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Simon Property Group (NYSE:SPG) reported Q2 FFO of $1.65, better than analyst estimates of $1.58. Revenues in the quarter rose 11.5% year-over-year to 1.04 billion million, better than the consensus estimate of $998.23 million.The company sees estimates that the FFO will be within a range of $6.65 to $6.73 per diluted share for the year ending December 31, 2011, and diluted net income will be within a range of $2.74 to $2.82 per share.David Simon, Chairman and Chief Executive Officer said, "Our strong momentum continued in the second quarter as demonstrated by the 19.6% growth in FFO per share. This growth was driven by higher revenues generated by our core portfolio as well as the positive impact of our acquisition activity. Second quarter comparable property net operating income growth in our regional mall and Premium Outlets portfolio was 3.5%, and our operating fundamentals reflect the high quality of our assets with higher occupancy, sales and rent than in the year earlier period."Simon Property (NYSE:SPG) has a potential upside of 3.5% based on a current price of $120.47 and an average consensus analyst price target of $124.67.