INDIANAPOLIS (AP) — INDIANAPOLIS (AP) — Simon Property Group Inc. (SPG) on Tuesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.03 billion, or $2.74 per share, in the period.
The average estimate of nine 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 $451.8 million, or $1.38 per share.
The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.35 billion in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $1.34 billion.
Simon Property expects full-year funds from operations to be $11.80 to $11.95 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 SPG">Zacks stock report on SPG at https://www.zacks.com/ap/SPG