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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ggp Inc. (delisted) | NYSE:GGP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 22.06 | 0 | 01:00:00 |
General Growth Properties, Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three and nine months ended September 30, 2016.
Highlights
GAAP Operating Results
For the three months ended September 30, 2016, net income attributable to GGP was $674 million, or $0.70 per diluted share, as compared to $124 million, or $0.13 per diluted share, in the prior year period. For the nine months ended September 30, 2016, net income attributable to GGP was $1.1 billion, or $1.09 per diluted share, as compared to $1.2 billion, or $1.23 per diluted share, in the prior year period. Net income attributable to GGP in 2016 and 2015 for the three and nine months was impacted primarily by the gains related to the sales of a partial interest in two properties.
Company Operating Results
For the three months ended September 30, 2016, Company Funds From Operations (“Company FFO”) was $336 million, or $0.35 per diluted share, as compared to $341 million, or $0.36 per diluted share, in the prior year period, a decrease of 2.0%. For the nine months ended September 30, 2016, Company FFO was $1.1 billion, or $1.10 per diluted share, as compared to $969 million, or $1.01 per diluted share, in the prior year period, an increase of 9.2%.
1 Excludes Christiana Mall due to unusual changes in sales productivity.
Investment Activities
Development
The Company’s development and redevelopment activities total $1.0 billion, of which approximately $0.6 billion is under construction and $0.4 billion is in the pipeline.
Financing Activities
During the third quarter, the Company repaid the mortgage loan on the Mall of Louisiana for approximately $202 million with an interest rate of 5.8%, repaid the mortgage loan on Apache Mall for approximately $93 million with an interest rate of 4.3%, and repaid $90 million that was outstanding on the credit facility.
Dividends
On October 31, 2016, the Company’s Board of Directors declared a fourth quarter common stock dividend of $0.22 per share payable on January 6, 2017, to stockholders of record on December 15, 2016. This represents an increase of $0.03 per share or 16% growth over the dividend declared for the fourth quarter of 2015.
The Board of Directors also declared a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.3984 per share payable on January 3, 2017, to stockholders of record on December 15, 2016.
Guidance
For the year ending For the three months Earnings Guidance December 31, 2016 ending December 31, 2016 Net income attributable to GGP $1.31- $1.33 $0.22 - $0.24 Preferred stock dividends (0.02 ) (0.01 ) Net income attributable to common stockholders $1.29 - $1.31 $0.21 - $0.23 Gain from change in control of investment properties and other, provision for impairment and redeemable noncontrolling interests (0.72 ) - Depreciation, including share of JVs 0.92 0.20 NAREIT FFO $1.49 - $1.51 $0.41 - $0.43 Adjustments 1 0.03 0.01 Company FFO per diluted share $1.52 - $1.54 $0.42 - $0.44The guidance estimate reflects management’s view of current and future market conditions, including assumptions with respect to Company Same Store NOI and Operating Income growth, rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in this release and previously disclosed. The guidance also reflects management’s view of capital market conditions. The estimates do not include future gains or losses, or the impact on operating results from future property acquisitions or dispositions or capital market activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains or losses associated with disposition activity. By definition, FFO and Company FFO exclude real estate-related depreciation and amortization, provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject to the risks and other factors described elsewhere in this release and in the Company’s annual and quarterly periodic reports filed with the Securities and Exchange Commission.
Investor Conference Call
On Tuesday, November 1, 2016, the Company will host a conference call at 8:00 a.m. Central (9:00 a.m. Eastern). The conference call will be accessible by telephone and through the Internet. Interested parties can access the call by dialing 877.845.1018 (international 707.287.9345). A live webcast of the conference call will be available in listen-only mode in the Investors section at www.ggp.com. Interested parties should access the conference call or website 10 minutes prior to the beginning of the call in order to register. For those unable to listen to the call live, a replay will be available after the conference call event. To access the replay, dial 855.859.2056 (international 404.537.3406) conference ID 87693982.
Supplemental Information
The Company has prepared a supplemental information report available on www.ggp.com in the Investors section. This information also has been furnished with the Securities and Exchange Commission as an exhibit on Form 8-K.
