GGP Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported
results for the three and twelve months ended December 31,
2016.
Highlights
- Company Same Store Net Operating Income
(“Company Same Store NOI”) increased 5.1% and 4.4% from the prior
year period for the three and twelve months ended December 31,
2016, respectively.
- Company earnings before interest,
taxes, depreciation and amortization (“Company EBITDA”) increased
6.8% and 9.3% from the prior year period for the three and twelve
months ended December 31, 2016, respectively.
- Same Store leased percentage was 97.2%
at quarter end.
- Initial rental rates for signed leases
that have commenced in 2016 on a suite-to-suite basis increased
10.1% when compared to the rental rate for expiring leases.
- Tenant sales (all less anchors)
increased 0.9% on a trailing 12-month basis.1
- For the month of December, tenant sales
(all less anchors) increased 2% and sales per square foot
(<10,000 square feet) increased 3.1% over the prior year.
- The Company declared a first quarter
common stock dividend of $0.22 per share, an increase of 16% over
the first quarter of 2016.
GAAP Operating Results
For the three months ended December 31, 2016, net income
attributable to GGP was $236 million, or $0.24 per diluted share,
as compared to $194 million, or $0.20 per diluted share, in the
prior year period. For the twelve months ended December 31, 2016,
net income attributable to GGP was $1.3 billion, or $1.34 per
diluted share, as compared to $1.37 billion, or $1.43 per diluted
share, in the prior year period. Net income attributable to GGP in
2016 and 2015 for the twelve months was impacted primarily by the
gains related to the sales and acquisitions of partial interests in
two properties.
Company Operating
Results
For the three months ended December 31, 2016, Company Funds From
Operations (“Company FFO”) was $412 million, or $0.43 per diluted
share, as compared to $408 million, or $0.43 per diluted share, in
the prior year period, an increase of 0.8%. For the twelve months
ended December 31, 2016, Company FFO was $1.47 billion, or $1.53
per diluted share, as compared to $1.38 billion, or $1.44 per
diluted share, in the prior year period, an increase of 6.7%.
1 Excludes Christiana Mall due to unusual changes in sales
productivity.
Investment Activities
Development
The Company’s development and redevelopment activities total
$1.3 billion, of which approximately $0.6 billion is under
construction and $0.7 billion is in the pipeline.
Acquisitions
The Company acquired its joint venture partner’s interest in
Riverchase Galleria in Hoover, Alabama.
The Company acquired 605 N. Michigan Avenue in Chicago,
Illinois.
The Company acquired interests in five Macy’s boxes, including
the boxes at Tysons Galleria and Stonestown Galleria.
Common Share Repurchase
During the quarter, the Company acquired approximately 1.89
million of its common shares at a weighted average price of $24.47
per share for total consideration of approximately $46 million.
Dividends
On January 30, 2017, the Company’s Board of Directors declared a
first quarter common stock dividend of $0.22 per share payable on
April 28, 2017, to stockholders of record on April 13, 2017. This
represents an increase of $0.03 per share or 16% growth over the
dividend declared for the first quarter of 2016.
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 3, 2017, to stockholders of record on
March 15, 2017.
On January 27, 2017, the Company paid a special common stock
dividend of $0.26 per share to stockholders of record on December
27, 2016.
Guidance
For the year ending
For the Quarter ending
Earnings Guidance
December 31, 2017
March 31, 2017
Net income attributable to GGP $0.63- $0.68
$0.12- $0.14 Preferred stock dividends (0.02 ) (0.01 ) Net income
attributable to common stockholders $0.61 - $0.66 $0.11 - $0.13
Depreciation, including share of JVs 0.92 0.23 NAREIT
FFO $1.53 - $1.58 $0.34 - $0.36 Adjustments 1 0.03 0.01
Company FFO per diluted share $1.56 - $1.61 $0.35 -
$0.37
- Includes impact of straight-line rent,
above/below market rent, gain/loss on foreign currency and the
related provision for income taxes, and other items. For discussion
on the purpose and use of these adjustments please see the Non-GAAP
Supplemental Financial Measures and Definitions section.
