Simon Property Group Inc, the largest owner of U.S. malls and outlet centers, will spin off its strip malls and smaller shopping centers into a publicly traded REIT to focus on its larger retail properties.Simon Property said the spin-off, through a distribution to shareholders, would boost its sales per square foot, net operating income and occupancy rates.The company's shares rose 2.4 percent before the bell.The new company is expected to initially own or have an interest in 54 strip malls as well as in 44 smaller enclosed malls with annual net operating income of up to $10 million each.
Simon Property Group, Inc.( Simon Property), is a self-administered and self-managed real estate investment trust (REIT). Shares of SPG fell by 1.38% or $-2.07/share to $148.37. In the past year, the shares have traded as low as $142.47 and as high as $182.45. On average, 1305850 shares of SPG exchange hands on a given day and today's volume is recorded at 1568830.
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