Simon Property: 2Q Earnings Snapshot
INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $921.1 million, or $2.98 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 $547 million, or $1.77 per share.
The shopping mall real estate investment trust posted revenue of $1.39 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.38 billion.
The company’s shares have decreased nearly 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. The stock has climbed 5 percent in the last 12 months.