Simon sees income fall

Real estate investment trust Simon Property Group Inc. announced a decline in net income available to stockholders and an increase in funds from operations for second quarter 2007.

According to company financials released today, Simon saw net income available to stockholders fall 27.7 percent to $59.9 million in the second quarter of 2007 when compared to $82.9 million reported for the second quarter of 2006.

Net income available to stockholders decreased a total of 15.3 percent to $158.3 million for the first six months of the year.

Company officials credit the decline to higher gains on the sale of interests in unconsolidated entities during 2006 and lower income from unconsolidated entities so far in 2007.

Among its properties, Indianapolis-based Simon owns the Mall of New Hampshire in Manchester, the Rockingham Mall in Salem and the Pheasant Lane Mall in Nashua. – TRACIE STONE

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