Same Store NOI Increased 3.3%; Company
EBITDA Increased 4.2%Company FFO per Share Increased
4.9%
General Growth Properties, Inc. (the “Company” or “GGP”) (NYSE:
GGP) today reported results for the three months ended March 31,
2015.
Financial Results
For the Three Months Ended March 31, 2015
Comparable net operating income (“Same Store NOI”) increased
3.3% to $543 million from $525 million in the prior year
period.
Company earnings before interest, taxes, depreciation and
amortization (“Company EBITDA”) increased 4.2% to $502 million from
$482 million in the prior year period.
Company funds from operations (“Company FFO”) 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.
Operational Highlights
- Same Store leased percentage was 95.8%
at quarter end.
- Initial rental rates for executed
leases commencing in 2015 on a suite-to-suite basis increased 8.7%,
or $5.01 per square foot, to $62.64 per square foot when compared
to the rental rate for expiring leases.
- Tenant sales (all less anchors)
increased 3.4% to $20.4 billion on a trailing 12-month basis.
Tenant sales (<10,000 square feet) increased 4.3% to $590 per
square foot on a trailing 12-month basis.
- Tenant sales (all less anchors)
increased 4.1% and tenant sales (<10,000 square feet) increased
3.0% per square foot during the first quarter.
Investment Activities
On February 27, 2015, GGP sold a 25% interest in Ala Moana
Center in Honolulu, Hawaii for net proceeds of $907 million. GGP
received $670 million at closing and the remaining $237 million
will be paid in late 2016 after substantial completion of the
redevelopment.
On April 10, 2015, GGP sold an additional 12.5% interest in Ala
Moana Center for net proceeds of $454 million. GGP received $335
million at closing and the remaining $119 million will be paid in
late 2016 after substantial completion of the redevelopment.
On March 31, 2015, GGP acquired a 50% interest in a joint
venture with Sears Holdings Corporation to own, redevelop, lease,
and manage 12 Sears locations. The total purchase price was
approximately $165 million.
On April 1, 2015, GGP acquired a 50% interest in a joint venture
with Jeff Sutton to own 85 Fifth Avenue in New York City. The total
purchase price was $88 million which was funded with $60 million of
secured debt. GGP’s share of the equity is $14 million.
On April 17, 2015, GGP acquired the Crown Building located at
730 Fifth Avenue in New York City for approximately $1.775 billion
which was funded with $1.25 billion of secured debt. GGP’s share of
the equity is $205 million. GGP and Jeff Sutton will own,
redevelop, lease and manage the retail portion of the property.
Vladislav Doronin’s Capital Group and Michael Shvo will own,
redevelop, lease and manage the office tower. The office tower will
be redeveloped into luxury residential condominiums.
On April 27, 2015, GGP sold the office portion of 200 Lafayette
in New York City for gross purchase price of approximately $125
million.
Development
The Company has development and redevelopment activities
totaling approximately $2.1 billion at share, of which projects
totaling approximately $0.4 billion have opened and $1 billion is
under construction.
Financing Activities
Property-Level Debt
During the three months ended March 31, 2015, the Company
obtained $220 million of new fixed rate debt with a term to
maturity of 10.0 years and an interest rate of 3.94%.
In addition, the Company repaid $527 million of fixed rate debt.
The debt had a weighted-average remaining term-to-maturity of 1.6
years, and a weighted-average interest rate of 5.2%.
The Company also obtained a $126 million ($67 million at share)
construction loan at Baybrook Mall with an interest rate of LIBOR +
2.00% due in 2020.
Dividends
On February 19, 2015, the Company’s Board of Directors declared
a first quarter common stock dividend of $0.17 per share payable on
April 30, 2015, to stockholders of record on April 15, 2015,
representing an increase of $0.02 per share or 13% growth over the
dividend declared in first quarter 2014.
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 April 1, 2015, to stockholders of record on
March 16, 2015.
Guidance
Company FFO for the year ending December 31, 2015 is expected to
be $1.40 to $1.46 per diluted share. Company FFO for the second
quarter 2015 is expected to be $0.31 to $0.33 per diluted share.
The following table provides a reconciliation of the range of
estimated diluted net income attributable to GGP per share to
estimated FFO per diluted share and Company FFO per diluted
share.
