Simon Property Group is the largest retail real estate investment trust in the United States. Its portfolio includes an interest in 232 properties: 134 traditional malls, 73 premium outlets, 14 Mills centers (a combination of a traditional mall, outlet center, and big-box retailers), six lifestyle centers, and five other retail properties. Simon's portfolio averaged $733 in sales per square foot over the trailing 12 months. The company also owns a 22% interest in Klépierre, a European retail company with investments in shopping centers in 14 countries, and joint-venture interests in 33 premium outlets across 11 countries.
P/FFO (Price to Funds From Operations) is calculated by adding amortization and depreciation to the net income and then deducting the gains on the sale of properties. P/FFO can be quoted as the entire entity's figure in full or on a per-share basis.
In REITs, as the accounting net income is distorted, it ends up being inefficient to use the Earnings per share (EPS), so the FFO is used in the formula instead of the Net Income.
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