The guidance estimate reflects management’s view of current and
future market conditions, including assumptions with respect to
Company Same Store NOI and Operating Income 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
future gains or losses, or the impact on operating results from
future property acquisitions or dispositions or capital market
activity. 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 exclude 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, January 31, 2017, 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 35145485.
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 assumptions, 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.investor.ggp.com from time to time.
GGP Inc.
GGP 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
Proportionate or At Share Basis
The following Non-GAAP supplemental financial measures are all
presented on a proportionate basis. The proportionate financial
information presents the consolidated and unconsolidated properties
at the Company’s ownership percentage or “at share”. This form of
presentation offers insights into the financial performance and
condition of the Company as a whole, given the significance of the
Company’s unconsolidated property operations that are owned through
investments accounted for under GAAP using the equity method.
The proportionate financial information is not, and is not
intended to be, a presentation in accordance with GAAP. The
non-GAAP proportionate financial information reflects our
proportionate economic ownership of each asset in our property
portfolio that we do not wholly own. The amounts shown in the
columns labeled "Consolidated Properties at Share" reflect the
Company's Consolidated Properties at our proportionate share
(excluding noncontrolling interests and unconsolidated properties).
The amounts in the column labeled "Unconsolidated Properties" were
derived on a property-by-property basis by including our share of
each line item from each individual entity. This provides
visibility into our share of the operations of our joint
ventures.
We do not control the unconsolidated joint ventures and the
presentations of the assets and liabilities and revenues and
expenses do not represent our legal claim to such items. The
operating agreements of the unconsolidated joint ventures generally
provide that partners may receive cash distributions (1) to the
extent there is available cash from operations, (2) upon a capital
event, such as a refinancing or sale or (3) upon liquidation of the
venture. The amount of cash each partner receives is based upon
specific provisions of each operating agreement and varies
depending on factors including the amount of capital contributed by
each partner and whether any contributions are entitled to priority
distributions. Upon liquidation of the joint venture and after all
liabilities, priority distributions and initial equity
contributions have been repaid, the partners generally would be
entitled to any residual cash remaining based on their respective
legal ownership percentages.
We provide Non-GAAP proportionate financial information because
we believe it assists investors and analysts in estimating our
economic interest in our unconsolidated joint ventures when read in
conjunction with the Company's reported results under GAAP. Other
companies in our industry may calculate their proportionate
interest differently than we do, limiting the usefulness as a
comparative measure. Because of these limitations, the Non-GAAP
proportionate financial information should not be considered in
isolation or as a substitute for our financial statements as
reported under GAAP.
Net Operating Income (“NOI”), Company NOI and Company Same
Store NOI
The Company defines NOI as proportionate income from operations
and after operating expenses have been deducted, but prior to
deducting financing, property management, administrative and income
tax expenses. NOI excludes management fees and other corporate
revenue and reductions in ownership as a result of sales or other
transactions. 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,
management fees and other corporate revenue, general and
administrative and property management 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, 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 items such as straight-line rent, and
amortization of intangibles resulting from 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, Company EBITDA 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.
Adjustments to NOI, EBITDA and FFO, including debt
extinguishment costs, market rate adjustments on debt,
straight-line rent, intangible asset and liability amortization,
real estate tax stabilization, gains and losses on foreign currency
and other items that are not a result of normal operations, assist
management and investors in distinguishing whether increases or
decreases in revenues and/or expenses are due to growth or decline
of operations at the properties or from other factors. In addition,
the Company’s leases include step rents that increase over the term
of the lease to compensate the Company for anticipated increases in
market rentals over time. The Company’s leases do not include
significant front loading or back loading of payments or
significant rent-free periods. Therefore, we find it useful to
evaluate rent on a contractual basis as it allows for comparison of
existing rental rates to market rental rates. Management has
historically made these adjustments in evaluating our performance,
in our annual budget process and for our compensation programs.
The Company defines Company Same Store NOI as Company NOI
excluding periodic effects of full or partial acquisitions of
properties and certain redevelopments (for the list of properties
included in Company Same Store NOI see the Property Schedule in our
Supplemental Information). We do not include an acquired property
in our Company Same Store NOI until the operating results for that
property have been included in our consolidated results for one
full calendar year. Properties that we sell are excluded from
Company NOI and Company Same Store NOI for all periods once the
transaction has closed.
