INDIANAPOLIS (AP) — INDIANAPOLIS (AP) — Simon Property Group Inc. (SPG) on Friday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.07 billion, or $2.84 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $3 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 $475.2 million, or $1.46 per share.
The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.48 billion in the period, surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.46 billion.
Simon Property expects full-year funds from operations to be $12.80 to $12.90 per share.
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