Forward-Looking Statements
Certain statements made in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward-looking statement are based on reasonable assumptions, it can give no assurance that its expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to, the Company’s ability to refinance, extend, restructure or repay near and intermediate term debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.
Investors and others should note that we post our current Investor Presentation on the Investors page of our website at www.ggp.com. From time to time, we update that Investor Presentation and when we do, it will be posted on the Investors page of our website at ggp.com. It is possible that the updates could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the Investors page of our website at www.investor.ggp.com from time to time.
General Growth Properties, Inc.
General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing and redeveloping high-quality retail properties throughout the United States. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.
Non-GAAP Supplemental Financial Measures and Definitions
Proportionate or At Share Basis
The following Non-GAAP supplemental financial measures are all presented on a proportionate basis. The proportionate financial information presents the consolidated and unconsolidated properties at the Company’s ownership percentage or “at share”. This form of presentation offers insights into the financial performance and condition of the Company as a whole, given the significance of the Company’s unconsolidated property operations that are owned through investments accounted for under GAAP using the equity method.
The proportionate financial information is not, and is not intended to be, a presentation in accordance with GAAP. The non-GAAP proportionate financial information reflects our proportionate economic ownership of each asset in our property portfolio that we do not wholly own. The amounts shown in the columns labeled "Consolidated Properties at Share" reflect the Company's Consolidated Properties at our proportionate share (excluding noncontrolling interests and unconsolidated properties). The amounts in the column labeled "Unconsolidated Properties" were derived on a property-by-property basis by including our share of each line item from each individual entity. This provides visibility into our share of the operations of our joint ventures.
We do not control the unconsolidated joint ventures and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated joint ventures generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the joint venture and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages.
We provide Non-GAAP proportionate financial information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated joint ventures when read in conjunction with the Company's reported results under GAAP. Other companies in our industry may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Because of these limitations, the Non-GAAP proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under GAAP.
Net Operating Income (“NOI”), Company NOI and Company Same Store NOI
The Company defines NOI as proportionate income from operations and after operating expenses have been deducted, but prior to deducting financing, property management, administrative and income tax expenses. NOI excludes management fees and other corporate revenue and reductions in ownership as a result of sales or other transactions. The Company considers NOI a helpful supplemental measure of its operating performance because it is a direct measure of the actual results of our properties. Because NOI excludes reductions in ownership as a result of sales or other transactions, management fees and other corporate revenue, general and administrative and property management expenses, interest expense, retail investment property impairment or non-recoverable development costs, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests, provision for income taxes, preferred stock dividends, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.
The Company also considers Company NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI items such as straight-line rent, and amortization of intangibles resulting from acquisition accounting and other capital contribution or restructuring events. However, due to the exclusions noted, Company NOI should only be used as an alternative measure of the Company’s financial performance.
We present Company NOI, Company EBITDA and Company FFO (as defined below); as we believe certain investors and other users of our financial information use these measures of the Company’s historical operating performance.
Adjustments to NOI, EBITDA and FFO, including debt extinguishment costs, market rate adjustments on debt, straight-line rent, intangible asset and liability amortization, real estate tax stabilization, gains and losses on foreign currency and other items that are not a result of normal operations, assist management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at the properties or from other factors. In addition, the Company’s leases include step rents that increase over the term of the lease to compensate the Company for anticipated increases in market rentals over time. The Company’s leases do not include significant front loading or back loading of payments or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates. Management has historically made these adjustments in evaluating our performance, in our annual budget process and for our compensation programs.
The Company defines Company Same Store NOI as Company NOI excluding periodic effects of acquisitions of new properties and certain redevelopments (for the list of properties included in Company Same Store NOI see the Property Schedule in our Supplemental Information). We do not include an acquired property in our Company Same Store NOI until the operating results for that property have been included in our consolidated results for one full calendar year. Properties that we sell are excluded from Company NOI and Company Same Store NOI for all periods once the transaction has closed.
The Company considers Company Same Store NOI a helpful supplemental measure of its operating performance because it assists management and investors in distinguishing whether increases or decreases in revenues and/or expenses are due to growth or decline of operations at comparable properties or from other factors, such as the effect of acquisitions. For these reasons, we believe that Company Same Store NOI, when combined with GAAP operating income provides useful information to investors and management.
