Thursday, Feb. 10, 2005 | 10:38 a.m.
Simon Property Group Inc., the largest U.S. shopping-mall owner and owner of the Forum Shops at Caesars in Las Vegas, said fourth-quarter earnings fell 27 percent because of lower gains from the sale of real estate and higher expenses.
Net income declined to $126.3 million, or 49 cents a share, from $173.5 million, or 83 cents, a year earlier, the Indianapolis-based real estate investment trust said today in a statement. Revenue rose 27 percent to $836.1 million from $657.4 million.
Funds from operations, a measure of cash flow used by real estate investment trusts, rose to $1.36 a share from $1.26. On that basis, which doesn't comply with generally accepted accounting principles, results met the $1.36-a-share average estimate of 16 analysts surveyed by Thomson Financial.
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