2/8/2012 11:24 PM ET
(RTTNews) - Mall owner General Growth Properties, Inc. (GGP: News ), which exited one of the largest bankruptcies in November 2010, reported Wednesday a year-over-year increase in core funds from operations or FFO, for the fourth quarter, reflecting higher comparable tenant sales and regional mall occupancy. Core FFO per share and quarterly revenues came in above analysts' expectations. The company also reaffirmed its guidance for core FFO for the full-year 2012.
The Chicago, Illinois-based real estate investment trust reported core FFO of $279.8 million or $0.29 per share for the fourth quarter, down from $230.1 million or $0.23 per share in the year-ago quarter.
Excluding the results attributable to Rouse Properties, Inc., core FFO was $254.0 million or $0.26 per share, higher than $207.7 million or $0.21 per share in the prior-year quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net loss for the quarter sharply narrowed to $367.8 million or $0.39 per share from $1.14 billion or $3.07 per share in the comparable quarter a year ago.
Total revenues for the quarter edged up to $719.59 million from $713.38 million in the same quarter last year. Three Wall Street analysts' had a consensus revenue estimate of $682.80 million for the quarter.
Operating income for the quarter plunged to $123.84 million from $208.07 million in the prior-year quarter. Core net operating income was $576.87 million, up from $557.12 million in the year-ago quarter.
Comparable tenant sales on a trailing 12 month basis increased 7.9 percent to $505 per square foot from the same quarter last year. Regional mall occupancy grew 110 basis points to 94.6 percent from last year.
Total expenses for the quarter increased to $595.75 million from $505.31 million in the same period last year.
For fiscal 2011, the company reported core FFO of $937.0 million or $0.95 per share, higher than $869.2 million or $0.87 per share in the year ago.
Excluding the results attributable to RPI, core FFO for the year grew to $847.8 million or $0.86 per share from $784.7 million or $0.79 per share in the prior year. Analysts expected the company to report earnings of $0.94 per share for fiscal 2011.
Net loss for the year sharply narrowed to $313.2 million or $0.37 per share from $1.44 billion or $4.01 per share last year.
Total revenues for the full year edged down to $2.74 billion from $2.77 billion in the previous year. Street was looking for full-year 2011 revenues of $2.65 billion.
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