May 11, 2020 / 8:29 PM / 3 months ago

CORRECTED-Mall operator Simon Property posts 20% fall in quarterly profit

(Corrects last paragraph to say Simon reopened 77 retail properties, not 11)

May 11 (Reuters) - Simon Property Group reported a 20.2% decline in quarterly profit on Monday as the mall operator's was forced to temporarily close all its U.S. retail properties in March due to the COVID-19 pandemic.

Net income attributable to shareholders fell to $437.6 million, or $1.43 per share, in the first quarter ended March 31, from $548.5 million, or $1.78 per share, a year earlier.

Funds from operations (FFO), a key metric for real estate investment trusts, fell to $980.6 million, or $2.78 per share, from $1.08 billion, or $3.04 per share, a year earlier.

The United States' biggest mall owner said it had reopened 77 retail properties in the country. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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