CHICAGO, Aug. 2, 2011 /PRNewswire/ -- General Growth
Properties, Inc. (NYSE: GGP) (“GGP” or the “Company”) today
reported financial and operating results for the quarter ended
June 30, 2011.
The Company reported Core Funds From Operations of $199.6 million, or $0.20 per diluted share, for the second quarter
of 2011, compared to $206.1 million,
or $0.63 per diluted share, for the
same period a year earlier. The change was primarily attributable
to lower lease termination income during the current quarter and
certain other adjustments in the current and prior year period,
offset by lower interest expense.
Net loss attributable to common stockholders for the second
quarter of 2011 was $203.0 million,
or $0.22 per diluted share, compared
to a net loss of $117.5 million, or
$0.37 per diluted share, for the
second quarter of 2010. Contributing to this change was a
$58.9 million charge recorded in the
second quarter of 2011 related to the finalization of default
interest on certain restructured loans.
Sandeep Mathrani, GGP’s chief
executive officer commented, “As we conclude the mid-point of the
year, I am pleased with the progress we have made towards
strengthening the balance sheet, streamlining the portfolio,
reinvigorating our leasing efforts and rightsizing the
organization.” Mr. Mathrani added, “Our recently announced
plan to spin-off Rouse, a 30-mall portfolio, to GGP stockholders
will enable us to efficiently achieve our strategic objective to
focus on our core mall portfolio, which generates comparable tenant
sales approaching $500 per square
foot."
Operational Highlights
- Comparable tenant sales increased 8.4% during the second
quarter, to $465 per square foot, on
a trailing 12 month basis.
- Regional mall percentage leased increased 90 basis points to
92.5% at June 30, 2011 compared to
the prior year.
- The average rental rate on leases signed during the six months
ended June 30, 2011 was 9.1% higher
than rents expiring during the same period. The average
rental rate on leases commencing during the six months ended
June 30, 2011 was 2.0% higher than
rents expiring during the same period.
- Core NOI for the six months ended June
30, 2011, excluding lease termination income, increased 0.8%
compared to the same period last year. Core NOI excluding
lease termination income and Rouse increased 1.3% for the same
period.
Capital Markets Activity
- During the quarter, completed the refinancing of 11 malls
representing $2.2 billion of new
fixed-rate mortgages ($2.1 billion at
GGP’s share) at a weighted average interest rate of 5.31% and an
average term of ten years. The new loans generated proceeds
in excess of in-place financing of approximately $579 million to GGP, extended the term to
maturity by 6.0 years and lowered the average interest rate by 55
basis points. GGP has closed on $2.5
billion of new financing since the beginning of 2011 and
$3.3 billion since July 2010.
- Repaid $245 million of corporate
debt in advance of its contractual maturity, which had an interest
rate of 5.95%.
- Repaid nine property level mortgages totaling $255 million with a weighted average interest
rate of 6.52%.
- Bought back $487.9 million of GGP
common stock at an average purchase price of $15.95 per share.
- As of June 30, 2011, the Company
had $1.3 billion of liquidity,
comprised of unrestricted cash and undrawn capacity on the
Company’s facility.
Acquisition and Disposition Activity
- Closed on the sale of GGP’s 1/3 ownership interests in
Arrowhead Towne Center and Superstition Springs Mall, both located
in the Phoenix market, to Macerich
in exchange for six big-box anchor locations and $75 million in net cash proceeds to GGP.
- Closed on the sale of Gateway Crossing in Bountiful, Utah for $22.5 million.
Rouse Properties, Inc. Spin-Off
- On August 1, 2011, the Company
announced its Board of Directors has approved a plan to spin-off a
30-mall portfolio, totaling 21.1 million square feet, to holders of
GGP common stock in the form of a taxable special dividend. The
dividend is expected to be comprised of common stock in Rouse
Properties, Inc. (“Rouse”), a recently formed company to which GGP
plans to transfer the portfolio. This distribution is
expected to be made on a pro rata basis to holders of GGP common
stock as of the dividend record date. Rouse is expected to
qualify as a Real Estate Investment Trust (“REIT”) and be listed on
the New York Stock Exchange.
