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

The Indianapolis-based real estate investment trust said it had funds from operations of $1.16 billion, or $3.09 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $2.88 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 $503.2 million, or $1.53 per share.

The shopping mall real estate investment trust, based in Indianapolis, posted revenue of $1.33 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.35 billion.

For the year, the company reported funds from operations of $4.49 billion. Revenue was reported as $5.12 billion.

Simon Property expects full-year funds from operations to be $11.50 to $11.70 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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