INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.08 billion, or $3.04 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $3.02 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 $548.5 million, or $1.78 per share.
The shopping mall real estate investment trust posted revenue of $1.45 billion in the period.
Simon Property expects full-year funds from operations in the range of $12.30 to $12.40 per share.
The company's shares have risen nearly 5% since the beginning of the year, while the Standard & Poor's 500 index has risen 17%. The stock has increased 13% in the last 12 months.
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