COMMON SHARE DIVIDEND
- On July 29, 2011, the Board of
Directors of the Company declared a quarterly common share dividend
of $0.10 to shareholders of record at
the close of business on October 14,
2011, payable on October 31,
2011.
INVESTOR CONFERENCE CALL
The Company will host a conference call on Tuesday, August 2, 2011 at 1:00 p.m. Eastern time / 12:00 p.m. Central time to discuss second quarter
earnings and other related matters that may be of interest to
investors and analysts. Scheduled speakers are Sandeep Mathrani, Chief Executive Officer and
Steve Douglas, Chief Financial
Officer.
To access the conference call, please dial (877) 845-1018
(Domestic) or (707) 287-9345 (International). A live audio
webcast of the call will also be available in the Investor
Relations section of the Company’s website at www.ggp.com.
SUPPLEMENTAL INFORMATION
A copy of General Growth’s quarterly Supplemental Information
package is available in the Investor Relations section of the
Company’s website at www.ggp.com.
NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES AND
DEFINITIONS
REAL ESTATE PROPERTY NET OPERATING INCOME (NOI) AND CORE
NOI
The Company believes NOI is a useful supplemental measure of the
Company’s operating performance. The Company defines NOI as
operating revenues (rental income, tenant recoveries and other
income) less property and related expenses (real estate taxes,
property maintenance costs, marketing, other property expenses and
provision for doubtful accounts). NOI has been reflected on a
proportionate basis (at the Company’s ownership share). Other
REITs may use different methodologies for calculating NOI, and
accordingly, the Company’s NOI may not be comparable to other
REITs. Because NOI excludes general and administrative
expenses, interest expense, retail investment property impairment
or non-recoverable development costs, depreciation and
amortization, gains and losses from property dispositions,
allocations to non-controlling interests, reorganization items,
strategic initiatives, provision for income taxes, discontinued
operations 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.
This measure provides an operating perspective not
immediately apparent from GAAP operating or net income (loss)
attributable to common stockholders. The Company uses NOI to
evaluate its operating performance on a property-by-property basis
because NOI allows the Company to evaluate the impact that factors
such as lease structure, lease rates and tenant base, which vary by
property, have on the Company’s operating results, gross margins
and investment returns.
In addition, management believes NOI provides useful information
to the investment community about the Company’s operating
performance. However, due to the exclusions noted above, NOI
should only be used as an alternative measure of the Company’s
financial performance.
CORE NOI excludes the NOI impacts of non-cash and certain
non-comparable items such as straight-line rent and intangible
asset and liability amortization resulting from acquisition
accounting. We present Core NOI, and Core EBITDA and Core FFO
as below, as we believe certain investors and other users of our
financial information use them as measures of the Company’s
historical operating performance.
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
AMORTIZATION (EBITDA) AND CORE EBITDA
EBITDA is defined as net income (loss) attributable to common
stockholders, adjusted to exclude interest expense net of interest
income, Permanent Warrant expense, income tax provision (benefit),
discontinued operations, allocations to non-controlling interests,
depreciation and amortization. “Core EBITDA” comprises EBITDA
as defined immediately above and excludes certain non-cash and
certain non-recurring items such as our Core NOI adjustments
described above, provisions for impairment, emergence
reorganization items, strategic initiatives and certain management
and administration costs.
FUNDS FROM OPERATIONS (“FFO”) AND CORE FFO
The Company, consistent with real estate industry and investment
community preferences, uses FFO as a supplemental measure of
operating performance for a Real Estate Investment Trust (REIT).
The National Association of Real Estate Investment Trusts
(NAREIT) defines FFO as net income (loss) attributable to common
stockholders (computed in accordance with Generally Accepted
Accounting Principles (GAAP)), excluding gains (or losses) from
cumulative effects of accounting changes, extraordinary items and
sales of properties, plus real estate related depreciation and
amortization and including adjustments for unconsolidated
partnerships and joint ventures.
