Correction: March 13 Simon Property CEO Pay Story

Indianapolis-based Simon Property Group Inc. is a real estate investment trust that develops and manages regional malls and outlet centers.

In 2008, the company's funds from operations, or FFO, rose 9.5 percent to $1.85 billion, or $6.42 per share, from $1.69 billion, or $5.90 per share, in 2007. Analysts were forecasting 2008 FFO of $6.41 per share. Revenue rose to $3.78 billion from $3.65 billion.

FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of strength for real estate investment trusts because it provides a more accurate picture of cash performance.

The company will hold its annual meeting of shareholders in Indianapolis on May 8.