Simon Property: Q4 Earnings Snapshot

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.


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