Have you been eager to see how Simon Property Group Inc. SPG performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Indianapolis, IN-based, retail real estate investment trust’s (“REIT”) earnings release this morning:Simon Property came out with funds from operations (“FFO”) per share of $2.63, while it was $2.28 per share in the year-ago quarter. The Zacks Consensus Estimate for the quarter was $2.54.How Was the Earnings Surprise Trend?Before Q1 earnings beat, the company delivered positive surprises on all the four trailing quarters. In the preceding quarter, the company posted positive surprise of 11.89%. Overall, the company recorded positive average surprise of 7.32% in the trailing four quarters, prior to this earning.Revenue BeatSimon Property posted revenues of $1.34 billion, surpassing the Zacks Consensus Estimate of $1.26 billion. Further, it compared favorably with the year-ago number of $1.22 billion.Key Developments to NoteSimon Property declared a quarterly dividend of $1.60 per share, an increase of 6.7% year over year, but unchanged sequentially. Also, it raised FFO per share guidance for 2016 and expects it to be in the range $10.72–$10.82 from the earlier range of $10.70–$10.80.What Zacks Rank SaysSimon Property currently has a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now, it all depends on what sense the just-released report makes to the analysts.Check back later for our full write up on this Simon Property earnings report later!Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SIMON PROPERTY (SPG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research