INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $746.5 million, or $2.12 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $2.31 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 $254.2 million, or 83 cents per share.
The shopping mall real estate investment trust posted revenue of $1.06 billion in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.21 billion.
The company’s shares have dropped 56% since the beginning of the year, while the Standard & Poor’s 500 index has increased 4%. In the final minutes of trading on Monday, shares hit $65.47, a drop of 58% in the last 12 months.
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