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

The real estate investment trust, based in Indianapolis, said it had funds from operations of $1.1 billion, or $2.92 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.37 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 $617.3 million, or $1.88 per share.

The shopping mall real estate investment trust posted revenue of $1.25 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $1.18 billion.

Simon Property expects full-year funds from operations to be $10.70 to $10.80 per share.

The company's shares have risen 48% since the beginning of the year, while the S&P's 500 index has climbed 17%. In the final minutes of trading on Monday, shares hit $126.32, more than doubling 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

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