General Growth Properties Q3 FFO Tops View

(RTTNews) - General Growth Properties Inc. (GGP) Monday said third-quarter funds from operations, or FFO, increased to $283 million or $0.29 per share from $231 million or $0.23 per share in the comparable quarter last year.

On average, 18 analysts polled by Thomson Reuters expected FFO of $0.27 per share for the quarter. Analysts' estimates typically exclude special items. Analysts' estimates typically exclude special items.

Earnings attributable to common stockholders totaled $23.5 million or $0.02 per share, compared to loss of $207.9 million or $0.23 per share last year.

Revenues increased to $620.70 million from $622.76 million last year. Analysts expected revenues of $636.87 million.

Looking ahead to the fourth quarter, the company expects FFO to be in the range of $0.34 to $0.36 per share and net income attributable to the company of $0.11 to $0.13 per share. Analysts currently expect earnings of $0.34 per share.

For fiscal 2013, the company expects FFO to be in the range of $1.15 to $1.17 per share and net income attributable to the company of $0.35 to $0.37 per share. Analysts currently expect earnings of $1.14 per share.

Further, the company announced that its Board of Directors declared a fourth quarter common stock dividend of $0.14 per share payable on January 2, 2014, to stockholders of record on December 13, 2013, representing an increase of $0.01 per share or 8% growth from the prior quarter.