For the year ending For the three
months December 31, 2015 ending June 30,
2015 Low High Low
High Company FFO per diluted share
$1.40 $1.46 $0.31 $0.33 Adjustments (1)
(0.09) (0.09) (0.01) (0.01)
FFO
1.31 1.37 0.30
0.32 Depreciation, including share of joint ventures (0.86)
(0.86) (0.20) (0.20) Gains on sale of investments and other (2)
0.93 0.93 0.31 0.31
Net income attributable
to common stockholders 1.38 1.44
0.41 0.43 Preferred stock dividends 0.02
0.02 0.00 0.00
Net income attributable to
GGP $1.40 $1.46 $0.41
$0.43 (1) Includes straight-line rent,
above/below market rent, ground rent amortization, debt market rate
adjustments and other non-cash or non-comparable items. (2)
Includes the gains from the sales of 25% and 12.5% interests in Ala
Moana Center.
The guidance estimate reflects management’s view of current and
future market conditions, including assumptions with respect to
Same Store NOI growth, rental rates, occupancy levels, retail
sales, variable expenses, interest rates and the earnings impact of
the events referenced in this release and previously disclosed. The
guidance also reflects management’s view of capital market
conditions. The estimates do not include possible future gains or
losses, or the impact on operating results from other possible
future property acquisitions or dispositions. Earnings per share
estimates may be subject to fluctuations as a result of several
factors, including any gains or losses associated with disposition
activity. By definition, FFO and Company FFO do not include real
estate-related depreciation and amortization, provisions for
impairment, or gains or losses associated with property disposition
activities. This guidance is a forward-looking statement and is
subject to the risks and other factors described elsewhere in this
release and in the Company’s annual and quarterly periodic reports
filed with the Securities and Exchange Commission.
Investor Conference Call
On Tuesday, April 28, 2015, the Company will host a conference
call at 8:00 a.m. Central (9:00 a.m. Eastern). The conference call
will be accessible by telephone and through the Internet.
Interested parties can access the call by dialing 877.845.1018
(international 707.287.9345). A live webcast of the conference call
will be available in listen-only mode in the Investors section at
www.ggp.com. Interested parties should access the conference call
or website 10 minutes prior to the beginning of the call in order
to register.
For those unable to listen to the call live, a replay will be
available after the conference call event. To access the replay,
dial 855.859.2056 (international 404.537.3406) conference ID
5240481.
Supplemental Information
The Company has prepared a supplemental information report
available on www.ggp.com in the Investors section. This information
also has been furnished with the Securities and Exchange Commission
as an exhibit on Form 8-K.
Forward-Looking
Statements
Certain statements made in this press release may be deemed
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company
believes the expectations reflected in any forward-looking
statement are based on reasonable assumption, it can give no
assurance that its expectations will be attained, and it is
possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of
risks, uncertainties and other factors. Such factors include, but
are not limited to, the Company’s ability to refinance, extend,
restructure or repay near and intermediate term debt, its
indebtedness, its ability to raise capital through equity
issuances, asset sales or the incurrence of new debt, retail and
credit market conditions, impairments, its liquidity demands, and
economic conditions. The Company discusses these and other risks
and uncertainties in its annual and quarterly periodic reports
filed with the Securities and Exchange Commission. The Company may
update that discussion in its periodic reports, but otherwise takes
no duty or obligation to update or revise these forward-looking
statements, whether as a result of new information, future
developments, or otherwise.
Investors and others should note that we post our current
Investor Presentation on the Investors page of our website at
www.ggp.com. From time to time, we update that Investor
Presentation and when we do, it will be posted on the Investors
page of our website at ggp.com. It is possible that the updates
could include information deemed to be material information.
Therefore, we encourage investors, the media and others interested
in our company to review the information we post on the Investors
page of our website at www.ggp.com from time to time.
General Growth Properties,
Inc.
General Growth Properties, Inc. is an S&P 500 company
focused exclusively on owning, managing, leasing, and redeveloping
high-quality retail properties throughout the United States. GGP is
headquartered in Chicago, Illinois, and publicly traded on the NYSE
under the symbol GGP.
