General Growth Properties, Inc. Declares Second Quarter 2015 Common and Preferred Dividends, Payable on July 31, 2015 and July 1, 2015 Respectively
May 21 15
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.
General Growth Properties Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter Ending June 30, 2015 and Full Year Ending December 31, 2015
Apr 27 15
General Growth Properties reported consolidated earnings results for the first quarter ended March 31, 2015. Comparable net operating income was increased 3.3% to $543 million from $525 million in the prior year period. Company earnings before interest, taxes, depreciation and amortization were increased 4.2% to $501.9 million from $481.6 million in the prior year period. Company funds from operations per share increased 4.9% to $0.32 per diluted share from $0.31 per diluted share in the prior year period. Company FFO increased 5.8% to $309 million from $292 million in the prior year period. Net income attributable to common stockholders, which is impacted primarily by depreciation expense and gain from change in control of investment properties, was $631 million, or $0.66 per diluted share, as compared to net income of $124 million, or $0.13 per diluted share, in the prior year period. Operating income was $202.8 million against $222.9 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 $607.3 million against $55.5 million a year ago. Income from continuing operations was $641.8 million against $58.9 million a year ago. Total revenues were $594.1 million against $622.9 million a year ago.
For the year ending December 31, 2015, the company's FFO per diluted share is expected to be $1.40 to $1.46; net income attributable to common stockholders is expected to be $1.38 to $1.44. The company expected FFO per share guidance to a $1.31 to $1.37. The company expects same-store revenues of approximately $3,050,000,000 and same-store expenses of around $775 million or same-store NOI of approximately $2.27 billion. The company’s prior same-store NOI guidance is reduced about $60 million for the Ala Moana transaction and increased by $6 million for Sears. The revised number represents same-store NOI growth closer to 4 and 3 quarters compared to the 4.5% the company guided to on the last call. On the EBITDA line, last call, the company mentioned an expectation of $2.17 billion. Now it subtracts the $55 million NOI change just noted, add $5 million for Crown, $5 million for G&A savings, and the company is at $2.125 billion, or over 5% growth.
For the second quarter ending June 30, 2015, the company is expected FFO to be $0.31 to $0.33 per diluted share; net income attributable is expected to common stockholders to be $0.41 to $0.43. The company expected FFO per share guidance to a $0.30 to $0.32. The company expects same-store NOI of approximately $535 million, or 2.5% to 3% growth. Growth would be approximately 4%, without the impact from the bankrupt tenants, which is approximately $6 million in the quarter as the company forecast. On the expense side, the company expects to be flat for the quarter. The company expects EBITDA of approximately $498 million, or growth of around 3%. This number is impacted by the item for the bankrupt tenants and also includes $4.5 million in closing costs related to the acquisitions that closed in the second quarter.
General Growth Properties Acquires Crown Building in New York City, US
Apr 23 15
General Growth Properties Inc. has acquired the Crown Building in New York City, US for a consideration of $1,775 million. The Crown Building is a retail and office property located on the southwest corner of 57th Street and 5th Avenue in the Plaza District in midtown Manhattan, New York City, US. Pursuant to the transaction, the office tower will be redeveloped into luxury residential condominiums.