The Company considers FFO a supplemental measure for equity
REITs and a complement to GAAP measures because it facilitates an
understanding of the operating performance of the Company’s
properties. FFO 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. As with our
presentation of Core NOI and Core EBITDA, Core FFO excludes from
FFO certain items that are non-cash and certain non-comparable
items such as our Core NOI adjustments, Core EBITDA adjustments,
and FFO items such as FFO from discontinued operations, Permanent
Warrant expense, and interest expense on debt repaid or settled,
all as a result of our emergence, acquisition accounting and other
capital contribution or restructuring events.
RECONCILIATIONS OF NON-GAAP SUPPLEMENTAL FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
In order to provide a better understanding of the relationship
between our non-GAAP Supplemental Financial measures of NOI, Core
NOI, EBITDA, Core EBITDA, FFO and Core FFO, reconciliations have
been provided as follows: a reconciliation of NOI and Core NOI to
GAAP Operating Income (loss); a reconciliation of EBITDA and Core
EBITDA to GAAP net income, a reconciliation of Core FFO and FFO to
GAAP net income (loss) attributable to common stockholders has been
provided. None of our non-GAAP Supplemental 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 common stockholders and
none are necessarily indicative of cash available to fund cash
needs. In addition, the Company has presented such financial
measures on a consolidated and unconsolidated basis (at the
Company’s ownership share) as the Company believes that given the
significance of the Company’s operations that are owned through
investments accounted for on 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 for the Company as a whole.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements.
Actual results may differ materially from the results
suggested by these forward-looking statements, for a number of
reasons, including, but not limited to, our ability to refinance,
extend, restructure or repay our remaining debt (including that of
our Unconsolidated Real Estate Affiliates) with maturities in the
short to intermediate term, our ability to raise capital through
equity issuances, asset sales or the incurrence of new debt, retail
and credit market conditions, impairments, our liquidity demands
and retail and economic conditions. Readers are referred to the
documents filed by General Growth Properties, Inc. with the
Securities and Exchange Commission, which further identify the
important risk factors that could cause actual results to differ
materially from the forward-looking statements in this release.
The Company disclaims any obligation to update any
forward-looking statements.
ABOUT GGP
GGP is one of the nation’s largest shopping center owners. GGP
has ownership and management interest in 166 regional and super
regional shopping malls in 43 states. The company portfolio totals
169 million square feet of space. A publicly-traded real estate
investment trust (REIT), GGP is listed on the New York Stock
