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General Growth Swings To 1Q Loss On Warrants Adjustments

DOW JONES NEWSWIRES General Growth Properties Inc. (GGP) swung to a first-quarter loss as the company recorded $143.1 million in depreciation and noncash accounting adjustments for warrants outstanding. The company raised its full-year expectations for core funds from operations by 2 cents, now seeing 92 cents to 96 cents. Second-quarter core FFO is expected to come in at 20 cents to 22 cents. Analysts polled by Thomson Reuters most recently expected 20 cents. General Growth continues to prune its portfolio to boost its core earnings, which have generally improved despite pressure from weak economic conditions in many markets. The mall landlord in January completed its spinoff of a portfolio of 30 lower-quality malls into newly formed real-estate investment trust Rouse Properties Inc. (RSE). The company, which has ownership or management interest in about 135 shopping malls across the U.S., emerged from bankruptcy in 2010 via a $7 billion recapitalization led by Brookfield Asset Management Inc. (BAM). General Growth posted a loss of $197.6 million, or 21 cents a share, compared with a year-earlier profit of $5.7 million, or less than a penny a share. The company posted a $143.1 million warrant liability adjustment charge, while the year-ago period included a gain of $76.4 million in the same line. Core funds from operations, a key profitability metric for real-estate investment trusts, reached 22 cents, compared with 21 cents a year ago. Its February projection was 21 cents to 23 cents. Revenue fell 1.3% to $612.1 million. Analysts expected $660 million. The regional mall leasing rate reached 93.7%, up from 92.9% a year earlier. Shares closed Tuesday at $17.92 and were inactive in after-hours trading. The stock was up 23% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for General Growth Properties (GGP)
DateTimeHeadline
05/01/201506:31:43Quarterly Report (10-q)
04/30/201512:10:08Sears to Form Joint Venture with Macerich
04/30/201511:18:06Sears to Form Joint Venture with Macerich
04/28/201507:09:34General Growth Properties Rating Reiterated by Oppenheimer (GGP)
04/27/201518:08:38General Growth Posts Lower Revenue, Higher FFO
04/27/201516:01:47Current Report Filing (8-k)
04/27/201516:01:00GGP Reports First Quarter 2015 Results
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04/17/201516:50:19Current Report Filing (8-k)
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04/13/201507:29:20Sears Holdings, Simon Property Form Joint Venture -- Update
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04/01/201508:50:45Sears Moves to Raise $2.5 Billion By Selling Real Estate--3rd...
04/01/201508:28:29Sears to Partner with General Growth Properties on Real-Estate...
04/01/201507:50:05Sears to Partner on Real-Estate JV
04/01/201507:26:04Sears to Partner with General Growth Properties on Real-Estate...

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