INDIANAPOLIS – INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Friday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.03 billion, or $2.87 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $2.83 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $620.7 million, or $2 per share.
The shopping mall real estate investment trust posted revenue of $1.4 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.38 billion.
Simon Property expects full-year funds from operations in the range of $11.95 to $12.05 per share.
The company's shares have fallen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has fallen 9 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SPG at https://www.zacks.com/ap/SPG