Non-GAAP Supplemental Financial Measures and
Definitions
Net Operating Income (“NOI”) and Company NOI
The Company defines NOI as income from property operations after
operating expenses have been deducted, but prior to deducting
financing, administrative and income tax expenses. NOI excludes
reductions in ownership as a result of sales or other transactions
and has been reflected on a proportionate basis (at the Company’s
ownership share). Other REITs may use different methodologies for
calculating NOI, and accordingly, the Company’s NOI may not be
comparable to other REITs. The Company considers NOI a helpful
supplemental measure of its operating performance because it is a
direct measure of the actual results of our properties. Because NOI
excludes reductions in ownership as a result of sales or other
transactions, general and administrative expenses, interest
expense, retail investment property impairment or non-recoverable
development costs, depreciation and amortization, gains and losses
from property dispositions, allocations to noncontrolling
interests, provision for income taxes, discontinued operations,
preferred stock dividends, and extraordinary items, it provides a
performance measure that, when compared year over year, reflects
the revenues and expenses directly associated with owning and
operating commercial real estate properties and the impact on
operations from trends in occupancy rates, rental rates and
operating costs.
The Company also considers Company NOI to be a helpful
supplemental measure of its operating performance because it
excludes from NOI certain non-cash and non-comparable items such as
straight-line rent and intangible asset and liability amortization,
which are a result of our emergence, acquisition accounting and
other capital contribution or restructuring events. However, due to
the exclusions noted, Company NOI should only be used as an
alternative measure of the Company’s financial performance. We
present Company NOI and Company FFO (as defined below); as we
believe certain investors and other users of our financial
information use these measures of the Company’s historical
operating performance.
Funds From Operations (“FFO”) and Company FFO
The Company determines FFO based upon the definition set forth
by National Association of Real Estate Investment Trusts
(“NAREIT”). The Company determines FFO to be its share of
consolidated net income (loss) computed in accordance with GAAP,
excluding real estate related depreciation and amortization,
excluding gains and losses from extraordinary items, excluding
cumulative effects of accounting changes, excluding gains and
losses from the sales of, or any impairment charges related to,
previously depreciated operating properties, plus the allocable
portion of FFO of unconsolidated joint ventures based upon the
Company’s economic ownership interest, and all determined on a
consistent basis in accordance with GAAP. As with the Company’s
presentation of NOI, FFO has been reflected on a proportionate
basis.
The Company considers FFO a helpful supplemental measure of the
operating performance for equity REITs and a complement to GAAP
measures because it is a recognized measure of performance by the
real estate industry. FFO facilitates an understanding of the
operating performance of the Company’s properties between periods
because it does not give effect to real estate depreciation and
amortization since these amounts are computed to allocate the cost
of a property over its useful life. Since values for
well-maintained real estate assets have historically increased or
decreased based upon prevailing market conditions, the Company
believes that FFO provides investors with a clearer view of the
Company’s operating performance.
As with the Company’s presentation of Company NOI, the Company
also considers Company FFO to be a helpful supplemental measure of
the operating performance for equity REITs because it excludes from
FFO certain items that are non-cash and certain non-comparable
items such as Company NOI adjustments, and FFO items such as
mark-to-market adjustments on debt and gains on the extinguishment
of debt, warrant liability adjustment, and interest expense on debt
repaid or settled all which are a result of the Company’s
acquisition accounting and other capital contribution or
restructuring events.
Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures
The Company presents NOI and FFO as they are financial measures
widely used in the REIT industry. In order to provide a better
understanding of the relationship between the Company’s non-GAAP
financial measures of NOI, Company NOI, FFO and Company FFO,
reconciliations have been provided as follows: a reconciliation of
GAAP operating income to NOI and Company NOI and a reconciliation
of net loss attributable to GGP to FFO and Company FFO. None of the
Company’s non-GAAP financial measures represents cash flow from
operating activities in accordance with GAAP, none should be
considered as an alternative to GAAP net income (loss) attributable
to GGP and none are necessarily indicative of cash available to
fund cash needs. In addition, the Company has presented such
financial measures on a consolidated and unconsolidated basis (at
the Company’s ownership share) as the Company believes that given
the significance of the Company’s operations that are owned through
investments accounted for on the equity method of accounting, the
detail of the operations of the Company’s unconsolidated properties
provides important insights into the income and FFO produced by
such investments for the Company as a whole.