The Company considers Company Same Store NOI a helpful
supplemental measure of its operating performance because it
assists management and investors in distinguishing whether
increases or decreases in revenues and/or expenses are due to
growth or decline of operations at comparable properties or from
other factors, such as the effect of acquisitions. For these
reasons, we believe that Company Same Store NOI, when combined with
GAAP operating income provides useful information to investors and
management.
Other REITs may use different methodologies for calculating,
NOI, Company NOI and Company Same Store NOI, and accordingly, the
Company’s Company Same Store NOI may not be comparable to other
REITs. As a result of the elimination of corporate-level costs and
expenses and depreciation and amortization, the Company Same Store
NOI we present does not represent our total revenues, expenses,
operating profit or net income and should not be used to evaluate
our performance as a whole. Management compensates for these
limitations by separately considering the impact of these excluded
items, to the extent they are material, to operating decisions or
assessments of our operating performance. Our consolidated GAAP
statements of operations include such amounts, all of which should
be considered by investors when evaluating our performance.
Earnings Before Interest Expense, Income Tax, Depreciation,
and Amortization ("EBITDA") and Company EBITDA
The Company defines EBITDA as NOI less certain property
management and administrative expenses, net of management fees and
other corporate revenues. EBITDA is a commonly used measure of
performance in many industries, but may not be comparable to
measures calculated by other companies. Management believes EBITDA
provides useful information to investors regarding our results of
operations because it helps us and our investors evaluate the
ongoing operating performance of our properties after removing the
impact of our capital structure (primarily interest expense) and
our asset base (primarily depreciation and amortization).
Management also believes the use of EBITDA facilitates comparisons
between us and other equity REITs, retail property owners who are
not REITs and other capital-intensive companies. Management uses
Company EBITDA to evaluate property-level results and as one
measure in determining the value of acquisitions and dispositions
and, like FFO and Same Store NOI (discussed below), it is widely
used by management in the annual budget process and for
compensation programs. Please see adjustments discussion above for
the purpose and use of the adjustments included in Company
EBITDA.
EBITDA and Company EBITDA, as presented, may not be comparable
to similar measures calculated by other companies. This information
should not be considered as an alternative to net income, operating
profit, cash from operations or any other operating performance
measure calculated in accordance with GAAP.
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.
We calculate FFO in accordance with standards established by
NAREIT, which may not be comparable to measures calculated by other
companies who do not use the NAREIT definition of FFO or do not
calculate FFO in accordance with NAREIT guidance. In addition,
although FFO is a useful measure when comparing our results to
other REITs, it may not be helpful to investors when comparing us
to non-REITs. As with the presentation of Company NOI and Company
EBITDA, we also consider Company FFO, which is not in accordance
with NAREIT guidance and may not be comparable to measures
calculated by other REITs, to be a helpful supplemental measure of
our operating performance. Please see adjustments discussion above
for the purpose and use of the adjustments included in Company
FFO.
FFO and Company FFO do not represent cash flow from operations
as defined by GAAP, should not be considered as an alternative to
net income determined in accordance with GAAP as a measure of
operating performance, and is not an alternative to cash flows as a
measure of liquidity or indicative of funds available to fund our
cash needs. In addition, Company FFO per diluted share does not
measure, and should not be used as a measure of, amounts that
accrue directly to stockholders’ benefit.
Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures
The Company presents NOI, EBITDA 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, EBITDA, Company
EBITDA, FFO and Company FFO, reconciliations have been provided as
follows: a reconciliation of GAAP operating income to Company NOI
and Company Same Store NOI, a reconciliation of GAAP net income
attributable to GGP to EBITDA and Company EBITDA, and a
reconciliation of GAAP net income 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 flow. In addition, the Company has presented
such financial measures on a consolidated and unconsolidated basis
(at the Company’s proportionate share) as the Company believes that
given the significance of the Company’s operations that are owned
through investments accounted for by 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.
