Simon Property Group second-quarter beats Wall Street's forecast

Simon Property Group Inc , the largest owner of U.S. malls and outlet centers, on Monday reporter a higher-than-expected quarterly profit boosted by increased occupancy and rent, and the company raised its forecast for the year.

The company reported funds from operations, an earnings measure for real estate investment trusts, rose 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.

(Reporting by Ilaina Jonas; Editing by Maureen Bavdek)