Simon Property Group Inc., the largest public real estate group in the U.S., reported a more than 30 percent falloff in third-quarter profits Monday.
For the quarter ended Sept. 30, the Indianapolis-based real estate investment trust posted a 30.1 percent drop in profits to $124.1 million, or 50 cents a diluted share, from $179.2 million, or 74 cents a share, a year ago. The company said the decline in profits in the most recent quarter was partly due to the sale of assets in the U.S. and Poland for a net gain of $82.2 million in the third quarter of 2007. Without the transactions, year-ago EPS would have been 45 cents.
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