Simon Property Next REIT To PIK Dividends

As we discussed previously, the trend of PIKing dividends continues, with Simon Property Group announcing earlier it would pay out its $0.90 quarterly dividend in the form of 10% cash and 90% in kind. The largest mall and shopping center operator is aggressively conserving cash in a scary commercial-mortgage backed environment. While the press release boasts the company's "strong balance sheet" and credit rating (A-/A3), we would not bet on the latter staying there too long: as we mused recently, S&P's seems hell bent on catching up for a 30 year drunken, lagging stupor, by downgrading pretty much anything and everything that moves. Sphere: Related Content

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