GGP Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported
results for the three and six months ended June 30, 2017.
GAAP Operating Results
- For the three months ended June 30,
2017, net income attributable to GGP was $126 million, or $0.13 per
diluted share, as compared to $186 million, or $0.19 per diluted
share, in the prior year period. For the six months ended June 30,
2017, net income attributable to GGP was $233 million, or $0.24 per
diluted share, as compared to $378 million, or $0.39 per diluted
share, in the prior year period.
- Net income attributable to GGP
decreased 32.3% from the prior year period primarily due to 2016
gains related to the sale of interests in two properties.
- The Company declared a third quarter
common stock dividend of $0.22 per share, an increase of 10% over
the third quarter of 2016.
Company Operating
Results
- Company Same Store Net Operating Income
(“Company Same Store NOI”) increased 0.7% and 1.6% from the prior
year period for the three and six months ended June 30, 2017,
respectively.
- For the three months ended June 30,
2017, Company Net Operating Income (“Company NOI”) as adjusted was
$551 million as compared to $544 million in the prior year period,
an increase of 1.3%. For the six months ended June 30, 2017,
Company NOI as adjusted was $1.11 billion as compared to $1.09
billion, an increase of 2.2%.1
- For the three months ended June 30,
2017, Company Earnings Before Interest, Taxes, Depreciation and
Amortization (“Company EBITDA”) as adjusted was $507 million as
compared to $502 million in the prior year period, an increase of
1.1%. For the six months ended June 30, 2017, Company EBITDA as
adjusted was $1.03 billion as compared to $1.01 billion, an
increase of 2.5%.1
- For the three months ended June 30,
2017, Company Funds From Operations (“Company FFO”) was $335
million, or $0.35 per diluted share, as compared to $340 million,
or $0.35 per diluted share, in the prior year period. For the six
months ended June 30, 2017, Company FFO was $681 million, or $0.71
per diluted share, as compared to $723 million, or $0.75 per
diluted share, in the prior year period.
- Same Store leased percentage was 95.7%
at quarter end.
- Initial NOI weighted rental rates for
signed leases that have commenced in the trailing twelve months on
a suite-to-suite basis increased 13.4% when compared to the rental
rate for expiring leases.
- For the trailing twelve months, NOI
weighted tenant sales per square foot (<10K sf) were $705 an
increase of 1.7% over the prior year.
- Tenant sales (all less anchors)
increased 0.8% on a trailing 12-month basis, excluding apparel the
increase is 3.1%.
1. See Supplemental Information page 4 for items included as
adjustments.
Investment Activities
Development
The Company’s development and redevelopment activities total
$1.5 billion, of which approximately $1.3 billion is under
construction and $0.2 billion is in the pipeline.
Acquisitions
In the second quarter, the Company acquired its joint venture
partner’s interest in Neshaminy Mall in Bensalem, Pennsylvania, and
the Younkers anchor box at Jordan Creek Town Center in West Des
Moines, Iowa.
The Company received an additional 7.3% of its joint venture
partner's membership interests in Miami Design District for two
promissory notes totaling $98 million, resulting in a total
ownership of 22.3%.
The Company received a 10% joint venture membership interest in
522 Fifth Avenue for a $9.0 million promissory note.
Subsequent to quarter end, the Company closed on two
transactions with Seritage Growth Properties for gross
consideration of $247.6 million. Pursuant to the transactions, the
Company (i) acquired the remaining 50% interest in eight of the 12
assets in the existing joint venture between the two companies for
$190.1 million; and (ii) acquired a 50% joint venture interest in
five additional assets for $57.5 million.
Dispositions
The Company sold Red Cliffs Mall in St. George, Utah, for
approximately $39.1 million.
The Company completed its disposition of Lakeside Mall.
Financing Activities
Subsequent to quarter end, the Company obtained $325 million of
new fixed rate debt with term to maturity of 10.0 years and an
interest rate of 3.98%.
Subsequent to quarter end, the Company received a $20 million
payment on a promissory note from its joint venture partner.
Dividends
On August 2, 2017, the Company’s Board of Directors declared a
third quarter common stock dividend of $0.22 per share payable on
October 31, 2017, to stockholders of record on October 13, 2017.
This represents an increase of $0.02 per share or 10% growth over
the dividend declared for the third 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 October 2, 2017, to stockholders of record on
September 15, 2017.
