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Second quarter results for GGP reported

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General Growth Properties Inc. has reported results for the three and six month periods ending June 30, 2014.

Quarterly

For the quarter, the company reported increased funds from operations (FFO) per share of 17.7% to $0.31 per diluted share, compared to $0.27 in the previous year.  FFO increased 11.8% from $266m previous year to $298m.  Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 5% from $483m prior year to $507m.

Comparable net operating income (NOI) increased by 5% from $512m the previous year to $537m.

Net income was $174m, $0.18 per diluted share, compared to prior year net income of $209m, $0.21 per diluted share.

Six months

For the half-year, FFO per share increased 19.5% to $0.62 per diluted share, compared to $0.52 in the previous year.  FFO increased 13.7% from $519m prior year to $590m.

EBITDA increased by 4.5% to $1.005m from prior year figures of $962m.

NOI increased 5.4% from $1.016m prior year to $1.071m.

GGP net income was $302m, or $0.31 per diluted share, compared to $198m or $0.20 during the previous year.

Mall portfolio

Tenant sales excluding anchors increased by 3.1% to $20bn on a trailing yearly basis.  Tenant sales below 10000ft² increased by 0.6% to $563/ft² on a trailing annual basis.  Mall leasing percentage for same stores stood at 96.5% at the quarter end, increasing 60 basis points from June 2013.

Initial rental rates for leases starting 2014 increased 14.4%, or $7.91/ft², to $62.93/ft² compared to rental rates for leases which are expiring.

Property-level debt

The company acquired $363m variable debt at existing sites.  The transactions generated about $151m net.

A construction loan of $450m at Ala Moana Center was obtained, of which $154m has been drawn.

Quarterly investments

A 50% acquisition in 685 5th Avenue, New York City at $521m with financing of $340m was done.  Agreements to acquire 50% in 530 5th Avenue and 218 West 57th Street, New York City for $295m and $81.5m respectively were entered into.

Fallbrook Centre was sold for $210m, with net proceeds of about $103m.

Litigation with Urban Shopping Centers was settled during May 2014, resulting in an $18m loss which is excluded from the FFO.

Approximately $2.2bn worth of development and redevelopment is at hand.

Dividends

The Board of Directors declared second quarter common stock dividends of $0.15 per share on July 15, payable on July 31, 2014.  This is a $0.03 per share increase or 25% over the dividend declared during 2013’s second quarter.

SOURCE: GGP
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