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Last $26.23 USD
Change Today +0.47 / 1.82%
Volume 6.1M
GGP On Other Exchanges
Symbol
Exchange
New York
Berlin
As of 4:15 PM 08/27/15 All times are local (Market data is delayed by at least 15 minutes).

general growth properties (GGP) Key Developments

General Growth Properties, Inc Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter Ending September 30, 2015, Fourth Quarter Ending December 31, 2015 and Year Ending December 31, 2015

General Growth Properties Inc. announced consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenues of $579.981 million against $611.895 million a year ago. Operating income was $227.555 million against $206.350 million a year ago. Income before income taxes, equity in income of unconsolidated real estate affiliates, discontinued operations, and allocation to non-controlling interests was $116.882 million against $39.860 million a year ago. Income from continuing operations was $427.853 million or $0.44 per diluted share against $55.236 million or $0.05 per diluted share a year ago. Net income was $427.853 million against $177.089 million a year ago. Net income attributable to the company was $421.940 million against $173.724 million a year ago. Net income attributable to common stockholders was $417.956 million or $0.44 per diluted share against $169.740 million or $0.18 per diluted share a year ago. Total property revenues were $741.774 million against $717.634 million a year ago. Net operating income was $548.213 million against $526.887 million a year ago. EBITDA was $508.481 million against $484.957 million a year ago. Funds from operations were $318.551 million against $297.553 million a year ago. Company funds from operations per share increased 5.5% to $0.33 per diluted share from $0.31 per diluted share in the prior year period. EBITDA increased 4.9% in the second quarter and 4.6% year-to-date. This growth rate is near the high end of its expectations, driven primarily from continued strength in operations. For the six months, the company reported total revenues of $1,174.125 million against $1,234.778 million a year ago. Operating income was $430.368 million against $429.255 million a year ago. Income before income taxes, equity in income of unconsolidated real estate affiliates, discontinued operations, and allocation to non-controlling interests was $724.199 million against $95.311 million a year ago. Income from continuing operations was $1,069.601 million or $1.10 per diluted share against $114.152 million or $0.11 per diluted share a year ago. Net income was $1,069.601 million against $308.977 million a year ago. Net income attributable to the company was $1,056.669 million against $301.760 million a year ago. Net income attributable to common stockholders was $1,048.701 million or $1.10 per diluted share against $293.792 million or $0.31 per diluted share a year ago. Total property revenues were $1,481.227 million against $1,442.870 million a year ago. Net operating income was $1,088.312 million against $1,049.225 million a year ago. EBITDA was $1,004.611 million against $960.481 million a year ago. Funds from operations were $627.886 million or $0.65 per diluted share against $589.974 million or $0.62 per diluted share a year ago. For the year ending December 31, 2015, the company’s FFO is expected to be $1.41 to $1.45 per diluted share, adjusted FFO is expected to be $1.33 to $1.37, net income attributable to common stockholders is expected to be $1.41 to $1.45 and net income attributable to the company is expected to be $1.43 to $1.47. The company continues to expect same-store NOI growth for the full year in the range of 4.5% to 5% for a midpoint of 4.75% even with expectations from last quarter, and expects EBITDA growth at the midpoint to be around 5%. For the third quarter ending September 30, 2015, the company’s FFO is expected to be $0.34 to $0.36 per diluted share, adjusted FFO is expected to be $0.33 to $0.35, net income attributable to common stockholders is expected to be $0.12 to $0.14 and net income attributable to the company is expected to be $0.12 to $0.14. The company expects same-store NOI of approximately $555 million or 4.25% to 4.5% growth, FFO in the range of $325 million to $345 million and EBITDA growth or approximately $520 million. For the fourth quarter ending December 31, 2015, the company’s FFO is expected to be $0.41 to $0.43 per diluted share, respectively, adjusted FFO is expected to be $0.40 to $0.42, net income attributable to common stockholders is expected to be $0.19 to $0.21 and net income attributable to the company is expected to be $0.19 to $0.21. The company expects same-store NOI of approximately $620 million or 5.5% to 6.5% growth, with a good portion of the uptick in growth rate related to some of redevelopment projects coming online. The company expects EBITDA of approximately $590 million or growth of around 7% and FFO is expected to be between $390 million and $410 million.

General Growth Properties, Inc to Report Q2, 2015 Results on Aug 03, 2015

General Growth Properties, Inc announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 03, 2015

General Growth Properties, Inc, Q2 2015 Earnings Call, Aug 04, 2015

General Growth Properties, Inc, Q2 2015 Earnings Call, Aug 04, 2015

General Growth Properties Seeks Acquisitions

General Growth Properties, Inc (NYSE:GGP) will continue to look for acquisitions.

General Growth Properties, Inc. Declares Second Quarter 2015 Common and Preferred Dividends, Payable on July 31, 2015 and July 1, 2015 Respectively

General Growth Properties Inc. announced its board of directors declared a second quarter common stock dividend of $0.17 per share payable on July 31, 2015, to stockholders of record on July 15, 2015. The dividend represents an increase of $0.02 per share, or approximately 13%, from the second quarter 2014 common stock dividend. 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 July 1, 2015, to stockholders of record on June 15, 2015.

 

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