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Rouse Properties Reports Second Quarter 2013 Results



  Rouse Properties Reports Second Quarter 2013 Results

                   - Signed 610,000 Square Feet of Leases -

 - Portfolio's Leased Percentage Grows By 150 Basis Points Year Over Year to
                                   89.9% -

                   - Initial Lease Spreads Increased 8.5% -

            - Core FFO Per Share Increased By 17% Year Over Year -

Business Wire

NEW YORK -- August 5, 2013

Rouse Properties, Inc. (the "Company" or "Rouse") (NYSE: RSE) a national owner
of regional enclosed malls, today announced consolidated and combined results
for the three months ended June 30, 2013.

"Our strong leasing momentum continued in the second quarter, with 610,000
square feet leased. This resulted in a significant improvement in a number of
key portfolio metrics, including a 150 basis point increase in inline
percentage leased and a 390 basis point rise in permanent leased percentage,”
stated Andrew Silberfein, President and Chief Executive Officer. “Our growing
inventory of signed leases which have not yet opened for business now totals
769,000 square feet, with over 75% to occupy currently vacant space. We
continue to be active on the acquisition front, as evidenced by our recent
purchase of Greenville Mall, which offers compelling upside at an attractive
entry price. We are pleased with our 17% rise in Core FFO per share in the
second quarter, and remain excited about the future impact of leases coming
on-line in the quarters ahead."

Operational and Financial Highlights Second Quarter 2013

  * Leased 610,000 square feet in the quarter, the fifth straight quarter with
    over 525,000 square feet leased.
  * Including anchors, leased percentage increased to 92.8%; inline leased
    percentage was 89.9% at quarter end, a gain of 150 basis points compared
    to the same period last year.
  * Occupied percentage was 86.5% at quarter end, an increase of 90 basis
    points compared to the same period last year.
  * Permanent leased percentage at quarter end increased 390 basis points
    compared to the end of the same period last year.
  * Total average rental rates for new and renewal leases, on a same suite
    basis, rose 12.4% and the initial rental rate for new and renewal leases
    increased 8.5%, on average, for leases executed during the quarter ended
    June 30, 2013.
  * Same property average mall in-place rent for tenants less than 10,000
    square feet increased 1.6%, year over year, to $38.63 from $38.01 per
    square foot.
  * Portfolio tenant sales were $297 per square foot; on a comparable trailing
    twelve month basis the same property tenant sales increased 1.3%.
  * Commenced strategic capital projects at Bayshore Mall and Lansing Mall and
    a cosmetic capital project at Sikes Senter Mall.
  * Completed approximately $140 million on refinancings at NewPark and Valley
    Hills Malls.

Financial Results for the Three Months Ended June 30, 2013

Core FFO was $17.2 million, or $0.34 per diluted share, as compared to $14.4
million, or $0.29 per diluted share in the prior year period. The increase
over the prior period is primarily the result of the acquisition impact of the
Mall at Turtle Creek which was acquired in December 2012.

Core Net Operating Income (“Core NOI”) was $38.7 million as compared to $36.9
million in the prior year period. On a same property basis, excluding the
impacts of the acquisitions of Grand Traverse Mall and the Mall at Turtle
Creek, disposition of the Boulevard Mall, and termination income, Core NOI was
$33.9 million as compared to $33.9 million for the three months ended June 30,
2013 and 2012.

Net income was $4.1 million, or $0.08 per basic and diluted share, as compared
to a net loss of $(15.9) million, or $(0.32) per basic and diluted share in
the prior year period. The change in net loss was the result of lower
depreciation and amortization, other expenses, and interest expense, in
addition to a gain on extinguishment of debt of $14.0 million related to the
Boulevard Mall for the three months ended June 30, 2013 as compared to June
30, 2012.

Financing

In May 2013, the Company placed a new non-recourse mortgage loan on NewPark
Mall located in Newark, CA for $71.5 million, with an initial funding of $66.5
million. The loan provides for an additional subsequent funding of $5.0
million upon achieving certain conditions. The loan bears interest at a
floating rate of LIBOR plus 405 basis points, amortizes over 30 years, and has
a term of four years with a one year extension subject to certain conditions
being achieved. This loan replaced a $62.9 million loan that had a fixed rate
of 7.45%.

In June 2013, the Company placed a new non-recourse mortgage loan on the
Valley Hills Mall located in Hickory, NC for $68.0 million. The loan bears
interest at a fixed rate of 4.47%, and has a term of ten years and amortizes
over 30 years. This loan replaced a $51.4 million loan that had a fixed rate
of 4.73%. Net proceeds to the Company after related closing and defeasance
costs were approximately $15.0 million.