Exchange under the symbol GGP.
Consolidated Statements of
Income(1) (In thousands, except per
share)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
2011
|
June 30,
2010
|
|
June 30,
2011
|
June 30,
2010
|
|
Revenues:
|
|
|
|
|
|
|
|
Minimum
rents
|
|
$
430,328
|
$
441,617
|
|
$
869,043
|
$
891,276
|
|
Tenant
recoveries
|
|
194,922
|
202,287
|
|
395,804
|
402,271
|
|
Overage
rents
|
|
6,464
|
6,602
|
|
18,268
|
15,969
|
|
Management fees
and other corporate revenues
|
|
14,235
|
16,016
|
|
29,588
|
33,988
|
|
Other
|
|
17,290
|
18,302
|
|
34,324
|
36,695
|
|
Total revenues
|
|
663,239
|
684,824
|
|
1,347,027
|
1,380,199
|
|
Expenses:
|
|
|
|
|
|
|
|
Real estate
taxes
|
|
66,925
|
63,844
|
|
132,130
|
128,864
|
|
Property
maintenance costs
|
|
26,018
|
23,978
|
|
59,032
|
55,004
|
|
Marketing
|
|
6,964
|
5,640
|
|
14,172
|
12,406
|
|
Other property
operating costs
|
|
111,191
|
109,067
|
|
219,358
|
220,661
|
|
Provision for
doubtful accounts
|
|
1,711
|
3,213
|
|
1,788
|
8,746
|
|
Property
management and other costs
|
|
44,785
|
49,239
|
|
92,537
|
83,705
|
|
General and
administrative (2)
|
|
2,411
|
5,210
|
|
3,157
|
13,320
|
|
Provisions for
impairment
|
|
-
|
-
|
|
-
|
11,057
|
|
Depreciation and
amortization
|
|
248,547
|
164,018
|
|
496,735
|
327,775
|
|
Total expenses
|
|
508,552
|
424,209
|
|
1,018,909
|
861,538
|
|
Operating income
|
|
154,687
|
260,615
|
|
328,118
|
518,661
|
|
Interest income
|
|
560
|
182
|
|
1,240
|
752
|
|
Interest expense
|
|
(253,158)
|
(323,652)
|
|
(491,292)
|
(651,311)
|
|
Warrant adjustment
|
|
(94,769)
|
-
|
|
(18,321)
|
-
|
|
Loss before income taxes, equity
in (loss) income of Unconsolidated Real Estate Affiliates,
reorganization items and noncontrolling interests
|
|
(192,680)
|
(62,855)
|
|
(180,255)
|
(131,898)
|
|
Provision for income
taxes
|
|
(1,027)
|
(3,292)
|
|
(4,216)
|
(5,223)
|
|
Equity in (loss) income of
Unconsolidated Real Estate Affiliates
|
|
(9,433)
|
13,221
|
|
(12,366)
|
45,480
|
|
Reorganization items
|
|
-
|
(69,845)
|
|
-
|
(26,988)
|
|
Loss from continuing
operations
|
|
(203,140)
|
(122,771)
|
|
(196,837)
|
(118,629)
|
|
Discontinued
operations
|
|
1,011
|
5,216
|
|
1,745
|
56,865
|
|
Net loss
|
|
(202,129)
|
(117,555)
|
|
(195,092)
|
(61,764)
|
|
Allocation to noncontrolling
interests
|
|
(919)
|
28
|
|
(2,292)
|
(4,108)
|
|
Net loss attributable to common
stockholders
|
|
$
(203,048)
|
$
(117,527)
|
|
$
(197,384)
|
$
(65,872)
|
|
Basic and Diluted (Loss)
Earnings Per Share:
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.22)
|
$
(0.39)
|
|
$
(0.21)
|
$
(0.39)
|
|
Discontinued
operations
|
|
-
|
0.02
|
|
-
|
0.18
|
|
Total basic and diluted (loss)
earnings per share
|
|
$
(0.22)
|
$
(0.37)
|
|
$
(0.21)
|
$
(0.21)
|
|
|
|
|
|
|
|
|
|
(1) Amounts presented in
accordance with GAAP.
|
|
(2) The three and six
months ended June 30, 2011 includes bankruptcy related items,
including previously accrued bankruptcy costs, other gains on
settlements, legal fees and professional fees.
|
|
|
|
|
|
|
|
|
Consolidated Balance
Sheets(1) (In
