Breaking News
FONT-SIZE Plus   Neg
Share SHARE

General Growth Q2 FFO Rises; Boosts 2013 Outlook, Dividend

RELATED NEWS
Trade GGP now with 

REIT General Growth Properties, Inc. (GGP: Quote) reported Monday that funds from operations or FFO for the second quarter increased 17 percent from last year, reflecting improved revenues amid higher tenant sales and regional mall occupancy. FFO per share topped analysts' expectations, while quarterly revenues came in below their estimates. The company also provided FFO guidance for the third quarter, in line with Street view, and raised FFO forecast and dividend for the full-year 2013.

The Chicago, Illinois-based second-largest U.S. mall owner reported FFO of $267 million or $0.27 per share for the second quarter, higher than $228 million or $0.23 per share in the year-ago quarter. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter was $205.39 million or $0.22 per share, compared to a net loss of $107.94 million or $0.12 per share in the comparable quarter a year ago. Total revenues for the quarter grew to $613.23 million from $606.46 million in the same quarter last year. Five Wall Street analysts' had a consensus revenue estimate of $670.54 million for the quarter.

Net operating income for the mall portfolio or Mall NOI, increased 6.7 percent to $538 million from $504 million in the prior-year quarter. Comparable net operating income for the U.S. regional mall portfolio or same store NOI, also grew 6.8 percent to $514 million from last year.

Tenant sales on a trailing 12 month basis increased 5.1 percent to $560 per square foot from the same quarter last year. U.S. regional mall occupancy grew 160 basis points to 95.9 percent from last year.

Operating income for the quarter increased to $202 million from $193 million in the prior-year quarter. Meanwhile, total expenses edged down to $411 million from $413 million in the same period last year.

Further, the company's board of directors declared a third-quarter common stock dividend of $0.13 per share, payable on October 29 to stockholders of record on October 15, 2013, representing an increase of $0.01 per share from the prior quarter.

Looking ahead to the third quarter, the company expects FFO in a range of $0.26 to $0.28 per share, with analysts expect earnings of $0.27 per share.

For fiscal 2013, GGP raised its FFO guidance to a range of $1.13 to $1.15 per share from the previous estimate of $1.11 to $1.15 per share, while Street is currently looking for earnings of $1.11 per share.

GGP closed Monday's regular trading session at $21.21, down $0.42 or 1.94% on a volume of 2.76 million shares.

Register
To receive FREE breaking news email alerts for General Growth Properties Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.