5 billion of cash on hand, including its share of joint venture cash, and $5.0 billion of available capacity under its revolving credit facilities and term loan, net of outstanding U.S. and Euro commercial paper as of May 31, 2020.
Today, Simon’s Board of Directors declared a $1.30 per common share dividend, payable in cash, for the second quarter 2020. The dividend will be payable on July 24, 2020 to shareholders of record at the close of business on July 10, 2020. The Company expects to pay at least $6.00 per share in common stock dividends for 2020, in cash, subject to Board of Directors approval.
The Company intends to release its financial results for the quarter ending June 30, 2020 on August 10, 2020.
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company. Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.