General Growth's 4Q Loss Balloons On $749 Million Of Write-Downs

Date : 03/01/2010 @ 4:58PM
Source : Dow Jones News
Stock : Ggp Inc. (GGP)
Quote : 23.28  0.0 (0.00%) @ 8:00AM

General Growth's 4Q Loss Balloons On $749 Million Of Write-Downs

GGP Inc. (NYSE:GGP)
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General Growth Properties Inc. (GGWPQ) posted a sharply wider fourth-quarter loss on write-downs of $749 million as the company continued a public-relations fight against the $10 billion proposed takeover bid from larger rival Simon Property Group Inc. (SPG).

"The operating results we reported today demonstrate we are successfully executing our business strategy to create long-term value for our stakeholders," contended Chief Executive Adam Metz.

The results' disclosure came hours after General Growth said it will establish a bidding process for the company that will allow Simon to compete against a planned investment from Brookfield Asset Management Inc. (BAM). The move is a response to creditors that are complaining about the mall giant's decision to reject Simon's proposal, which would pay off their $7 billion in claims in full.

General Growth's loss widened to $612.4 million, or $1.96 a share, from $6.5 million, or 2 cents a share, a year earlier. Excluding write-downs and other impacts, funds from operations--a key REIT profitability metric--fell to 61 cents from 74 cents as revenue dropped 12% to $794.1 million.

 
   -By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com 
 
 

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