Simon Property Group’s Q3 earnings miss Wall Street expectations – Indianapolis News | Indiana Weather

INDIANAPOLIS (AP) — Simon Property Group Inc. ( SPG ) reported a key measure of profitability in the third quarter on Friday. The results missed Wall Street expectations.

The Indianapolis real estate investment trust said it had funds from operations of $1.07 billion, or $2.84 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $3 per share.

Funds from operations is a closely watched metric in the REIT industry. This is his net income and adds back items such as depreciation and amortization.

The company said it had net income of $475.2 million, or $1.46 per share.

The Indianapolis-based mall real estate investment trust posted revenue of $1.48 billion in the period, beating Street forecasts. Four analysts polled by Zacks were expecting $1.46 billion.

Simon Property expects full-year funds from operations to be $12.80 to $12.90 per share.

This story was generated by Automatic information using data from Zacks Investment Research. Access a Zacks Stock Report on SPG.