thousands)
|
|
|
|
|
|
June 30,
2011
|
|
December 31,
2010
|
|
Assets:
|
|
|
|
|
|
Investment in real
estate:
|
|
|
|
|
|
|
Land
|
|
$ 4,683,115
|
|
$
4,722,674
|
|
|
Buildings and
equipment
|
|
20,139,908
|
|
20,300,355
|
|
|
Less accumulated
depreciation
|
|
(585,338)
|
|
(129,794)
|
|
|
Developments in
progress
|
|
131,629
|
|
117,137
|
|
|
|
Net property and
equipment
|
|
24,369,314
|
|
25,010,372
|
|
|
Investment in and loans to/from
Unconsolidated Real Estate Affiliates
|
|
3,048,438
|
|
3,153,698
|
|
|
|
Net investment in real
estate
|
|
27,417,752
|
|
28,164,070
|
|
Cash and cash
equivalents
|
|
585,548
|
|
1,021,311
|
|
Accounts and notes receivable,
net
|
|
156,456
|
|
114,099
|
|
Deferred expenses,
net
|
|
171,124
|
|
175,669
|
|
Prepaid expenses and other
assets
|
|
2,004,628
|
|
2,300,452
|
|
Assets held for
disposition
|
|
436,361
|
|
591,778
|
|
|
|
Total Assets
|
|
$
30,771,869
|
|
$
32,367,379
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
Mortgages, notes and loans
payable
|
|
$ 17,556,540
|
|
$
17,841,757
|
|
Deferred tax
liabilities
|
|
24,587
|
|
36,463
|
|
Tax indemnification
liability
|
|
303,750
|
|
303,750
|
|
Accounts payable and accrued
expenses
|
|
1,650,832
|
|
1,931,970
|
|
Junior Subordinated
Notes
|
|
206,200
|
|
206,200
|
|
Warrant liability
|
|
1,059,325
|
|
1,041,004
|
|
Liabilities held for
disposition
|
|
349,403
|
|
592,122
|
|
|
|
Total Liabilities
|
|
21,150,637
|
|
21,953,266
|
|
Redeemable noncontrolling
interests:
|
|
|
|
|
|
|
Preferred
|
|
120,756
|
|
120,756
|
|
|
Common
|
|
114,999
|
|
111,608
|
|
|
|
Total Redeemable Noncontrolling
Interests
|
|
235,755
|
|
232,364
|
|
Equity:
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
9,287,656
|
|
10,079,102
|
|
|
Noncontrolling interests in
consolidated real estate affiliates
|
|
97,821
|
|
102,647
|
|
|
|
Total Equity
|
|
9,385,477
|
|
10,181,749
|
|
|
|
Total Liabilities and
Equity
|
|
$
30,771,869
|
|
$
32,367,379
|
|
|
|
|
|
|
|
|
|
(1) Presented in
accordance with GAAP.
|
|
|
|
|
|
|
|
|
Reconciliation of Core NOI, Core
EBITDA, and Core FFO, at share (In thousands, except
per share)
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June 30,
2011
|
June 30,
2010
|
|
June 30,
2011
|
June 30,
2010
|
|
|
NOI
|
|
$
516,164
|
$
552,364
|
|
$
1,060,634
|
$
1,099,111
|
|
|
|
Core NOI adjustments:
|
|
|
|
|
|
|
|
|
|
Straight-line rent
(1)
|
|
(28,106)
|
(10,454)
|
|
(62,325)
|
(22,455)
|
|
|
|
Above- and below-market tenant
leases, net (1)
|
|
37,827
|
(2,090)
|
|
70,726
|
(3,584)
|
|
|
|
Above- and below-market ground
rent expense, net (1)
|
|
1,712
|
1,601
|
|
3,329
|
3,091
|
|
|
Total Core NOI
adjustments
|
|
11,433
|
(10,943)
|
|
11,730
|
(22,948)
|
|
|
Core NOI
|
|
$
527,597
|
$
541,421
|
|
$
1,072,364
|
$
1,076,163
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
$
473,435
|
$
438,594
|
|
$
976,886
|
$
984,817
|
|
|
|
Core NOI adjustments
|
|
11,433
|
(10,943)
|
|
11,730
|
(22,948)
|
|
|
|
Above- and below-market building
rent, net (1)
|
|
(424)
|
-
|
|
(848)
|
-
|
|
|
|
Provisions for
impairment
|
|
-
|
-
|
|