Other REITs may use different methodologies for calculating, NOI, Company NOI and Company Same Store NOI, and accordingly, the Company’s Company Same Store NOI may not be comparable to other REITs. As a result of the elimination of corporate-level costs and expenses and depreciation and amortization, the Company Same Store NOI we present does not represent our total revenues, expenses, operating profit or net income and should not be used to evaluate our performance as a whole. Management compensates for these limitations by separately considering the impact of these excluded items, to the extent they are material, to operating decisions or assessments of our operating performance. Our consolidated GAAP statements of operations include such amounts, all of which should be considered by investors when evaluating our performance.
Earnings Before Interest Expense, Income Tax, Depreciation, and Amortization ("EBITDA") and Company EBITDA
The Company defines EBITDA as NOI less certain property management and administrative expenses, net of management fees and other corporate revenues. EBITDA is a commonly used measure of performance in many industries, but may not be comparable to measures calculated by other companies. Management believes EBITDA provides useful information to investors regarding our results of operations because it helps us and our investors evaluate the ongoing operating performance of our properties after removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization). Management also believes the use of EBITDA facilitates comparisons between us and other equity REITs, retail property owners who are not REITs and other capital-intensive companies. Management uses Company EBITDA to evaluate property-level results and as one measure in determining the value of acquisitions and dispositions and, like FFO and Same Store NOI (discussed below), it is widely used by management in the annual budget process and for compensation programs. Please see adjustments discussion above for the purpose and use of the adjustments included in Company EBITDA.
EBITDA and Company EBITDA, as presented, may not be comparable to similar measures calculated by other companies. This information should not be considered as an alternative to net income, operating profit, cash from operations or any other operating performance measure calculated in accordance with GAAP.
Funds From Operations (“FFO”) and Company FFO
The Company determines FFO based upon the definition set forth by National Association of Real Estate Investment Trusts (“NAREIT”). The Company determines FFO to be its share of consolidated net income (loss) computed in accordance with GAAP, excluding real estate related depreciation and amortization, excluding gains and losses from extraordinary items, excluding cumulative effects of accounting changes, excluding gains and losses from the sales of, or any impairment charges related to, previously depreciated operating properties, plus the allocable portion of FFO of unconsolidated joint ventures based upon the Company’s economic ownership interest, and all determined on a consistent basis in accordance with GAAP. As with the Company’s presentation of NOI, FFO has been reflected on a proportionate basis.
The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry. FFO facilitates an understanding of the operating performance of the Company’s properties between periods because it does not give effect to real estate depreciation and amortization since these amounts are computed to allocate the cost of a property over its useful life. Since values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, the Company believes that FFO provides investors with a clearer view of the Company’s operating performance.
We calculate FFO in accordance with standards established by NAREIT, which may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO in accordance with NAREIT guidance. In addition, although FFO is a useful measure when comparing our results to other REITs, it may not be helpful to investors when comparing us to non-REITs. As with the presentation of Company NOI and Company EBITDA, we also consider Company FFO, which is not in accordance with NAREIT guidance and may not be comparable to measures calculated by other REITs, to be a helpful supplemental measure of our operating performance. Please see adjustments discussion above for the purpose and use of the adjustments included in Company FFO.
FFO and Company FFO do not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and is not an alternative to cash flows as a measure of liquidity or indicative of funds available to fund our cash needs. In addition, Company FFO per diluted share does not measure, and should not be used as a measure of, amounts that accrue directly to stockholders’ benefit.
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures
The Company presents NOI, EBITDA and FFO as they are financial measures widely used in the REIT industry. In order to provide a better understanding of the relationship between the Company’s non-GAAP financial measures of NOI, Company NOI, EBITDA, Company EBITDA, FFO and Company FFO, reconciliations have been provided as follows: a reconciliation of GAAP operating income to Company NOI and Company Same Store NOI, a reconciliation of GAAP net income attributable to GGP to EBITDA and Company EBITDA, and a reconciliation of GAAP net income attributable to GGP to FFO and Company FFO. None of the Company’s non-GAAP financial measures represents cash flow from operating activities in accordance with GAAP, none should be considered as an alternative to GAAP net income (loss) attributable to GGP and none are necessarily indicative of cash flow. In addition, the Company has presented such financial measures on a consolidated and unconsolidated basis (at the Company’s proportionate share) as the Company believes that given the significance of the Company’s operations that are owned through investments accounted for by the equity method of accounting, the detail of the operations of the Company’s unconsolidated properties provides important insights into the income and FFO produced by such investments.
