Correction: March 13 Simon Property CEO Pay Story

In a March 13 story about executive pay at Simon Property Group Inc., The Associated Press reported erroneously that Chief Executive David Simon received compensation valued at $3.4 million in 2008. The story should have included another $2 million in performance-based stock awards, for a total of $5.4 million, representing a 3 percent decrease, not a 4.6 decrease, from 2007.

The story also erroneously reported the type of stock awards granted to the CEO in 2008. He received restricted stock, not stock options, as part of his compensation.

A corrected version of the story appears below.

INDIANAPOLIS (AP) — The chief executive of mall operator Simon Property Group Inc. received 2008 compensation valued at about $5.4 million, a decrease of 3 percent from the previous year, according to Associated Press calculations of figures disclosed in a regulatory filing.

David Simon, 47, who also holds the title of chairman, received $1 million in base salary and an $810,000 bonus, according to a proxy statement filed Friday with the Securities and Exchange Commission.