Simon Property: 3Q Earnings Snapshot
INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Wednesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $937.8 million, or $3.05 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $3.05 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 $544.3 million, or $1.77 per share.
The shopping mall real estate investment trust posted revenue of $1.42 billion in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $1.4 billion.
Simon Property expects full-year funds from operations to be $12 to $12.05 per share.
The company’s shares have declined 9% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 21%. The stock has decreased 16% in the last 12 months.