FINANCIAL OVERVIEW Consolidated Statements of Operations (In
thousands, except per share)
Three
Months Ended March 31, 2015 March 31, 2014
Revenues: Minimum rents $ 374,112 $ 389,252 Tenant
recoveries 177,482 181,466 Overage rents 8,815 9,821 Management
fees and other corporate revenues 19,086 16,687 Other 14,648
25,659
Total revenues
594,143 622,885 Expenses:
Real estate taxes 55,987 56,916 Property maintenance costs 19,881
21,424 Marketing 4,708 5,804 Other property operating costs 76,296
85,666 Provision for doubtful accounts 3,271 2,142 Property
management and other costs 42,793 44,950 General and administrative
12,446 11,599 Depreciation and amortization 175,948
171,478
Total expenses 391,330
399,979 Operating income
202,813 222,906 Interest and
dividend income 8,821 6,409 Interest expense (172,651 ) (179,046 )
(Loss) Gain on Foreign Currency (22,910 ) 5,182 Gain from changes
in control of investment properties 591,245 -
Income before income taxes, equity in income of
Unconsolidated Real Estate Affiliates, discontinued operations, and
allocation to noncontrolling interests 607,318
55,451 Benefit from (provision for) income taxes 11,159
(3,692 ) Equity in income of Unconsolidated Real Estate Affiliates
23,273 7,157
Income from continuing
operations 641,750 58,916
Discontinued operations - 72,972
Net income 641,750 131,888 Allocation to
noncontrolling interests (7,019 ) (3,852 )
Net
income attributable to GGP 634,731 128,036
Preferred stock dividends (3,984 ) (3,984 )
Net
income attributable to common stockholders $
630,747 $ 124,052 Basic
Income Per Share: Continuing operations $ 0.71 $ 0.06
Discontinued operations - 0.08
Total
basic income per share $ 0.71 $
0.14 Diluted Income Per Share: Continuing
operations $ 0.66 $ 0.06 Discontinued operations -
0.07
Total diluted income per share $
0.66 $ 0.13 FINANCIAL OVERVIEW
Consolidated Balance Sheets (In thousands)
March 31, 2015
December 31, 2014 Assets: Investment in real estate:
Land $ 3,639,735 $ 4,244,607 Buildings and equipment 16,208,711
18,028,844 Less accumulated depreciation (2,140,032 ) (2,280,845 )
Construction in progress 331,604 703,859
Net property and equipment 18,040,018 20,696,465 Investment
in and loans to/from Unconsolidated Real Estate Affiliates
3,474,620 2,604,762 Net investment in real
estate 21,514,638 23,301,227 Cash and cash equivalents 173,273
372,471 Accounts and notes receivable, net 624,153 663,768 Deferred
expenses, net 173,909 184,491 Prepaid expenses and other assets
846,965 813,777 Assets held for disposition 94,730
-
Total assets $ 23,427,668
$ 25,335,734 Liabilities:
Mortgages, notes and loans payable $ 13,763,034 $ 15,998,289
Investment in and loans to/from Unconsolidated Real Estate
Affiliates 36,108 35,598 Accounts payable and accrued expenses
715,314 934,897 Dividend payable 157,968 154,694 Deferred tax
liabilities 8,588 21,240 Junior Subordinated Notes 206,200 206,200
Liabilities held for disposition 66,999 -
Total liabilities 14,954,211
17,350,918 Redeemable noncontrolling
interests: Preferred 168,736 164,031 Common 141,679
135,265
Total redeemable noncontrolling
interests 310,415 299,296
Equity: Preferred stock 242,042 242,042 Stockholder's
Equity 7,838,568 7,363,877 Noncontrolling interests in consolidated
real estate affiliates 78,695 79,601 Non Controlling interest
related to Long-Term Incentive Plan Common Units 3,737
-
Total equity 8,163,042
7,685,520 Total liabilities,
redeemable noncontrolling interests and equity $
23,427,668 $ 25,335,734
PROPORTIONATE FINANCIAL STATEMENTS Company NOI, EBITDA and
FFO For the Three Months Ended March 31, 2015 and 2014 (In
thousands)
Three Months Ended March 31, 2015 Three