In June 2013, the Company conveyed The Boulevard Mall located in Las Vegas, NV
to its lender in full satisfaction of the loan. The loan had a net outstanding
balance of approximately $81.3 million and the Company recorded a gain on
extinguishment of debt of $14.0 million for the three months ended June 30,
2013. Additionally, the conveyance of the property was structured as a
like-kind exchange transaction for income tax purposes.

Subsequent Event

In July 2013, the Company acquired the Greenville Mall, located in Greenville,
NC for a total purchase price of approximately $50.3 million. As part of the
acquisition, the Company assumed a $41.7 million, 5.29% fixed rate mortgage
due in December 2015. The Greenville Mall totals approximately 460,000 square
feet, and is anchored by Belk Ladies, Belk Men & Home, jcpenney and Dunham's
Sports (opening late 2013) and generates inline shop sales of approximately
$375 per square foot. As the only enclosed regional mall within a 40 mile
radius, it serves a multi-county trade area of over 400,000 people and
features leading national retailers such as Victoria's Secret, Buckle,
American Eagle, Aeropostale, Bath and Body Works and Footlocker.

Common Share Dividend

On August 1, 2013 the Board of Directors declared a common stock dividend of
$0.13 per share payable on October 31, 2013 to stockholders of record on
October 15, 2013. The Company's objective is to continue to grow the dividend
over time and the Board will continue to evaluate the dividend policy as the
Company's repositioning and acquisition plans continue to take effect.

2013 Guidance

The Company is reiterating its full year 2013 guidance range for Core FFO of
$1.49 to $1.55 per diluted share, based on management's expectation as of the
date of this release. The guidance presented does not include the effects of
property acquisitions, dispositions, or capital transaction activity completed
subsequent to June 30, 2013, except those previously announced and completed.

Supplemental Information

The Company released an informational supplemental packet, available at
www.rouseproperties.com under the Investors section, with additional detail,
including a description of non-GAAP financial measures and reconciliation to
GAAP measures.

Investor Conference Webcast and Conference Call

The Company will host a webcast and conference call at 10:00 a.m. EASTERN
STANDARD TIME on August 6, 2013, to discuss second quarter 2013 results. The
number to call is 877-705-6003 (domestic) and 1-201-493-6725 (international).
The live webcast will be available at www.rouseproperties.com under the
Investors section. A replay of the conference call will be available through
August 20, 2013, by dialing 877-870-5176 (domestic) and 1-858-384-5517
(international) and entering the passcode 417094.

Forward Looking Statements

Certain matters within this press release are discussed using forward-looking
language as specified in the Private Securities Litigation Reform Act of 1995,
and, as such, may involve known and unknown risks, uncertainties and other
factors that may cause the actual results or performance to differ from those
projected in the forward-looking statement. These forward-looking statements
may include statements related to the Company's ability to outperform the
ongoing recovery of the Retail and REIT industry and the markets in which the
Company's mall properties are located, the Company's ability to generate
internal and external growth, the Company's ability to identify and complete
the acquisition of properties in new markets, the Company's ability to
complete redevelopment projects, the Company's ability to increase margins,
including Net Operating Income. For a description of factors that may cause
the Company's actual results or performance to differ from its forward-looking
statements, please review the information under the heading “Risk Factors”
included in the Company's Annual Report on Form 10-K for the year ended
December 31, 2012 and other documents filed by the Company with the Securities
and Exchange Commission.

Non GAAP Financial Measures

The Company makes reference to net operating income (“NOI”) and funds from
operations (“FFO”). NOI is defined as operating revenues (minimum rents,
including lease termination fees, tenant recoveries, overage rents, and other
income) less property and related expenses (real estate taxes, repairs and
maintenance, marketing, other property operating costs, and provision for
doubtful accounts). We use FFO, as defined by the National Association of Real
Estate Investment Trusts, as a supplemental measure of our operating
performance. FFO is defined as net income (loss) attributable to common
stockholders in accordance with GAAP, excluding impairment write-downs on
depreciable real estate, gains (or losses) from cumulative effects of
accounting changes, extraordinary items and sales of properties, plus real
estate related depreciation and amortization.

In order to present operations in a manner most relevant to its future
operations, Core FFO and Core NOI have been presented to exclude certain
non-cash and non-recurring revenue and expenses. A reconciliation of NOI to
Core NOI and FFO to Core FFO has been included in the "Reconciliation of Core
NOI and Core FFO" schedule attached to this release.