Guidance
For the three For the year ending
months ending Earnings Guidance December 31,
2017 September 30, 2017
Net income attributable to GGP $0.58- $0.62
$0.11- $0.13 Preferred stock dividends (0.02)
(0.01) Net income attributable to common stockholders $0.56
- $0.60 $0.10 - $0.12 Loss (gain) from changes in
control and other 0.02 - Depreciation, including
share of JVs 1.01 0.25 NAREIT FFO $1.59 - $1.63
$0.35 - $0.37 Adjustments 1 (0.03) 0.01
Company FFO per diluted share $1.56 - $1.60 $0.36 -
$0.38 1. Includes impact of straight-line rent, above/below
market rent, gain/loss on foreign currency and other items. For
discussion on the purpose and use of these adjustments please see
the Non-GAAP Supplemental Financial Measures and Definitions
section on page ER7.
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 Wednesday, August 2, 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 44508800.
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 in the column
labeled "Noncontrolling Interests" were derived on a
property-by-property basis by including the share attributable to
noncontrolling interests in each line item from each individual
property. The Company does not have legal claim to the
noncontrolling interest of assets, liabilities, revenue, and
expenses. The amount of cash each noncontrolling interest receives
is based on the specific provisions of each operating agreement and
varies depending on certain factors including the amount of capital
contributed by each investor and whether any investors are entitled
to preferential distributions. 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) attributable to common shareholders
and redeemable non-controlling common unit holders 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)
June 30,
2017 December 31, 2016 Assets: Investment in real
estate: Land $ 3,043,007 $ 3,066,019 Buildings and equipment
16,144,950 16,091,582 Less accumulated depreciation (2,930,511 )
(2,737,286 ) Construction in progress 273,008
251,616 Net property and equipment 16,530,454 16,671,931
Investment in and loans to/from Unconsolidated Real Estate
Affiliates 3,866,518 3,868,993 Net
investment in real estate 20,396,972 20,540,924 Cash and cash
equivalents 227,626 474,757 Accounts receivable, net 301,515
322,196 Notes receivable, net 609,415 678,496 Deferred expenses,
net 269,445 209,852 Prepaid expenses and other assets
472,473 506,521
Total assets $
22,277,446 $ 22,732,746
Liabilities: Mortgages, notes and loans payable $ 12,496,119
$ 12,430,418 Investment in Unconsolidated Real Estate Affiliates
25,863 39,506 Accounts payable and accrued expenses 591,023 655,362
Dividend payable 201,238 433,961 Deferred tax liabilities 3,664
3,843 Junior Subordinated Notes 206,200
206,200
Total liabilities 13,524,107
13,769,290 Redeemable noncontrolling
interests: Preferred 52,485 144,060 Common 197,294
118,667
Total redeemable noncontrolling
interests 249,779 262,727
Equity: Preferred stock 242,042 242,042 Stockholders'
Equity 8,184,043 8,393,722 Noncontrolling interests in consolidated
real estate affiliates 34,175 33,583 Noncontrolling interests
related to long-term incentive plan common units 43,300
31,382
Total equity
8,503,560 8,700,729 Total
liabilities, redeemable noncontrolling interests and equity
$ 22,277,446 $ 22,732,746
GAAP FINANCIAL STATEMENTS Consolidated Statements of
Income (In thousands, except per share)
Three
Months Ended Six Months Ended June 30,
2017 June 30, 2016 June 30, 2017
June 30, 2016 Revenues: Minimum rents $
349,205 $ 363,412 $ 698,218 $ 734,544 Tenant recoveries 161,926
169,763 324,982 342,211 Overage rents 3,280 4,375 9,217 12,519
Management fees and other corporate revenues 20,847 18,917 48,990
52,659 Other 20,538 18,119
40,722 39,685
