Simon Property to spin off strip center business, smaller malls
Dec 13 (Reuters) - Simon Property Group Inc, the largest owner of U.S. malls and outlet centers, said it would spin off its strip center business and smaller enclosed malls into a publicly traded REIT through a distribution to shareholders.
The new company is expected to initially own or have an interest in 54 strip centers and 44 malls, the company said.
Each of these malls generates annual net operating income of up to $10 million.
The new company's funds from operations are expected to be about $300 million, or 80 cents per share, in the first year, Simon Property said.
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