NOI, FFO and derivations thereof, are not alternatives to GAAP operating
income (loss) or net income (loss) available to common stockholders. For
reference, as an aid in understanding management's computation of NOI and FFO,
a reconciliation of NOI to operating income and FFO to net income (loss) in
accordance with GAAP has been included in the "Reconciliation of Non-GAAP to
GAAP Financial Measures" schedule attached to this release.

About Rouse

Rouse is a publicly traded real estate investment trust headquartered in New
York City and founded on a legacy of innovation and creativity. Among the
country's largest publicly traded regional mall owners, the Company's
geographically diverse portfolio spans the United States from coast to coast,
and includes 32 malls in 19 states encompassing over 21.5 million square feet
of space. For more information, visit www.rouseproperties.com.

                                                                              
                                                                              
Consolidated and Combined Statements of Operations and Comprehensive Income
(Loss)
                                                  
                    Three Months Ended             Six Months Ended
(In thousands,      June 30,       June 30,        June 30,      June 30,
except per          2013           2012            2013          2012
share amounts)
                    (Unaudited)    (Unaudited)     (Unaudited)   (Unaudited)
Revenues:
Minimum rents       $  39,834      $ 36,505        $ 78,563      $ 72,271
Tenant                 16,155        16,000          32,335        31,573
recoveries
Overage rents          841           649             2,291         2,013
Other                  1,551         1,268           2,685         2,332    
Total revenues         58,381        54,422          115,874       108,189  
Expenses:
Real estate            6,069         5,424           11,784        11,257
taxes
Property
maintenance            2,925         3,161           6,203         6,428
costs
Marketing              660           625             1,312         1,051
Other property         14,210        14,075          27,817        27,615
operating costs
Provision for
doubtful               350           405             499           646
accounts
General and            5,248         5,240           10,099        10,384
administrative
Depreciation
and                    15,563        16,032          31,670        33,163
amortization
Other                  969           1,983           1,467         6,442    
Total expenses         45,994        46,945          90,851        96,986   
Operating              12,387        7,477           25,023        11,203
income
                                                                              
Interest income        125           8               326           9
Interest               (21,659 )     (22,008 )       (41,303 )     (50,320 )
expense
Loss before
income taxes
and                    (9,147  )     (14,523 )       (15,954 )     (39,108 )
discontinued
operations
Provision for          (219    )     (173    )       (254    )     (239    )
income taxes
Loss from
continuing             (9,366  )     (14,696 )       (16,208 )     (39,347 )
operations
Discontinued
operations:
Loss from
discontinued           (513    )     (1,244  )       (23,158 )     (2,670  )
operations
Gain on
extinguishment         13,995        —               13,995        —        
of debt
Discontinued           13,482        (1,244  )       (9,163  )     (2,670  )
operations, net
Net income          $  4,116       $ (15,940 )     $ (25,371 )   $ (42,017 )
(loss)
                                                                  
Loss from
continuing
operations per      $  (0.19   )   $ (0.30   )     $ (0.33   )   $ (0.91   )
share- Basic
and Diluted
^(1)
                                                                  
Net income
(loss) per
share - Basic       $  0.08        $ (0.32   )     $ (0.51   )   $ (0.98   )
and Diluted
^(1)
                                                                              
Dividends
declared per        $  0.13        $ 0.07          $ 0.26        $ 0.07
share
                                                                              
Comprehensive
income (loss):
Net income          $  4,116       $ (15,940 )     $ (25,371 )   $ (42,017 )
(loss)
Other
comprehensive
income (loss):
Net unrealized
gain (loss) on         —             65              —             (65     )
financial
instrument
Comprehensive       $  4,116       $ (15,875 )     $ (25,371 )   $ (42,082 )
income (loss)

            
             Calculated using weighted average number of shares of 49,342,013
      ^(1)   and 49,242,014 for the three months ended June 30, 2013 and 2012,
             respectively and 49,337,110 and 43,013,900 for the six months
             ended June 30, 2013 and 2012, respectively.

