Simon Property Group, Indianapolis, has reported net income of $70.7 million ($0.34 per share) for the second quarter, a 40.6% increase from $50.3 million ($0.26 per share) for the comparable period of 2003.The retail real estate investment trust reported funds from operations of $268.5 million for the second quarter, compared with $254.5 million a year earlier. (FFO is a non-GAAP standard that is commonly used as a performance indicator in the REIT industry.) "We completed acquisitions of interests in four retail assets and announced our strategic transaction with Chelsea Property Group [in the second quarter]," said David Simon, SPG's chief executive officer. "Our core portfolio continues to perform well as evidenced by healthy increases in retail sales and re-leasing spreads."

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