INDIANAPOLIS (AP) — INDIANAPOLIS (AP) — Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.33 billion, or $3.56 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.80 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 $731.7 million, or $2.25 per share.
The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.44 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $1.41 billion.
Simon Property expects full-year funds from operations to be $12.75 to $12.90 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPG at https://www.zacks.com/ap/SPG
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