                                                                              
                                                                              
Consolidated Balance Sheets
                                                          
(In thousands)                        June 30, 2013        December 31, 2012
                                      (Unaudited)
                                                                              
Assets:
Investment in real estate:
Land                                  $  305,641           $   339,988
Buildings and equipment                  1,283,552             1,312,767
Less accumulated depreciation            (137,002   )          (116,336   )
Net investment in real estate            1,452,191             1,536,419
Cash and cash equivalents                17,663                8,092
Restricted cash                          50,248                44,559
Demand deposit from affiliate            45,039                150,163
Accounts receivable, net                 27,312                25,976
Deferred expenses, net                   39,054                40,406
Prepaid expenses and other               78,764                99,458      
assets, net
Total assets                          $  1,710,271         $   1,905,073   
                                                                              
Liabilities:
Mortgages, notes and loans            $  1,133,695         $   1,283,491
payable
Accounts payable and accrued             80,604                88,686      
expenses, net
Total liabilities                        1,214,299             1,372,177   
                                                                              
Commitments and contingencies            —                     —
                                                                              
Equity:
Preferred stock ^ (1)                    —                     —
Common stock ^ (2)                       497                   493
Class B common stock ^(3)                —                     4
Additional paid-in capital               577,115               588,668
Accumulated deficit                      (81,751    )          (56,380    )
Total stockholders' equity               495,861               532,785
Non-controlling interest                 111                   111         
Total equity                             495,972               532,896     
Total liabilities and equity          $  1,710,271         $   1,905,073   

            
      ^(1)   Preferred stock: $0.01 par value; 50,000,000 shares authorized, 0
             issued and outstanding at June 30, 2013 and December 31, 2012.
             Common stock: $0.01 par value; 500,000,000 shares authorized,
      ^(2)   49,641,716 issued and 49,637,556 outstanding at June 30, 2013 and
             49,246,087 issued and 49,235,528 outstanding at December 31,
             2012.
             Class B common stock: $0.01 par value; 1,000,000 shares
      ^(3)   authorized, 0 and 359,056 issued and 0 and 359,056 outstanding at
             June 30, 2013 and December 31, 2012.

                                                                                                                                                                    
                                                                                                                                                                    
Reconciliation of Core NOI and Core FFO - For The Three Month Period Ended
                                                                                            
                   June 30, 2013                                                             June 30, 2012
(In thousands)     (Unaudited)                                                               (Unaudited)
                   Consolidated   Discontinued   Total         Core          Core NOI /      Consolidated   Discontinued   Total         Core          Core NOI /
                                  Operations                   Adjustments   FFO                            Operations                   Adjustments   FFO
                                                                                                                                                                    
Revenues:
Minimum rents      $  39,834      $  1,698       $ 41,532      $  3,330      $ 44,862        $  36,505      $  1,567       $ 38,072      $  4,917      $ 42,989
^(1)
Tenant                16,155         657           16,812         —            16,812           16,000         915           16,915         —            16,915
recoveries
Overage rents         841            18            859            —            859              649            10            659            —            659
Other                 1,551          52            1,603          —            1,603            1,268          35            1,303          —            1,303    
Total revenues        58,381         2,425         60,806         3,330        64,136           54,422         2,527         56,949         4,917        61,866   
Operating
Expenses:
Real estate           6,069          141           6,210          —            6,210            5,424          151           5,575          —            5,575
taxes
Property
maintenance           2,925          150           3,075          —            3,075            3,161          190           3,351          —            3,351
costs
Marketing             660            21            681            —            681              625            35            660            —            660
Other property
operating             14,210         884           15,094         (30    )     15,064           14,075         917           14,992         (31    )     14,961
costs ^(2)
Provision for
doubtful              350            11            361            —            361              405            46            451            —            451      
accounts
Total
operating             24,214         1,207         25,421         (30    )     25,391           23,690         1,339         25,029         (31    )     24,998   
expenses
                                                                                                                                                        
Net operating         34,167         1,218         35,385         3,360        38,745           30,732         1,188         31,920         4,948        36,868   
income
                                                                                                                                                                    
General and
administrative        5,248          —             5,248          (63    )     5,185            5,240          —             5,240          —            5,240
^(3)(4)
Other                 969            —             969            (969   )     —                1,983          —             1,983          (1,983 )     —        
Subtotal              27,950         1,218         29,168         4,392        33,560           23,509         1,188         24,697         6,931        31,628   
                                                                                                                                                                    
