Lindale Mall in Northeast Cedar Rapids. (The Gazette file photo)

CEDAR RAPIDS — Simon Property Group, owner of Lindale Mall in northeast Cedar Rapids, reported a lower third-quarter net profit than what it posted in the same quarter of 2011.

The Indianapolis, Ind., real estate investment trust recorded net income of $254.9 million, or 84 cents per share, in the quarter that ended on Sept. 30, down from $274.0 million, or 93 cents per share, in the prior year period. Last year’s third quarter results included a net gain of 22 cents per share from acquisition and disposition activities.

Funds from operations totaled $720.1 million, or $1.99 per share, in the third quarter, compared with $606.2 million, or $1.71 per share, in the prior year period.

Funds from operations, which adds charges including amortization and depreciation to net income, is considered a measure of core operations for a real estate investment trust.

Total revenue rose to $1.3 billion in the most recent quarter from $1.1 billion in the third quarter of 2011.

Simon Property Group posted net income of $1.1 billion, or $3.71 per share, for the first nine months of 2012, up from $658.5 million, or $2.24 per share, in the same period last year. Funds from operations totaled $2.1 billion, or $5.70 per share, an increase from $1.8 billion, or $4.97 per share, in the first nine months of 2011.

Total revenue rose to $3.5 billion in the first three quarters of 2012 from $3.1 billion in the same period of 2011.

Mall tenant annual sales per square foot rose 9.3 percent to $562 for the 12 months ended Sept. 30. Occupancy rose to 94.6 percent as of the end of the quarter from 93.8 percent on Sept. 30, 2011.

Simon Property Group owns or has an interest in 333 retail real estate properties in North America and Asia comprising 242 million square feet.