Simon Property Group Q3 Profit Rises

(RTTNews) - Simon Property Group, Inc. (SPG) Monday reported third-quarter net income of $594.1 million or $1.82 per share, as compared to $539.0 million, or $1.65 per share last year.

Funds from operations was $1.201 billion or $3.20 per share, as compared to $1.099 billion or $2.93 per share last year.

Domestic property net operating income increased 4.2% and portfolio NOI increased 4.3%, in each case, compared to the prior year period.

Total revenues for the quarter were $1.41 billion, up from $1.32 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.55 per share and revenues of $1.27 billion for the quarter.

Looking forward, the company currently estimates net income of $6.67 to $6.77 per share and FFO of $12.15 to $12.25 per share. Previously, the company expected FFO per share of $11.85 to $11.95.