Simon Property: Q1 Earnings Snapshot
By AP News
Published - May 02, 2023, 04:30 PM ET
Last Updated - Jun 21, 2023, 11:47 PM EDT
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.
