Headlines

Simon to Spin-off Strip Centers, Smaller Malls

Will create publicly traded REIT for these properties

Published

11 years ago

December 13, 2013

steve kaufman

Simon Property Group Inc. (Indianapolis), the country’s largest owner of malls and outlet centers, has announced it will spin off its strip center business and smaller enclosed malls into a publicly traded real estate investment trust through a distribution to shareholders.

Reuters News Agency reported that the new company is expected to start with ownership of or interest in 54 strip centers and 44 malls. Each of these malls generates annual net operating income of up to $10 million.

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