Simon Property Group Profit Drops in 1Q

By Kimberly Chin

Simon Property Group Inc. (SPG) said earnings fell 12% in the first quarter as expenses rose and the company recorded higher gains due to the sale of some of its assets a year earlier.

The commercial real estate company posted net income of $548.5 million, or $1.78 a share, compared with $620.7 million, or $2 a share, a year ago. Analysts polled by Refinitiv expected earnings of $1.68 a share.

Funds from operations was $1.08 billion, or $3.04 a share, compared with $1.03 billion, or $2.87 a share, in the year-earlier period.

Meanwhile total revenue increased 4.2% from a year ago, to $1.45 billion.

Analysts surveyed by FactSet projected funds from operations to be $3.03 a share and total revenue of $1.44 billion.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

April 30, 2019 08:05 ET (12:05 GMT)

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