UPDATE: Simon Property Posts 58% Rise In Q2 Profit, Lifts Full-Year Outlook

Simon Property Group (NYSE: SPG) reported a 58% rise in its second-quarter earnings and lifted its forecast for the year.

Simon Property now projects earnings of $3.98 to $4.08 per share and FFO of $8.60 to $8.70 per share. The trust had earlier projected earnings of $3.70 to $3.80 per share, and FFO of $8.50 to $8.60 per share.

Simon Property's quarterly profit surged to $340.8 million, from $216.3 million, in the year-ago period. Its per-share earnings rose to $1.10 from $0.71.

Its revenue rose 4.1% to $1.24 billion. However, analysts were estimating earnings of $0.88 per share on revenue of $1.24 billion.

Its operating expenses increased 1.2%. Simon Property's FFO climbed to $2.11 per share, from $1.89 per share.

Simon Property shares closed at $164.54 on Friday.