Rouse Properties, Inc. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 05:15 PM
May 8 15
Rouse Properties, Inc. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 05:15 PM. Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States. Speakers: Andrew P. Silberfein, Chief Executive Officer, President, Director and Member of Investment Committee, John A. Wain, Chief Financial Officer.
Rouse Properties, Inc. Approves Dividend, Payable on July 31, 2015
May 5 15
Rouse Properties, Inc.'s Board of Directors has approved an $0.18 per common share dividend to be paid on July 31, 2015 to stockholders of record on July 15, 2015.
Rouse Properties, Inc. Reports Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2015; Reaffirms Earnings Guidance for the Full Year 2015
May 4 15
Rouse Properties, Inc. reported consolidated unaudited earnings results for first quarter ended March 31, 2015. For the quarter, the company reported total net revenues of $74,561,000 compared with $67,839,000 for the same period last year. Operating loss was $8,426,000 compared with $13,340,000 for the same period last year. Income from continuing operations was $44,401,000 compared with loss from continuing operations of $4,425,000 for the same period last year. Net income attributable to the company was $44,407,000 or $0.76 diluted per share compared with net loss attributable to the company of $4,425,000 or $0.08 diluted per share for the same period last year. The change in net income was primarily due to a gain on extinguishment of debt and a gain on dispositions of $55.4 million, along with an increase in income from the same property portfolio, offset by a higher depreciation and amortization expense and interest expense resulting from acquisitions. Funds from operations were $17,938,000 compared with $16,620,000 for the same period last year. Core funds from operations FFO was $23.235,000, or $0.40 per diluted share, as compared to $22,433,000, or $0.39 per diluted share in the prior year period. The year over year increase was the result of higher same property NOI and the impact of properties acquired in 2014 and 2015. This was partially offset by reduced NOI from special consideration assets, the sale of The Shoppes at Knollwood Mall in mid January and additional interest expense primarily from the aforementioned acquisitions. Total core revenues were $75,650,000 against $70,971,000 a year ago. Net operating income was $45,941,000 against $41,000,000 a year ago. Core net operating income was $47,532,000 against $44,163,000 a year ago.
The company is reiterating its full year 2015 guidance range for Core FFO of $1.73 to $1.77 per diluted share, based on management's expectations as of the date of this release. The company’s outlook includes the impact of recent tenant bankruptcies, which resulted in 52 store closures, accounting for $4.8 million in annual contractual revenue. The company collected about $600,000 from these tenants in the first quarter. And net of its assumptions on releasing, its guidance already incorporates a negative hit to FFO in 2015 of about $3 million or $0.05 per diluted share. The first quarter core FFO impact was about $0.01. Also, without the impact of these bankruptcies, the company’s same-property NOI growth for full year 2015 would have been 4.5% to 5.75%. GAAP expected net income per share of $0.88 to $0.95. Expected funds from operations per share expected to be in the range of $1.41 to $1.47. Depreciation and amortization expected to be in the range of $1.48 to $1.47.