Simon funds rise, hit analyst expectations

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Simon Property Group Inc. reported $427.9 million in funds from operations in the second quarter, a 14.7-percent increase from a year earlier and slightly more than analysts anticipated.

The Indianapolis-based real estate investment trust also projected funds from operations for the year of $6.38 to $6.45 per share, nearly identical to the $6.35 to $6.45 it expected when it reported first-quarter earnings.

Funds from operations is a common measure of real estate investment trusts.

Comparable store sales increased 1 percent at its regional malls and 5.5 percent at its premium outlet centers. Average rent per square foot rose 6.3 percent at the regional malls, 6.2 percent at the premium outlets and 5.4 percent at its community centers.

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