NEW YORK – Simon Property Group Inc said on Monday a key earnings measure rose in the fourth quarter, helped by higher rents and sales at its malls and outlet centers.
Simon said fourth-quarter funds from operations (FFO) increased to $827.4 million, or $2.29 per share, from $678.9 million, or $1.91 per share, a year earlier. Revenue rose to $1.34 billion from $1.17 billion.
FFO is a real estate investment trust performance measure that usually excludes gains or losses from property sales and removes the income-reducing effect depreciation has on earnings.
(Reporting By Ilaina Jonas; Editing by Gerald E. McCormick)