GAAP FINANCIAL STATEMENTS
Consolidated Balance Sheets (In thousands) September 30, 2016 December 31, 2015 Assets: Investment in real estate: Land $ 2,972,931 $ 3,596,354 Buildings and equipment 15,497,006 16,379,789 Less accumulated depreciation (2,611,194 ) (2,452,127 ) Construction in progress 344,479 308,903 Net property and equipment 16,203,222 17,832,919 Investment in and loans to/from Unconsolidated Real Estate Affiliates 3,844,177 3,506,040 Net investment in real estate 20,047,399 21,338,959 Cash and cash equivalents 656,769 356,895 Accounts and notes receivable, net 883,072 949,556 Deferred expenses, net 215,947 214,578 Prepaid expenses and other assets 910,002 997,334 Assets held for disposition - 216,233 Total assets $ 22,713,189 $ 24,073,555 Liabilities: Mortgages, notes and loans payable $ 12,460,027 $ 14,216,160 Investment in Unconsolidated Real Estate Affiliates 39,500 38,488 Accounts payable and accrued expenses 646,216 784,493 Dividend payable 184,634 172,070 Deferred tax liabilities 1,365 1,289 Junior Subordinated Notes 206,200 206,200 Liabilities held for disposition - 58,934 Total liabilities 13,537,942 15,477,634 Redeemable noncontrolling interests: Preferred 159,260 157,903 Common 131,583 129,724 Total redeemable noncontrolling interests 290,843 287,627 Equity: Preferred stock 242,042 242,042 Stockholders' Equity 8,594,582 8,028,001 Noncontrolling interests in consolidated real estate affiliates 20,264 24,712 Noncontrolling interests related to long-term incentive plan common units 27,516 13,539 Total equity 8,884,404 8,308,294 Total liabilities, redeemable noncontrolling interests and equity $ 22,713,189 $ 24,073,555 GAAP FINANCIAL STATEMENTS Consolidated Statements of Income (In thousands, except per share) Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Revenues: Minimum rents $ 347,676 $ 358,716 $ 1,082,220 $ 1,094,384 Tenant recoveries 162,031 172,515 504,242 518,040 Overage rents 6,505 6,455 19,024 18,755 Management fees and other corporate revenues 20,428 19,496 73,087 65,313 Other 17,853 28,142 57,539 62,956 Total revenues 554,493 585,324 1,736,112 1,759,448 Expenses: Real estate taxes 58,239 57,942 173,651 170,425 Property maintenance costs 11,576 11,707 41,014 44,491 Marketing 2,244 4,273 7,036 12,849 Other property operating costs 73,479 79,265 215,474 227,874 Provision for doubtful accounts 574 1,622 5,685 6,199 (Recovery of) provision for loan loss (6,659 ) - 29,410 - Property management and other costs 37,760 38,685 106,787 121,847 General and administrative 13,237 12,627 41,313 37,395 Provisions for impairment 28,276 - 73,039 - Depreciation and amortization182,350
154,228499,269
483,026 Total expenses401,076
360,3491,192,678
1,104,106 Operating income153,417
224,975543,434
655,342 Interest and dividend income 14,114 13,232 43,507 34,896 Interest expense (141,296 ) (144,891 ) (437,338 ) (460,289 ) (Loss) gain on foreign currency (657 ) (25,092 ) 16,172 (46,540 ) Gain from changes in control of investment properties and other 620,309 13,399 733,416 622,412 Income before income taxes, equity in income of Unconsolidated Real Estate Affiliates and allocation to noncontrolling interests645,887
81,623899,191
805,821 (Provision for) benefit from income taxes (49 ) 17,996 (728 ) 29,082 Equity in income of Unconsolidated Real Estate Affiliates 35,651 16,584 127,759 41,115 Unconsolidated Real Estate Affiliates - gain on investment 259 11,163 40,765 320,950 Net income681,748