GAAP FINANCIAL STATEMENTS
Consolidated Balance Sheets(In thousands)
December 31, 2016 December
31, 2015 Assets: Investment in real estate: Land $
3,066,019 $ 3,596,354 Buildings and equipment 16,091,582 16,379,789
Less accumulated depreciation (2,737,286 ) (2,452,127 )
Construction in progress 251,616 308,903
Net property and equipment 16,671,931 17,832,919 Investment
in and loans to/from Unconsolidated Real Estate Affiliates
3,868,993 3,506,040 Net investment in real
estate 20,540,924 21,338,959 Cash and cash equivalents 474,757
356,895 Accounts receivable, net 322,196 336,572 Notes receivable,
net 678,496 641,445 Deferred expenses, net 209,852 214,578 Prepaid
expenses and other assets 506,521 968,873 Assets held for
disposition - 216,233
Total
assets $ 22,732,746 $
24,073,555 Liabilities: Mortgages, notes and
loans payable $ 12,430,418 $ 14,216,160 Investment in
Unconsolidated Real Estate Affiliates 39,506 38,488 Accounts
payable and accrued expenses 655,362 784,493 Dividend payable
433,961 172,070 Deferred tax liabilities 3,843 1,289 Junior
Subordinated Notes 206,200 206,200 Liabilities held for disposition
- 58,934
Total liabilities
13,769,290 15,477,634
Redeemable noncontrolling interests: Preferred 144,060
157,903 Common 118,667 129,724
Total
redeemable noncontrolling interests 262,727
287,627 Equity: Preferred stock
242,042 242,042 Stockholders' Equity 8,393,722 8,028,001
Noncontrolling interests in consolidated real estate affiliates
33,583 24,712 Noncontrolling interests related to long-term
incentive plan common units 31,382 13,539
Total equity 8,700,729
8,308,294 Total liabilities, redeemable
noncontrolling interests and equity $ 22,732,746
$ 24,073,555
GAAP FINANCIAL STATEMENTS
Consolidated Statements of Income(In thousands, except per
share)
Three Months Ended Twelve Months Ended
December 31, 2016 December 31, 2015
December 31, 2016 December 31, 2015
Revenues: Minimum rents $ 367,484 $ 387,230 $ 1,449,704 $
1,481,614 Tenant recoveries 163,838 171,496 668,081 689,536 Overage
rents 23,510 25,269 42,534 44,024 Management fees and other
corporate revenues 22,728 21,282 95,814 86,595 Other 32,775
39,357 90,313 102,137
Total revenues 610,335
644,634 2,346,446
2,403,906 Expenses: Real estate taxes 55,985
52,458 229,635 222,883 Property maintenance costs 14,013 15,548
55,027 60,040 Marketing 6,120 9,110 13,155 21,958 Other property
operating costs 67,117 74,923 282,591 302,797 Provision for
doubtful accounts 2,353 1,882 8,038 8,081 Property management and
other costs 31,815 39,709 138,602 161,556 Provision for loan loss
205 - 29,615 - General and administrative 14,432 13,010 55,745
50,405 Provision for impairment - 8,604 73,039 8,604 Depreciation
and amortization 161,477 160,663
660,746 643,689
Total expenses
353,517 375,907
1,546,193 1,480,013 Operating
income 256,818 268,727
800,253 923,893
Interest and dividend income 16,453 14,358 59,960 49,254 Interest
expense (133,862 ) (147,386 ) (571,200 ) (607,675 ) (Loss) gain on
foreign currency (2,086 ) 1,555 14,087 (44,984 ) (Loss) gain from
changes in control of investment properties and other
(10,512 ) 11,780 722,904 634,367
Income before income taxes, equity in
income of Unconsolidated Real Estate
Affiliates, and noncontrolling
interests
126,811 149,034 1,026,004 954,855
(Provision for) benefit from income taxes (173 ) 9,253 (901 )
38,334 Equity in income of Unconsolidated Real Estate Affiliates