-
|
11,057
|
|
|
|
Reorganization items
(2)
|
|
-
|
69,845
|
|
-
|
26,988
|
|
|
|
Management and administrative
costs, net
|
|
(9,960)
|
(2,534)
|
|
(19,499)
|
(3,726)
|
|
|
Total Core EBITDA
adjustments
|
|
1,049
|
56,368
|
|
(8,617)
|
11,371
|
|
|
Core EBITDA
|
|
$
474,484
|
$
494,962
|
|
$
968,269
|
$
996,188
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO
|
|
$
93,776
|
$
124,507
|
|
$
399,854
|
$
372,368
|
|
|
|
Core EBITDA
adjustments
|
|
1,049
|
56,368
|
|
(8,617)
|
11,371
|
|
|
|
FFO from discontinued
operations
|
|
(6,910)
|
(53,889)
|
|
(11,439)
|
(122,831)
|
|
|
|
Default interest
|
|
58,948
|
-
|
|
61,066
|
-
|
|
|
|
Interest expense relating to
extinguished debt
|
|
3,322
|
66,528
|
|
6,968
|
133,208
|
|
|
|
Write-off of mark-to-market
adjustments on extinguished debt
|
(44,818)
|
-
|
|
(44,818)
|
-
|
|
|
|
Debt extinguishment
expenses
|
|
1,591
|
-
|
|
1,600
|
-
|
|
|
|
Mark-to-market adjustments on
debt
|
|
(3,246)
|
9,174
|
|
(7,438)
|
20,807
|
|
|
|
Warrant adjustment
|
|
94,769
|
-
|
|
18,321
|
-
|
|
|
|
Provision for income
taxes
|
|
1,113
|
3,402
|
|
4,396
|
5,043
|
|
|
Total FFO adjustments
|
|
105,818
|
81,583
|
|
20,039
|
47,598
|
|
|
Core FFO
|
|
$
199,594
|
$
206,090
|
|
$
419,893
|
$
419,966
|
|
|
Core FFO per share -
diluted
|
|
0.20
|
$
0.63
|
|
$
0.42
|
$
1.29
|
|
|
|
|
(1)
|
These items were impacted by the
effects of acquisition accounting as of November 9,
2010.
|
|
(2
|
Reorganization items reflect
bankruptcy-related activity, including gains/losses on liabilities
subject to compromise, interest income, U.S. Trustee fees, and
other restructuring costs incurred during the Chapter 11 cases from
April 16, 2009 to November 9, 2010.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP to
GAAP Financial Measures (In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
June 30,
2011
|
June 30,
2010
|
|
June 30,
2011
|
June 30,
2010
|
|
Reconciliation of NOI to GAAP
Operating Income
|
|
|
|
|
|
|
|
NOI:
|
|
|
|
|
|
|
|
|
|
Pro Rata basis
|
|
$
516,164
|
$
552,364
|
|
$
1,060,634
|
$
1,099,111
|
|
|
Unconsolidated
Properties
|
|
(83,106)
|
(91,465)
|
|
(175,743)
|
(184,604)
|
|
|
Consolidated
Properties
|
|
433,058
|
460,899
|
|
884,891
|
914,507
|
|
Management fees and other
corporate revenues
|
|
14,235
|
16,016
|
|
29,588
|
33,988
|
|
Property management and other
costs
|
|
(44,785)
|
(49,239)
|
|
(92,537)
|
(83,705)
|
|
General and
administrative
|
|
(2,411)
|
(5,210)
|
|
(3,157)
|
(13,320)
|
|
Provisions for
impairment
|
|
-
|
-
|
|
-
|
(11,057)
|
|
Depreciation and
amortization
|
|
(248,547)
|
(164,018)
|
|
(496,735)
|
(327,774)
|
|
Noncontrolling interest in NOI
of Consolidated Properties
|
|
3,137
|
2,167
|
|
6,068
|
6,022
|
|
Operating income
|
|
$
154,687
|
$
260,615
|
|
$
328,118
|
$
518,661
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA to GAAP
Net Loss Attributable to Common Stockholders
|
|
|
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
Pro Rata basis
|
|
$
473,435
|
$
438,594
|
|
$
976,886
|
$
984,817
|
|
|
Unconsolidated
Properties
|
|
(75,674)
|
(88,308)
|
|