Interest              125            —             125            —            125              8              —             8              —            8
income
Interest
expense
Amortization
and write-off         (2,252  )      (541   )      (2,793  )      2,793        —                (2,107  )      (554    )     (2,661  )      2,661        —
of market rate
adjustments
Amortization
and write-off
of deferred           (2,853  )      (49    )      (2,902  )      2,902        —                (3,746  )      (54     )     (3,800  )      3,800        —
financing
costs
Debt
extinguishment        (1,026  )      —             (1,026  )      1,026        —                —              —             —              —            —
costs
Interest on           (15,528 )      (946   )      (16,474 )      —            (16,474 )        (16,155 )      (1,083  )     (17,238 )      —            (17,238 )
debt
Provision for         (219    )      —             (219    )      219          —                (173    )      —             (173    )      173          —        
income taxes
Funds from         $  6,197       $  (318   )    $ 5,879       $  11,332     $ 17,211        $  1,336       $  (503    )   $ 833         $  13,565     $ 14,398
operations
Funds from
operations per
share - basic                                                                $ 0.35                                                                    $ 0.29
and diluted ^
(5)
Funds from
operations per                                                               $ 0.35                                                                    $ 0.29
share - common
^ (6)
Funds from
operations per                                                               $ 0.34                                                                    $ 0.29     
share -
diluted ^ (6)

          
           Core adjustments includes the aggregate amounts for consolidated
           and discontinued operations for straight-line rent of $(889) and
    ^(1)   $(1,657), above / below market lease amortization of $3,969 and
           $6,574 and tenant inducement amortization of $250 and $0 for the
           three months ended June 30, 2013 and 2012, respectively.
           Core adjustments include above / below market ground lease
    ^(2)   amortization of $30 and $31 for the three months ended June 30,
           2013 and 2012, respectively.
           General and administrative costs include $775 and $243 of non-cash
    ^(3)   stock compensation expense for the three months ended June 30, 2013
           and 2012, respectively.
           Core adjustments include amounts for the corporate and regional
    ^(4)   office straight-line rent of $63 for the three months ended June
           30, 2013.
    ^(5)   Calculated using weighted average number of shares of 49,342,013
           and 49,242,014 for the three months ended June 30, 2013 and 2012.
           Assumes 49,641,716 and 49,584,189 common shares and 50,221,101 and
    ^(6)   49,584,189 diluted common shares as of the quarter ended June 30,
           2013 and 2012, respectively.

                                                                                                                                                                    
                                                                                                                                                                    
Reconciliation of Core NOI and Core FFO - For the Six Month Period Ended
                                                                                            
                   June 30, 2013                                                             June 30, 2012
(In thousands)     (Unaudited)                                                               (Unaudited)
                   Consolidated   Discontinued   Total         Core          Core NOI /      Consolidated   Discontinued   Total         Core          Core NOI /
                                  Operations                   Adjustments   FFO                            Operations                   Adjustments   FFO
                                                                                                                                                                    
Revenues:
Minimum rents      $  78,563      $  3,117       $ 81,680      $  7,236      $ 88,916        $  72,271      $  3,013       $ 75,284      $  9,853      $ 85,137
^(1)
Tenant                32,335         1,475         33,810         —            33,810           31,573         1,939         33,512         —            33,512
recoveries
Overage rents         2,291          72            2,363          —            2,363            2,013          91            2,104          —            2,104
Other                 2,685          148           2,833          —            2,833            2,332          125           2,457          —            2,457    
Total revenues        115,874        4,812         120,686        7,236        127,922          108,189        5,168         113,357        9,853        123,210  
Operating
Expenses:
Real estate           11,784         301           12,085         —            12,085           11,257         308           11,565         —            11,565
taxes
Property
maintenance           6,203          286           6,489          —            6,489            6,428          364           6,792          —            6,792
costs
Marketing             1,312          49            1,361          —            1,361            1,051          70            1,121          —            1,121
Other property
operating             27,817         1,682         29,499         (61    )     29,438           27,615         1,776         29,391         (62    )     29,329
costs ^(2)
Provision for
doubtful              499            1             500            —            500              646            68            714            —            714      
accounts
Total
operating             47,615         2,319         49,934         (61    )     49,873           46,997         2,586         49,583         (62    )     49,521   
expenses
                                                                                                                                                        
Net operating         68,259         2,493         70,752         7,297        78,049           61,192         2,582         63,774         9,915        73,689   
income
                                                                                                                                                                    
General and
administrative        10,099         —             10,099         (94    )     10,005           10,384         —             10,384         —            10,384
^(3)(4)
Other ^(5)            1,467          —             1,467          (1,467 )     —                6,442          —             6,442          (6,442 )     —        
Subtotal              56,693         2,493         59,186         8,858        68,044           44,366         2,582         46,948         16,357       63,305   
                                                                                                                                                                    