103,856 32,275 231,615 73,390 Unconsolidated Real Estate Affiliates
- gain on investment 10,790 6,067
51,555 327,017
Net income
241,284 196,629 1,308,273 1,393,596
Allocation to noncontrolling interests (4,824 )
(2,588 ) (19,906 ) (19,035 )
Net income
attributable to GGP 236,460 194,041
1,288,367 1,374,561 Preferred stock dividends
(3,984 ) (3,984 ) (15,935 ) (15,937 )
Net
income attributable to common stockholders $
232,476 $ 190,057 $
1,272,432 $ 1,358,624
Basic earnings per share $
0.26 $ 0.22 $ 1.44
$ 1.54 Diluted earnings per
share $ 0.24 $ 0.20
$ 1.34 $ 1.43
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION
Reconciliation of GAAP to Non-GAAP Financial Measures(In
thousands, except per share)
Three Months Ended
Twelve Months Ended
December 31, 2016
December 31, 2015
December 31, 2016 December 31, 2015
Reconciliation of
GAAP Operating Income to Company Same Store NOI
Operating Income $ 256,818 $ 268,727 $ 800,253 $
923,893 Loss (gain) on sales of investment properties - 188 1,017
(499 ) Depreciation and amortization 161,477 160,663 660,746
643,689 Provision for loan loss 205 - 29,615 - Provision for
impairment - 8,604 73,039 8,604 General and administrative 14,432
13,010 55,745 50,405 Property management and other costs 31,815
39,709 138,602 161,556 Management fees and other corporate revenues
(22,728 ) (21,282 ) (95,814 )
(86,595 ) Consolidated Properties 442,019 469,619 1,663,203
1,701,053 Noncontrolling interest in NOI of Consolidated Properties
(4,346 ) (5,205 ) (15,425 ) (18,525 ) NOI of sold interests 452
(27,921 ) (42,747 ) (103,021 ) Unconsolidated Properties
194,540 166,191 725,479
578,841 Proportionate NOI 632,665
602,684 2,330,510 2,158,348 Company adjustments: Minimum rents
1,549 (1,034 ) 15,609 26,556 Real estate taxes 1,490 1,490 5,958
5,958 Property operating expenses 1,001
1,030 3,992 4,086
Company NOI 636,705 604,170 2,356,069 2,194,948 Company Non-Same
Store NOI 22,339 19,493
119,430 52,893 Company Same Store NOI $
614,366 $ 584,677 $ 2,236,639 $
2,142,055
Reconciliation of
GAAP Net Income Attributable to GGP to Company
EBITDA
Net Income Attributable to GGP $ 236,460 $ 194,041 $ 1,288,367 $
1,374,561 Allocation to noncontrolling interests 4,824 2,588 19,906
19,035 Loss (gain) on sales of investment properties - 188 1,017
(499 ) Loss (gains) from changes in control of investment
properties and other 10,512 (11,780 ) (722,904 ) (634,367 )
Unconsolidated Real Estate Affiliates - gain on investment (10,790
) (6,067 ) (51,555 ) (327,017 ) Equity in income of Unconsolidated
Real Estate Affiliates (103,856 ) (32,275 ) (231,615 ) (73,390 )
Provision for loan loss 205 - 29,615 - Provision for impairment -
8,604 73,039 8,604 Provision for (benefit from) income taxes 173
(9,253 ) 901 (38,334 ) Loss (gain) on foreign currency 2,086 (1,555
) (14,087 ) 44,984 Interest expense 133,862 147,386 571,200 607,675
Interest and dividend income (16,453 ) (14,358 ) (59,960 ) (49,254
) Depreciation and amortization 161,477
160,663 660,746 643,689
Consolidated Properties 418,500 438,182 1,564,670 1,575,687
Noncontrolling interest in EBITDA of Consolidated Properties (4,144
) (5,016 ) (14,808 ) (17,805 ) EBITDA of sold interests 452 (27,795
) (42,461 ) (102,327 ) Unconsolidated Properties
183,696 157,089 688,155
539,290 Proportionate EBITDA 598,504 562,460
2,195,556 1,994,845 Company adjustments: Minimum rents 1,549 (1,034
) 15,609 26,556 Real estate taxes 1,490 1,490 5,958 5,958
