Simon Property reports 4Q results

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Simon Property on Friday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.

The real estate investment trust, based in Indianapolis, said it had funds from operations of $896.7 million, or $2.47 per share, in the period.

The average estimate of analysts surveyed by Zacks Investment Research was for funds from operations of $2.47 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 $405 million, or $1.30 per share.

The shopping mall real estate investment trust posted revenue of $1.3 billion in the period, which fell short of Street forecasts. Analysts expected $1.35 billion, according to Zacks.

For the year, the company reported funds from operations of $3.24 billion, or $8.90 per share. Revenue was reported as $4.87 billion.

Simon Property expects full-year funds from operations to be $9.60 to $9.70 per share.

The company's shares have risen 12 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen nearly 2 percent. The stock has risen 36 percent in the last 12 months.

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