Total revenues
555,796 574,586
1,122,129 1,181,618
Expenses: Real estate taxes 59,042 57,309 116,536 115,412
Property maintenance costs 10,724 11,955 25,699 29,438 Marketing
1,296 2,738 3,441 4,792 Other property operating costs 69,590
71,601 138,893 141,995 Provision for doubtful accounts 3,166 1,710
6,617 5,111 Property management and other costs 39,025 38,282
80,139 69,027 Provision for loan loss - - - 36,069 General and
administrative 15,862 14,650 30,546 28,076 Provision for impairment
- 4,058 - 44,763 Depreciation and amortization 174,298
156,248 344,596 316,919
Total expenses 373,003
358,551 746,467
791,602 Operating income 182,793
216,035 375,662
390,016 Interest and dividend income 17,452
13,335 35,388 29,393 Interest expense (134,209 ) (148,366 )
(266,532 ) (296,043 ) (Loss) gain on foreign currency (3,877 )
7,893 (694 ) 16,829 (Loss) gain from changes in control of
investment properties and other, net (15,841 ) 38,553 (15,841 )
113,108 Gain on extinguishment of debt 55,112
- 55,112 -
Income before
income taxes, equity in income of Unconsolidated Real Estate
Affiliates, and allocation to noncontrolling interests
101,430 127,450 183,095 253,303
(Provision for) benefit from income taxes (3,844 ) 2,242 (8,354 )
(679 ) Equity in income of Unconsolidated Real Estate Affiliates
30,732 34,618 63,946 92,108 Unconsolidated Real Estate Affiliates -
gain on investment - 25,591 -
40,506
Net income 128,318
189,901 238,687 385,238 Allocation to
noncontrolling interests (2,455 ) (3,956 )
(5,665 ) (7,513 )
Net income attributable to GGP
125,863 185,945 233,022 377,725
Preferred stock dividends (3,984 ) (3,983 )
(7,968 ) (7,967 )
Net income attributable to common
stockholders $ 121,879 $
181,962 $ 225,054 $
369,758 Basic earnings
per share $ 0.14 $ 0.21
$ 0.25 $ 0.42
Diluted earnings per share $ 0.13
$ 0.19 $ 0.24 $
0.39 NON-GAAP PROPORTIONATE FINANCIAL
INFORMATION Reconciliation of GAAP to Non-GAAP Financial
Measures (In thousands, except per share)
Three
Months Ended Six Months Ended June 30, 2017
June 30, 2016 June 30, 2017 June 30,
2016
Reconciliation of
GAAP Operating Income to Company Same Store NOI
Operating Income $ 182,793 $ 216,035 $ 375,662 $
390,016 Loss (gain) on sales of investment properties 83 1 (1,129 )
- Depreciation and amortization 174,298 156,248 344,596 316,919
Provision for loan loss - - - 36,069 Provision for impairment -
4,058 - 44,763 General and administrative 15,862 14,649 30,546
28,076 Property management and other costs 39,025 38,282 80,139
69,027 Management fees and other corporate revenues (20,847
) (18,917 ) (48,990 ) (52,659 )
Consolidated Properties 391,214 410,356 780,824 832,211
Noncontrolling interest in NOI of Consolidated Properties (5,102 )
(3,418 ) (10,822 ) (7,344 ) NOI of sold interests (4,290 ) (24,591
) (9,140 ) (50,659 ) Unconsolidated Properties 175,836
166,625 361,930
354,237 Proportionate NOI 557,658 548,972 1,122,792
1,128,445 Company adjustments: Minimum rents 3,495 3,330 11,678
6,473 Real estate taxes 1,490 1,490 2,979 2,979 Property operating
expenses 788 802 1,576
1,604 Company NOI 563,431
554,594 1,139,025
1,139,501 Less Company Non-Same Store NOI 16,621
11,497 34,297
52,676 Company Same Store NOI $ 546,810
$ 543,097 $ 1,104,728 $ 1,086,825
Reconciliation of
GAAP Net Income Attributable to GGP to Company
EBITDA
Net Income Attributable to GGP $ 125,863 $ 185,945 $ 233,022 $
377,725 Allocation to noncontrolling interests 2,455 3,956 5,665
7,513 (Loss) gain on sales of investment properties 83 1 (1,129 ) -
Gain on extinguishment of debt (55,112 ) - (55,112 ) - Loss (gains)
from changes in control of investment properties and other 15,841
(38,553 ) 15,841 (113,108 ) Unconsolidated Real Estate Affiliates -
gain on investment - (25,591 ) - (40,506 ) Equity in income of