127,3661,066,987
1,196,968 Allocation to noncontrolling interests (7,570 ) (3,514 ) (15,083 ) (16,447 ) Net income attributable to GGP674,178
123,8521,051,904
1,180,521 Preferred stock dividends (3,984 ) (3,984 ) (11,951 ) (11,952 ) Net income attributable to common stockholders $670,194
$ 119,868 $1,039,953
$ 1,168,569 Basic earnings per share $0.76
$ 0.14 $1.18
$ 1.32 Diluted earnings per share $0.70
$ 0.13 $1.09
$ 1.23 NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share) Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015Reconciliation of GAAP Operating Income to Company Same Store NOI
Operating Income $ 153,417 $ 224,975 $ 543,434 $ 655,342 Loss (gain) on sales of investment properties 1,016 (854 ) 1,016 (863 ) Depreciation and amortization 182,350 154,228 499,269 483,026 (Recovery of) provision for loan loss (6,659 ) - 29,410 - Provision for impairment 28,276 - 73,039 - General and administrative 13,237 12,627 41,313 37,395 Property management and other costs 37,760 38,685 106,787 121,847 Management fees and other corporate revenues (20,428 ) (19,496 ) (73,087 ) (65,313 ) Consolidated Properties 388,969 410,165 1,221,181 1,231,434 Noncontrolling interest in NOI of Consolidated Properties (3,734 ) (4,422 ) (11,080 ) (13,321 ) NOI of sold interests (4,556 ) (21,855 ) (42,504 ) (74,458 ) Unconsolidated Properties 176,701 150,855 530,938 412,650 Proportionate NOI 557,380 534,743 1,698,535 1,556,305 Company adjustments: Minimum rents 7,231 7,148 14,036 27,596 Real estate taxes 1,490 1,490 4,469 4,469 Property operating expenses 965 1,018 2,991 3,056 Company NOI 567,066 544,399 1,720,031 1,591,426 Company Non-Same Store NOI 23,495 20,808 97,011 33,400 Company Same Store NOI $ 543,571 $ 523,591 $ 1,623,020 $ 1,558,026Reconciliation of GAAP Net Income Attributable to GGP to Company EBITDA
Net Income Attributable to GGP $ 674,178 $ 123,852 $ 1,051,904 $ 1,180,521 Allocation to noncontrolling interests 7,570 3,514 15,083 16,447 Loss (gain) on sales of investment properties 1,016 (854 ) 1,016 (863 ) Gains from changes in control of investment properties and other (620,309 ) (13,399 ) (733,416 ) (622,412 ) Unconsolidated Real Estate Affiliates - gain on investment (259 ) (11,163 ) (40,765 ) (320,950 ) Equity in income of Unconsolidated Real Estate Affiliates (35,651 ) (16,584 ) (127,759 ) (41,115 ) (Recovery of) provision for loan loss (6,659 ) - 29,410 - Provision for impairment 28,276 - 73,039 - Provision for (benefit from) income taxes 49 (17,996 ) 728 (29,082 ) Loss (gain) on foreign currency 657 25,092 (16,172 ) 46,540 Interest expense 141,296 144,891 437,338 460,289 Interest income (14,114 ) (13,232 ) (43,507 ) (34,896 ) Depreciation and amortization 182,350 154,228 499,269 483,026 Consolidated Properties 358,400 378,349 1,146,168 1,137,505 Noncontrolling interest in EBITDA of Consolidated Properties (3,599 ) (4,244 ) (10,665 ) (12,790 ) EBITDA of sold interests (4,549 ) (21,638 ) (42,229 ) (73,892 ) Unconsolidated Properties 167,914 142,465 504,459 382,201 Proportionate EBITDA 518,166 494,932 1,597,733 1,433,024 Company adjustments: Minimum rents 7,231 7,148 14,036 27,596 Real estate taxes 1,490 1,490 4,469 4,469 Property operating expenses 965 1,018 2,991 3,056 Company EBITDA $ 527,852 $ 504,588 $ 1,619,229 $ 1,468,145 NON-GAAP PROPORTIONATE FINANCIAL INFORMATION Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share)Three Months Ended