Property operating expenses 1,001 1,030
3,992 4,086 Company
EBITDA $ 602,544 $ 563,946 $ 2,221,115
$ 2,031,445
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION
Reconciliation of GAAP to Non-GAAP Financial Measures(In
thousands, except per share)
Three Months Ended
Twelve Months Ended
December 31, 2016
December 31, 2015
December 31, 2016
December 31, 2015
Reconciliation of
GAAP Net Income Attributable to GGP to Company FFO
Net Income Attributable to GGP $ 236,460 $ 194,041 $
1,288,367 $ 1,374,561 Redeemable noncontrolling interests 2,037
(693 ) 9,971 7,839 Provision for impairment excluded from FFO -
8,604 73,039 8,604 Noncontrolling interests in depreciation of
Consolidated Properties (1,161 ) (1,850 ) (6,036 ) (7,754 )
Unconsolidated Real Estate Affiliates - gain on investment (10,790
) (6,067 ) (51,555 ) (327,017 ) Loss on sales of investment
properties - 163 1,016 2,687 Preferred stock dividends (3,984 )
(3,984 ) (15,935 ) (15,937 ) Loss (gains) from changes in control
of investment properties and other 10,512 (11,780 ) (722,904 )
(634,367 ) Depreciation and amortization of capitalized real estate
costs - Consolidated Properties 157,325 157,722 645,129 632,328
Depreciation and amortization of capitalized real estate costs -
Unconsolidated Properties 70,520 72,508
279,756 258,510
FFO 460,919 408,664 1,500,848 1,299,454 Company adjustments:
Minimum rents 1,549 (1,034 ) 15,609 26,556 Property operating
expenses 1,490 1,490 5,958 5,958 Property management and other
costs 1,001 1,030 3,992 4,086 Investment income, net (205 ) (205 )
(818 ) (818 ) Market rate adjustments (1,154 ) (401 ) (3,247 )
(1,724 ) Gain on extinguishment of debt (54,138 ) - (54,138 ) -
Write-off of mark-to-market adjustments on extinguished debt - -
(2,290 ) 7,229 Provision for loan loss 205 - 22,095 - Loss (gain)
on foreign currency 2,086 (1,555 ) (14,087 ) 44,984 Benefit from
(provision for) income taxes 404 615 (1,857 ) (16,551 ) FFO
from sold interests - (434 )
(815 ) 7,632 Company FFO $ 412,157
$ 408,170 $ 1,471,250 $ 1,376,806
Reconciliation of
Net Income Attributable to GGP per diluted share to Company FFO per
diluted share
Net Income Attributable to GGP per diluted share $ 0.24 $ 0.20 $
1.36 $ 1.45 Preferred stock dividends -
- (0.02 ) (0.02 ) Net income
attributable to common stockholders per diluted share 0.24 0.20
1.34 1.43 Redeemable noncontrolling interests - - 0.01 0.01
Provision for impairment excluded from FFO - 0.01 0.08 0.01
Noncontrolling interests in depreciation of Consolidated Properties
- - (0.01 ) (0.01 ) Unconsolidated Real Estate Affiliates - gain on
investment (0.01 ) (0.01 ) (0.03 ) (0.34 ) Gains from changes in
control of investment properties and other 0.01 (0.01 ) (0.75 )
(0.66 ) Depreciation and amortization of capitalized real estate
costs 0.24 0.24 0.93
0.92 FFO per diluted share 0.48 0.43
1.57 1.36 Company adjustments: Straight-line rent - - 0.02 0.03
Property operating expenses - - 0.01 0.01 Gain on extinguishment of
debt (0.06 ) - (0.07 ) - Loan loss provision - - 0.02 - Loss (gain)
on foreign currency 0.01 - (0.02 ) 0.05 Provision for income taxes
- - - (0.02 ) FFO from sold interests -
- - 0.01 Company
FFO per diluted share $ 0.43 $ 0.43 $ 1.53
$ 1.44
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170130006035/en/
GGP Inc.Kevin BerrySVP Investor and Public Relations(312)
960-5529kevin.berry@ggp.com
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