DOW JONES NEWSWIRES 
 

Simon Property Group Inc. (SPG) increased its share offering by 43% to 20 million shares as the company sells its second batch of stock in two months.

The nation's largest mall owner had said Wednesday that it would offer 14 million shares and use the proceeds for general corporate purposes.

Simon and other commercial-property owners have been selling stock to raise funds to cut their debt. In March, the company raised more than $500 million by selling shares.

Real-estate investment trusts often took on mountains of debt during the boom years that is now starting to come due, and mall landlords have been hurt as retailers have been pressured by declining sales and credit woes.

Simon's shares priced at $50 each, a 9.7% discount to Wednesday's closing price. The stock was recently down 4.1% at $52.60 in premarket trading. The underwriters have the option to buy 3 million more shares if the offering is oversubscribed.

The terms compared to the $31.50 each price the stock fetched in March, just as the stock market was rebounding. Simon sold 17.3 million shares then.

-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com