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General Growth Properties Ups Dividend 23%

CHICAGO-The giant retail REIT, which has posted annual funds-from-operations growth of 16% over the last eight years, may consider another dividend increase next year. The current dividend yield is 7.86%.

By Mark Ruda | Updated on September 21, 2001

CHICAGO-General Growth Properties, Inc., the retail REIT that had already seen its stock drop sharply in recent weeks, has upped its most recently quarterly dividend 23% to $0.65 per share. The dividend will be paid Oct. 31 to shareholders of record as of Oct. 15.

The $1.7-billion retail REIT has posted annual funds-from-operations growth of 16% over the last eight years. Although the increase will help General Growth Properties remain in compliance with REIT rules on pay-outs, management decided to go a step further.

“Despite the fact that we are required to pay out only 90% of our taxableincome to remain in compliance with minimum distribution requirements for realestate investment trusts, we believe that it is in the best interest of our shareholders to pay out 100% of our taxable income,” says CEO John Bucksbaum.

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