INDIANAPOLIS (AP) — INDIANAPOLIS (AP) — Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $1.18 billion, or $3.15 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $3.14 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 $673.8 million, or $2.06 per share.
The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.4 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $1.37 billion.
For the year, the company reported funds from operations of $4.45 billion. Revenue was reported as $5.29 billion.
Simon Property expects full-year funds from operations in the range of $11.70 to $11.95 per share.
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