UPDATE 1-Simon Property Group 2nd-qtr beats Wall Street forecast
NEW YORK, July 29 (Reuters) - Simon Property Group Inc , the largest owner of U.S. malls and outlet centers, on Monday reported a higher-than-expected quarterly profit boosted by increased occupancy and rent, and the company raised its forecast for the year.
The company reported that funds from operations, an earnings measure for real estate investment trusts, rose 11.25 percent to $766.3 million, or $2.11 per share, from $688.8 million, or $1.89 per share in the year-earlier quarter.
Analysts had expected $2.07 per share, according to Thomson Reuters I/B/E/S.
FFO is a performance measure that is closely watched because it usually excludes gains or losses from property sales and removes the effect of depreciation on earnings.
Simon raised its full-year FFO forecast, excluding one-time items, to a range of $8.60 to $8.70 per share from $8.50 to $8.60 per share.
Analysts expect $8.68 per share, according to Thomson Reuters I/B/E/S.
The company maintained its dividend at $1.15 per share.
Simon, the only real estate company in the Standard & Poor's 100 index, owns or has an interest in 325 retail properties in North America and Asia.
Its portfolio includes some of the most popular U.S. malls and outlets, including Roosevelt Field Mall and Woodbury Common Premium Outlets in New York, the Forum Shops at Caesars Palace in Las Vegas, and Lenox Square Mall in Atlanta.