INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $980.6 million, or $2.78 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $2.90 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 $437.6 million, or $1.43 per share.
The shopping mall real estate investment trust posted revenue of $1.35 billion in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $1.39 billion.
The company's shares have declined 63% since the beginning of the year, while the Standard & Poor's 500 index has declined slightly more than 9%. In the final minutes of trading on Monday, shares hit $55.35, a fall of 68% in the last 12 months.
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