General Growth FFO In Line With Estimates; Narrows FY15 FFO Guidance

(RTTNews) - General Growth Properties Inc (GGP), a real estate investment trust, on Monday reported second-quarter funds from operations from consolidated properties of $314.4 million compared with $271.9 million last year.

Excluding items, company FFO for the quarter was $318.6 million or $0.33 per share compared with $297.6 million or $0.31 per share a year ago.

Analysts polled by Thomson Reuters estimated FFO of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings to stockholders for the quarter were $418 million or $0.44 per share compared with $169.7 million or $0.18 per share in the prior year.

Revenues for the quarter totaled $580 million, down from $611.9 million in the prior year.

Analysts estimated revenues of $616.1 million for the quarter.

Comparable net operating income - or same store NOI - increased 3.6% from the prior-year quarter to $543 million.

For the third quarter, General Growth expects company FFO of $0.34 to $0.36 per share, while analysts expect $0.35 per share.

For the full year 2015, General Growth now expects company FFO of $1.41 to $1.45 per share, from prior guidance of $1.40 to $1.46 per share. Analysts expect FFO of $1.42 per share.