Months Ended March 31, 2014 Consolidated
Noncontrolling Unconsolidated
Sold Consolidated
Noncontrolling Unconsolidated
Sold Properties
Interests Properties Interests
Proportionate Adjustments
Company Properties Interests
Properties Interests
Proportionate Adjustments
Company Property revenues: Minimum rents $ 374,112 $
(4,090 ) $ 108,707 $ (5,198 ) $ 473,531 $ 18,982 $ 492,513 $
389,252 $ (3,571 ) $ 87,640 $ (11,338 ) $ 461,983 $ 14,921 $
476,904 Tenant recoveries 177,482 (1,680 ) 49,552 (2,495 ) 222,859
- 222,859 181,466 (1,301 ) 42,420 (5,160 ) 217,425 - 217,425
Overage rents 8,815 (61 ) 3,004 (271 ) 11,487 - 11,487 9,821 (69 )
2,254 (718 ) 11,288 - 11,288 Other revenue 14,648
(249 ) 5,862 (191
) 20,070 -
20,070 25,659 (94 )
3,208 (1,238 ) 27,535
- 27,535 Total
property revenues 575,057 (6,080 )
167,125 (8,155 )
727,947 18,982 746,929
606,198 (5,035 )
135,522 (18,454 ) 718,231
14,921 733,152 Property
operating expenses: Real estate taxes 55,987 (723 ) 13,381 (452 )
68,193 (1,490 ) 66,703 56,916 (556 ) 13,536 (1,039 ) 68,857 (1,490
) 67,367 Property maintenance costs 19,881 (124 ) 6,119 (146 )
25,730 - 25,730 21,424 (101 ) 5,530 (554 ) 26,299 - 26,299
Marketing 4,708 (42 ) 2,045 (184 ) 6,527 - 6,527 5,804 (57 ) 1,750
(356 ) 7,141 - 7,141 Other property operating costs 76,296 (756 )
23,554 (850 ) 98,244 (1,023 ) 97,221 85,666 (521 ) 20,477 (3,147 )
102,475 (1,028 ) 101,447 Provision for doubtful accounts
3,271 (24 ) 1,552
(28 ) 4,771 -
4,771 2,142 1
440 (104 )
2,479 - 2,479
Total property operating expenses 160,143
(1,669 ) 46,651 (1,660 )
203,465 (2,513 )
200,952 171,952 (1,234 )
41,733 (5,200 ) 207,251
(2,518 ) 204,733
NOI $ 414,914 $
(4,411 ) $ 120,474
$ (6,495 ) $ 524,482
$ 21,495 $
545,977 $ 434,246
$ (3,801 ) $ 93,789
$ (13,254 ) $
510,980 $ 17,439
$ 528,419 Management fees and other corporate
revenues 19,086 - - - 19,086 - 19,086 16,687 - - - 16,687 - 16,687
Property management and other costs (42,793 ) 183 (7,587 ) 23
(50,174 ) - (50,174 ) (44,950 ) 164 (6,994 ) 54 (51,726 ) - (51,726
) General and administrative (12,446 ) -
(515 ) -
(12,961 ) - (12,961 )
(11,599 ) 2 (203 )
- (11,800 ) -
(11,800 )
EBITDA $ 378,761
$ (4,228 ) $
112,372 $ (6,472 )
$ 480,433 $ 21,495
$ 501,928 $ 394,384
$ (3,635 ) $
86,592 $ (13,200 )
$ 464,141 $ 17,439
$ 481,580 Depreciation on non-income
producing assets (2,682 ) - - - (2,682 ) - (2,682 ) (2,727 ) - - -
(2,727 ) - (2,727 ) Interest and dividend income 8,821 387 707 -
9,915 (205 ) 9,710 6,409 - 546 - 6,955 - 6,955 Preferred unit
distributions (2,232 ) - - - (2,232 ) - (2,232 ) (2,232 ) - - -
(2,232 ) - (2,232 ) Preferred stock dividends (3,984 ) - - - (3,984
) - (3,984 ) (3,984 ) - - - (3,984 ) - (3,984 ) Interest expense: -
- Mark-to-market adjustments on debt 187 (101 ) 382 (4 ) 464 (464 )
- (1,523 ) (96 ) 370 (15 ) (1,264 ) 1,264 - Write-off of
mark-to-market adjustments on extinguished debt (14,872 ) - - -
(14,872 ) 14,872 - (7,380 ) - - - (7,380 ) 7,380 - Interest on
existing debt (157,967 ) 1,459 (45,516 ) 2,283 (199,741 ) -
(199,741 ) (170,143 ) 1,107 (35,427 ) 3,601 (200,862 ) - (200,862 )
(Loss) gain on foreign currency (22,910 ) - - - (22,910 ) 22,910 -
5,182 - - - 5,182 (5,182 ) - Benefit from (provision for) income
taxes 11,159 20 (102 ) - 11,077 (9,061 ) 2,016 (3,692 ) 18 (94 ) -
(3,768 ) 2,050 (1,718 ) FFO from sold interests -
- - 4,193
4,193 130
4,323 71,300 -
207 9,614
81,121 (65,714 ) 15,407
194,281 (2,463 ) 67,843 - 259,661 49,677 309,338 285,594 (2,606 )
52,194 - 335,182 (42,763 ) 292,419 Equity in FFO of Unconsolidated
Properties and Noncontrolling Interests 65,380
2,463 (67,843 ) -
- - -
49,588 2,606
(52,194 ) - -
- -
FFO $
259,661 $ -
