Simon Property: Q2 Earnings Snapshot

INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Indianapolis, said it had funds from operations of $1.11 billion, or $2.96 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.91 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 $496.7 million, or $1.51 per share.

The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.28 billion in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $1.3 billion.

Simon Property expects full-year funds from operations in the range of $11.70 to $11.77 per share.

_____

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