Nine Months Ended
September 30, 2016
September 30, 2015
September 30, 2016
September 30, 2015
Reconciliation of GAAP Net Income Attributable to GGP to Company FFO
Net Income Attributable to GGP $ 674,178 $ 123,852 $ 1,051,904 $ 1,180,521 Redeemable noncontrolling interests 5,051 1,017 7,934 8,532 Provision for impairment excluded from FFO 28,276 - 73,039 - Noncontrolling interests in depreciation of Consolidated Properties (1,592 ) (1,948 ) (4,875 ) (5,905 ) Unconsolidated Real Estate Affiliates - gain on investment (259 ) (11,163 ) (40,765 ) (320,950 ) Loss on sales of investment properties 1,017 2,358 1,016 2,349 Preferred stock dividends (3,984 ) (3,984 ) (11,951 ) (11,952 ) Gains from changes in control of investment properties and other (620,309 ) (13,399 ) (733,416 ) (622,412 ) Depreciation and amortization of capitalized real estate costs - Consolidated Properties 178,108 151,393 487,804 474,607 Depreciation and amortization of capitalized real estate costs - Unconsolidated Properties 73,888 68,647 209,236 186,000 FFO 334,374 316,773 1,039,926 890,790 Company adjustments: Minimum rents 7,231 7,148 14,036 27,596 Property operating expenses 1,490 1,490 4,469 4,469 Property management and other costs 965 1,018 2,991 3,056 Interest and dividend income (205 ) (205 ) (614 ) (614 ) Market rate adjustments (1,287 ) (61 ) (2,092 ) (1,323 ) Write-off of mark-to-market adjustments on extinguished debt (2,290 ) 102 (2,290 ) 7,229(Recovery of) provision for loan loss
(6,659 ) - 21,891 - Loss (gain) on foreign currency 657 25,092 (16,172 ) 46,540 Benefit from (provision for) income taxes 2,093 (9,924 ) (2,262 ) (17,167 ) FFO from sold interests (133 ) (686 ) (790 ) 8,063 Company FFO $ 336,236 $ 340,747 $ 1,059,093 $ 968,639
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share)
Three Months Ended
Nine Months Ended
September 30, 2016
September 30, 2015
September 30, 2016
September 30, 2015
Reconciliation of Net Income Attributable to GGP per diluted share to Company FFO per diluted share
Net Income Attributable to GGP per diluted share $ 0.70 $ 0.13 $ 1.09 $ 1.23 Preferred stock dividends - - (0.01 ) (0.01 ) Net income attributable to common stockholders per diluted share 0.70 0.13 1.08 1.22 Redeemable noncontrolling interests 0.01 - 0.01 0.01 Provision for impairment excluded from FFO 0.03 - 0.08 - Noncontrolling interests in depreciation of Consolidated Properties - - (0.01 ) (0.01 ) Unconsolidated Real Estate Affiliates - gain on investment - (0.01 ) (0.04 ) (0.33 ) Gains from changes in control of investment properties and other (0.64 ) (0.01 ) (0.76 ) (0.65 ) Depreciation and amortization of capitalized real estate costs 0.25 0.22 0.72 0.69 FFO per diluted share 0.35 0.33 1.08 0.93 Company adjustments: Straight-line rent 0.01 0.01 0.01 0.03 Property operating expenses - - 0.01 - Write-off of mark-to-market adjustments on extinguished debt (0.00 ) 0.00 (0.00 ) 0.01(Recovery of) provision for loan loss
(0.01 ) - 0.02 - Loss (gain) on foreign currency - 0.03 (0.02 ) 0.05 Provision for income taxes - (0.01 ) - (0.02 ) FFO from sold interests (0.00 ) (0.00 ) (0.00 ) 0.01 Company FFO per diluted share $ 0.35 $ 0.36 $ 1.10 $ 1.01
View source version on businesswire.com: http://www.businesswire.com/news/home/20161031006121/en/
General Growth Properties, Inc.Kevin BerrySVP Investor and Public Relations(312) 960-5529kevin.berry@ggp.com
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