Simon Property Group fourth-quarter FFO rises

NEW YORK Feb 4 (Reuters) - Simon Property Group Inc said on Monday a key earnings measure rose in the fourth quarter, helped by higher rents and sales at its malls and outlet centers.

Simon said fourth-quarter funds from operations (FFO) increased to $827.4 million, or $2.29 per share, from $678.9 million, or $1.91 per share, a year earlier. Revenue rose to $1.34 billion from $1.17 billion.

FFO is a real estate investment trust performance measure that usually excludes gains or losses from property sales and removes the income-reducing effect depreciation has on earnings.