Unconsolidated Real Estate Affiliates (30,732 ) (34,618 ) (63,946 )
(92,108 ) Provision for loan loss - - - 36,069 Provision for
impairment - 4,058 - 44,763 Provision for income taxes 3,844 (2,242
) 8,354 679 Loss (gain) on foreign currency 3,877 (7,893 ) 694
(16,829 ) Interest expense 134,209 148,366 266,532 296,043 Interest
and dividend income (17,452 ) (13,335 ) (35,388 ) (29,393 )
Depreciation and amortization 174,298
156,248 344,596 316,919
Consolidated Properties 357,174 376,342 719,129 787,767
Noncontrolling interest in EBITDA of Consolidated Properties (4,904
) (3,289 ) (10,397 ) (7,064 ) EBITDA of sold interests (4,208 )
(24,328 ) (8,976 ) (50,128 ) Unconsolidated Properties
165,784 157,689 342,405
336,543 Proportionate EBITDA 513,846 506,414
1,042,161 1,067,118 Company adjustments: Minimum rents 3,495 3,330
11,678 6,473 Real estate taxes 1,490 1,490 2,979 2,979 Property
operating expenses 788 802
1,576 1,604 Company EBITDA $
519,619 $ 512,036 $ 1,058,394 $
1,078,174
Reconciliation of
GAAP Net Income Attributable to GGP to Company FFO
Net Income Attributable to GGP $ 125,863 $ 185,945 $ 233,022 $
377,725 Redeemable noncontrolling interests 975 1,358 1,805 2,883
Provision for impairment excluded from FFO - 4,058 - 44,763
Noncontrolling interests in depreciation of Consolidated Properties
(2,008 ) (1,168 ) (4,783 ) (3,283 ) Unconsolidated Real Estate
Affiliates - gain on investment - (25,591 ) - (40,506 ) Loss (gain)
on sales of investment properties 83 - (1,129 ) 1 Preferred stock
dividends (3,984 ) (3,983 ) (7,968 ) (7,967 ) Loss (gains) from
changes in control of investment properties and other 15,841
(38,553 ) 15,841 (113,108 ) Depreciation and amortization of
capitalized real estate costs - Consolidated Properties 169,867
152,134 335,845 309,696 Depreciation and amortization of
capitalized real estate costs - Unconsolidated Properties
74,566 68,038 148,559
135,344 FFO 381,203 342,238 721,192 705,548
Company adjustments: Minimum rents 3,495 3,330 11,678 6,473
Property operating expenses 1,490 1,490 2,979 2,979 Property
management and other costs 788 802 1,576 1,604 Investment income,
net (205 ) (205 ) (409 ) (409 ) Market rate adjustments (1,122 )
(1,453 ) (2,332 ) (2,672 ) Provision for loan loss - - - 28,549
Loss (gain) on foreign currency 3,877 (7,893 ) 694 (16,829 )
Provision (benefit) for income taxes - 724 - (4,355 ) FFO from sold
interests (54,809 ) 1,017
(54,444 ) 1,965 Company FFO $ 334,717
$ 340,050 $ 680,934 $ 722,853
Reconciliation of
Net Income Attributable to GGP per diluted share to Company FFO per
diluted share
Net Income Attributable to GGP per diluted share $ 0.13 $ 0.19 $
0.24 $ 0.39 Preferred stock dividends -
- (0.01 ) (0.01 ) Net income
attributable to common stockholders per diluted share 0.13 0.19
0.23 0.38 Provision for impairment excluded from FFO - - - 0.05
Noncontrolling interests in depreciation of Consolidated Properties
- - (0.01 ) - Unconsolidated Real Estate Affiliates - gain on
investment - (0.03 ) - (0.04 ) Loss (gains) from changes in control
of investment properties and other 0.02 (0.04 ) 0.02 (0.12 )
Depreciation and amortization of capitalized real estate costs
0.25
0.24
0.52 0.47 FFO per diluted
share 0.40 0.36 0.76 0.74 Company adjustments: Straight-line rent -
- 0.01 0.01 Loan loss provision - - - 0.03 Gain on foreign currency
- (0.01 ) - (0.03 ) FFO from sold interests (0.05 )
- (0.06 ) - Company FFO
per diluted share $ 0.35 $ 0.35 $ 0.71
$ 0.75
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version on businesswire.com: http://www.businesswire.com/news/home/20170802005266/en/
GGP Inc.Kevin BerrySVP Investor and Public Relations(312)
960-5529kevin.berry@ggp.com
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