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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
02/10/201611:16:43Amended Statement of Ownership (sc 13g/a)
02/03/201616:01:00General Growth Properties CEO Sandeep Mathrani Clarifies Statement...
02/02/201619:10:00Amazon Plans Hundreds of Brick-and-Mortar Bookstores, Mall CEO...
02/02/201617:54:00Amazon Plans Hundreds of Brick-and-Mortar Bookstores, Mall CEO...
02/02/201617:49:00Correction to article about Amazon plans for more bookstores
02/02/201617:40:00Amazon Plans Hundreds of Brick-and-Mortar Bookstores, Mall CEO...
02/01/201617:00:00General Growth Properties Raises Full-Year FFO Projection
02/01/201616:03:01Current Report Filing (8-k)
02/01/201616:01:00GGP Reports Full Year 2015 Results, and Declares First Quarter...
01/26/201614:13:23Amended Statement of Ownership (sc 13g/a)
01/19/201616:01:00General Growth Properties Announces Tax Reporting Information...
01/08/201608:00:00Mobiquity Networks Partners With GGP in Mall Network Expansion...
01/06/201617:21:11Statement of Changes in Beneficial Ownership (4)
01/06/201617:14:09Statement of Changes in Beneficial Ownership (4)
01/06/201617:05:22Statement of Changes in Beneficial Ownership (4)
01/06/201616:55:25Statement of Changes in Beneficial Ownership (4)
01/06/201616:48:27Statement of Changes in Beneficial Ownership (4)
12/28/201516:02:01Statement of Changes in Beneficial Ownership (4)
12/22/201516:52:49Statement of Changes in Beneficial Ownership (4)
12/21/201516:53:24Statement of Changes in Beneficial Ownership (4)

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