INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Friday reported a key measure of profitability in its fourth quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $1.15 billion, or $3.23 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $3.24 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 $712.8 million, or $2.30 per share.
The shopping mall real estate investment trust posted revenue of $1.46 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $1.5 billion.
For the year, the company reported funds from operations of $4.32 billion, or $12.13 per share. Revenue was reported as $5.66 billion.
Simon Property expects full-year funds from operations in the range of $12.30 to $12.40 per share.
The company's shares have climbed slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 8 percent. The stock has increased 11 percent 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