INDIANAPOLIS (AP) _ Simon Property Group Inc. (SPG) on Monday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.

The Indianapolis-based real estate investment trust said it had funds from operations of $1.05 billion, or $2.78 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.73 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 $426.6 million, or $1.30 per share.

The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.3 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $1.27 billion.

Simon Property expects full-year funds from operations in the range of $11.60 to $11.75 per share.

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

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