Asset sale pushes Simon profit higher

Simon Property Group Inc. posted $418.7 million in funds from operations in the third quarter, a 13.3-percent increase over the year-ago period.

Profit in the quarter increased 74.3 percent, to $164.9 million, due mostly to gains on sales of assets.

For the year, the Indianapolis-based retail mall developer said it expects funds from operations, a common yardstick for real estate investment trusts like Simon, to hit the high end of its previously announced expectation of $5.83 to $5.88 a share.

In the quarter, Simon acquired The Shops at Las Americas, a 560,000-square-foot outlet center in southern California.

Simon shares were up 1.3 percent, to $99.76, late this morning.