By Stephen Nakrosis
Shares of Simon Property Group Inc. are trading higher in Monday's after-hours market, following the real estate investment trust's update on the reopening of its retail properties.
At 5:08 p.m. EDT, the company's shares had risen 5.9% to trade at $72.12. Volume at the time topped 387,000 shares.
The company's stock finished the day's regular-trading session with a 10.06% gain, closing at $68.13.
Simon said it had reopened 199 of its 204 retail properties across 37 U.S. states, "which represent more than 95% of the company's property net operating income." The remaining five properties are expected to be reopen within the next week, the company said.
Simon also said 30 of its Designer and international Premium Outlets properties are open, with the last remaining international Premium Outlet expected to open next week.
Also on Monday, Simon said its board declared a $1.30 second-quarter dividend, adding "the company expects to pay at least $6 per share in common stock dividends for 2020, in cash, subject to board of directors approval."
The company's previous dividend was $2.10.
--Write to Stephen Nakrosis at email@example.com
(END) Dow Jones Newswires
June 29, 2020 17:34 ET (21:34 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.