Simon Property: Q1 Earnings Snapshot

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.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on SPG at

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