Despite the completion of two refinancings for $230 million, and the closing of an additional $400 million of mortgage financings for three regional malls, Simon Property Group Inc., which operates malls across the Bay State, has reported a second-quarter unaudited net loss of $14.1 million, compared to net income of $114.4 million in the same period a year ago.

For the six months ended June 30, net income for the company was reported as $132.1 million, compared to $243.4 million for the same period in 2008.

Funds from operations (FFO) for the quarter were $313.1 million, or $0.96 per share diluted. Results for the quarter were impacted by a non-cash impairment charge of $0.42 per share, the company said. Excluding the impact of this charge, FFO was $453.6 million, or $1.38 per share diluted. FFO for the second quarter of 2008 was $427.9 million, or $1.49 per share diluted.

FFO for the second quarter of 2009 reflects dilution of $0.14 per share as a result of the issuance of 17.25 million shares of common stock by the company in March and an additional 23 million shares in May of 2009.

"Our operating fundamentals remained sound, which resulted in a solid second quarter in the face of a difficult retail environment," said David Simon, chairman and chief executive officer. "Our 2009 capital activity, including the issuance of 40.25 million shares of common stock and $1.25 billion of unsecured notes, strengthened one of the industry’s leading balance sheets and resulted in a current liquidity position of approximately $6 billion, including $2.9 billion of cash. The cash raised through these transactions demonstrated the company’s ability to access capital and positions SPG for future growth."

Also, the board of directors approved the declaration of a quarterly common stock dividend of $0.60 per share, consisting of a combination of cash and shares of the company’s common stock. The dividend is payable Sept. 18 to stockholders of record Aug. 17.