(162,772)
|
(176,063)
|
|
|
Consolidated
Properties
|
|
397,761
|
350,286
|
|
814,114
|
808,754
|
|
Preferred unit
distributions
|
|
2,336
|
2,335
|
|
4,671
|
4,671
|
|
Depreciation and
amortization
|
|
(248,547)
|
(164,018)
|
|
(496,735)
|
(327,774)
|
|
Noncontrolling interest in NOI
of Consolidated Properties
|
|
3,137
|
2,167
|
|
6,068
|
6,022
|
|
Interest income
|
|
560
|
182
|
|
1,240
|
752
|
|
Interest expense
|
|
(253,158)
|
(323,652)
|
|
(491,292)
|
(651,311)
|
|
Warrant adjustment
|
|
(94,769)
|
-
|
|
(18,321)
|
-
|
|
Provision for income
taxes
|
|
(1,027)
|
(3,292)
|
|
(4,216)
|
(5,223)
|
|
Equity in (loss) income of
Unconsolidated Real Estate Affiliates
|
|
(9,433)
|
13,221
|
|
(12,366)
|
45,480
|
|
Discontinued
operations
|
|
1,011
|
5,216
|
|
1,745
|
56,865
|
|
Allocation to noncontrolling
interests
|
|
(919)
|
28
|
|
(2,292)
|
(4,108)
|
|
Net loss attributable to common
stockholders
|
|
$
(203,048)
|
$
(117,527)
|
|
$
(197,384)
|
$
(65,872)
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of FFO to GAAP
Net Loss Attributable to Common Stockholders
|
|
|
|
|
|
FFO:
|
|
|
|
|
|
|
|
|
|
Pro Rata basis
|
|
$
93,776
|
$
124,507
|
|
$
399,854
|
$
372,368
|
|
|
Unconsolidated
Properties
|
|
-
|
-
|
|
-
|
-
|
|
|
Consolidated
Properties
|
|
93,776
|
124,507
|
|
399,854
|
372,368
|
|
Depreciation and amortization of
capitalized real estate costs
|
|
(296,085)
|
(196,208)
|
|
(595,751)
|
(392,472)
|
|
Gain on sales of investment
properties
|
|
(791)
|
(35,563)
|
|
2,625
|
(19,443)
|
|
Noncontrolling interests in
depreciation of Consolidated Properties
|
|
1,627
|
819
|
|
4,014
|
1,962
|
|
Redeemable noncontrolling
interests
|
|
1,464
|
2,700
|
|
1,424
|
1,512
|
|
Depreciation and amortization of
discontinued operations
|
|
(3,039)
|
(13,782)
|
|
(9,550)
|
(29,799)
|
|
Net loss attributable to common
stockholders
|
|
$
(203,048)
|
$
(117,527)
|
|
$
(197,384)
|
$
(65,872)
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Equity in NOI
of Unconsolidated Properties to GAAP Equity in (Loss) Income of
Unconsolidated Real Estate Affiliates
|
|
Equity in Unconsolidated
Properties:
|
|
|
|
|
|
|
|
|
NOI
|
|
|
$
83,106
|
$
91,465
|
|
$
175,743
|
$
184,604
|
|
|
Net property management fees and
costs
|
|
(3,799)
|
(3,361)
|
|
(8,120)
|
(8,383)
|
|
|
Net interest expense
|
|
(38,737)
|
(39,765)
|
|
(77,283)
|
(77,261)
|
|
|
General and administrative,
provisions for impairment,
|
|
|
|
|
|
|
|
|
|
income taxes and noncontrolling
interest in FFO
|
|
(3,697)
|
114
|
|
(4,987)
|
61
|
|
|
FFO of discontinued
Unconsolidated Properties
|
|
2,249
|
41,282
|
|
1,814
|
46,753
|
|
FFO of Unconsolidated
Properties
|
|
39,122
|
89,735
|
|
87,167
|
145,774
|
|
Depreciation and amortization of
capitalized real estate costs
|
|
(48,477)
|
(37,271)
|
|
(102,750)
|
(74,828)
|
|
Other, including gain on sales
of investment properties
|
|
(78)
|
(39,243)
|
|
3,217
|
(25,466)
|
|
Equity in (loss) income of
Unconsolidated Real Estate Affiliates
|
|
$
(9,433)
|
$
13,221
|
|
$
(12,366)
|
$
45,480
|
|
|
|
|
|
|
|
|
|
|
SOURCE General Growth Properties