Simon Property: 2Q Earnings Snapshot
INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.06 billion, or $2.99 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.98 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 $495.3 million, or $1.60 per share.
The shopping mall real estate investment trust posted revenue of $1.4 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $1.39 billion.
Simon Property expects full-year funds from operations to be $12.30 to $12.40 per share.
The company’s shares have declined nearly 5% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has decreased roughly 7% in the last 12 months.