Simon Property Q3 profit beats Wall St estimate

Reuters

NEW YORK, Oct 25 (Reuters) - Simon Property Group Inc, the largest owner of U.S. malls and outlet centers,reported a better-than-expected third-quarter profit, on higherrents, occupancies and sales at its tenants' stores.

Simon said on Friday that funds from operations (FFO), aclosely watched measure of real estate investment trust(REIT)earnings, rose to $802.8 million, or $2.21 per share, inthe quarter, from $720.1 million, or $1.99 per share, in theyear-earlier quarter.

Analysts, on average, expected Simon's third-quarter FFO tobe $2.16 per share, according to Thomson Reuters I/B/E/S.

FFO usually excludes gains or losses from property sales andremoves the effect depreciation has on earnings.

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