Interest              326            —             326            —            326              9              —             9              —            9
income
Interest
expense
Amortization
and write-off         (3,548  )      (1,131  )     (4,679  )      4,679        —                (13,246 )      (1,096  )     (14,342 )      14,342       —
of market rate
adjustments
Amortization
and write-off
of deferred           (4,978  )      (103    )     (5,081  )      5,081        —                (5,369  )      (99     )     (5,468  )      5,468        —
financing
costs
Debt
extinguishment        (1,886  )      —             (1,886  )      1,886        —                —              —             —              —            —
costs
Interest on           (30,891 )      (1,993  )     (32,884 )      —            (32,884 )        (31,705 )      (2,173  )     (33,878 )      —            (33,878 )
debt
Provision for         (254    )      —             (254    )      254          —                (239    )      —             (239    )      239          —        
income taxes
Funds from         $  15,462      $  (734    )   $ 14,728      $  20,758     $ 35,486        $  (6,184  )   $  (786    )   $ (6,970  )   $  36,406     $ 29,436
operations
Funds from
operations per
share - basic                                                                $ 0.72                                                                    $ 0.68
and diluted
^(6)
Funds from
operations per                                                               $ 0.71                                                                    $ 0.59
share - common
^ (7)
Funds from
operations per                                                               $ 0.71                                                                    $ 0.59     
share -
diluted ^(7)

          
           Core adjustments includes the aggregate amounts for consolidated
           and discontinued operations for straight-line rent of $(1,853) and
    ^(1)   $(3,156), above / below market lease amortization of $8,589 and
           $13,009 and tenant inducement amortization of $500 and $0 for the
           six months ended June 30, 2013 and 2012, respectively.
           Core adjustments include above / below market ground lease
    ^(2)   amortization of $61 and $62 for the six months ended June 30, 2013
           and 2012, respectively.
           General and administrative costs include $1,497 and $1,015 of
    ^(3)   non-cash stock compensation expense for the six months ended June
           30, 2013 and 2012, respectively.
           Core adjustments include amounts for the corporate and regional
    ^(4)   office straight-line rent of $94 for the six months ended June 30,
           2013.
           Core adjustments include non-comparable costs related to the
    ^(5)   spin-off from General Growth Properties and property acquisition
           costs.
    ^(6)   Calculated using weighted average number of shares of 49,337,110
           and 43,013,900 for the six months ended June 30, 2013 and 2012.
           Assumes 49,641,716 and 49,584,189 common shares and 50,221,101 and
    ^(7)   49,584,189 diluted common shares as of the six months ended June
           30, 2013 and 2012, respectively.

                                                                                          
                                                                                          
Reconciliation of Non-GAAP to GAAP Financial Measures
                                                        
                     Three Months Ended                  Six Months Ended
(In thousands)       June 30, 2013    June 30, 2012      June 30, 2013    June 30, 2012
                                                                                          
Reconciliation
of NOI to GAAP
Operating
Income
NOI:                 $ 35,385         $ 31,920           $ 70,752         $ 63,774
Discontinued           (1,218     )     (1,188     )       (2,493     )     (2,582     )
operations
General and            (5,248     )     (5,240     )       (10,099    )     (10,384    )
administrative
Other                  (969       )     (1,983     )       (1,467     )     (6,442     )
Depreciation
and                    (15,563    )     (16,032    )       (31,670    )     (33,163    )
amortization
Operating            $ 12,387         $ 7,477            $ 25,023         $ 11,203      
income
                                                                                          
Reconciliation
of FFO to GAAP
Net income
(loss)
attributable
to common
stockholders
FFO:                 $ 5,879          $ 833              $ 14,728         $ (6,970     )
Discontinued           (195       )     (741       )       (763       )     (1,884     )
operations
Depreciation
and                    (15,563    )     (16,032    )       (31,670    )     (33,163    )
amortization
Provision for          —                —                  (21,661    )     —
impairment
Gain on
extinguishment         13,995           —                  13,995           —           
of debt
Net income
(loss)
attributable         $ 4,116          $ (15,940    )     $ (25,371    )   $ (42,017    )
to common
stockholders
                                                                                          
Weighted
average
numbers of             49,342,013       49,242,014         49,337,110       43,013,900  
shares
outstanding
Net income
(loss) per           $ 0.08           $ (0.32      )     $ (0.51      )   $ (0.98      )
share
                                                                                          

Contact:

Rouse Properties, Inc.
Investor Relations, 212-608-5108
IR@rouseproperties.com
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