$ - $ -
$ 259,661 $ 49,677
$ 309,338 $ 335,182
$ - $ -
$ - $
335,182 $ (42,763 )
$ 292,419 Company FFO per
diluted share $ 0.32 $ 0.31
PROPORTIONATE FINANCIAL STATEMENTS Reconciliation of
Non-GAAP to GAAP Financial Measures (In thousands)
Three Months Ended March 31, 2015 March 31,
2014 Reconciliation of Company NOI to GAAP Operating
Income Company NOI $ 545,977 $ 528,419 Adjustments for
minimum rents, real estate taxes and other property operating costs
(21,495 ) (17,439 ) Proportionate NOI 524,482
510,980 Unconsolidated Properties (120,474 ) (93,789 ) NOI of sold
interests 6,495 13,254 Noncontrolling interest in NOI of
Consolidated Properties 4,411 3,801
Consolidated Properties 414,914 434,246 Management fees and
other corporate revenues 19,086 16,687 Property management and
other costs (42,793 ) (44,950 ) General and administrative (12,446
) (11,599 ) Depreciation and amortization (175,948 )
(171,478 )
Operating income $ 202,813
$ 222,906
Reconciliation of Company EBITDA to GAAP Net Income Attributable
to GGP Company EBITDA $ 501,928 $ 481,580 Adjustments
for minimum rents, real estate taxes, other property operating
costs, and general and administrative (21,495 )
(17,439 ) Proportionate EBITDA 480,433 464,141
Unconsolidated Properties (112,372 ) (86,592 ) EBITDA of sold
interests 6,472 13,200 Noncontrolling interest in EBITDA of
Consolidated Properties 4,228 3,635
Consolidated Properties 378,761 394,384 Depreciation and
amortization (175,948 ) (171,478 ) Interest income 8,821 6,409
Interest expense (172,651 ) (179,046 ) (Loss) gain on foreign
currency (22,910 ) 5,182 Benefit from (provision for) income taxes
11,159 (3,692 ) Equity in income of Unconsolidated Real Estate
Affiliates 23,273 7,157 Discontinued operations - 72,972 Gains from
changes in control of investment properties 591,245 - Allocation to
noncontrolling interests (7,019 ) (3,852 )
Net income attributable to GGP $ 634,731
$ 128,036
Reconciliation of Company FFO to GAAP Net Income Attributable to
GGP Company FFO $ 309,338 $ 292,419 Adjustments for
minimum rents, property operating expenses, general and
administrative, market rate adjustments, debt extinguishment,
income taxes, and FFO from discontinued operations
(49,677 ) 42,763 Proportionate FFO 259,661
335,182 Depreciation and amortization of capitalized real estate
costs (229,869 ) (215,317 ) Gain from change in control of
investment properties 591,245 - Preferred stock dividends 3,984
3,984 Gains on sales of investment properties 12,021 6,299
Noncontrolling interests in depreciation of Consolidated Properties
2,035 1,662 Redeemable noncontrolling interests (4,346 ) (664 )
Depreciation and amortization of discontinued operations -
(3,110 )
Net income attributable to GGP
$ 634,731 $ 128,036
Reconciliation of Equity in NOI of Unconsolidated
Properties to GAAP Equity in Income of Unconsolidated Real Estate
Affiliates Equity in Unconsolidated Properties: NOI $ 120,474 $
93,789 Net property management fees and costs (7,587 ) (6,994 )
General and administrative and provisions for impairment
(515 ) (203 ) EBITDA 112,372 86,592 Net
interest expense (44,427 ) (34,511 ) Provision for income taxes
(102 ) (94 ) FFO of sold interests of Unconsolidated
Properties - 207 FFO of
Unconsolidated Properties 67,843 52,194 Depreciation and
amortization of capitalized real estate costs (56,605 ) (46,658 )
Other, including gain on sales of investment properties
12,035 1,621
Equity in income of
Unconsolidated Real Estate Affiliates $ 23,273
$ 7,157
General Growth Properties, Inc.Kevin Berry, (312) 960-5529VP
Investor Relationskevin.berry@ggp.com
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