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Simon Property offering's proceeds total $943.7M

Associated Press Published: September 20, 2012

INDIANAPOLIS (AP) — Shopping mall operator Simon Property Group says an offering of about 5.9 million shares of its common stock by the Melvin Simon Family Enterprises Trust led to gross proceeds of approximately $943.7 million.

The proceeds amount is before deducting underwriting commissions and offering expenses.

Shares of the Indianapolis company declined $4.57, or 2.8 percent, to $156.10 in premarket trading on Thursday. It is not uncommon for a company's stock to fall when an offering is made, as it can dilute the value of current shares.

Simon Property Group Inc. currently owns or has an interest in 332 retail real estate properties in North America and Asia.