GGP Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported
results for the three months ended March 31, 2017.
GAAP Operating Results
- Net income attributable to GGP was $107
million, or $0.11 per diluted share, as compared to $192 million,
or $0.20 per diluted share, in the prior year period.
- Net income attributable to GGP
decreased 44.1% from the prior year period primarily due to 2016
gains related to the sale of interests in four properties.
- The Company declared a second quarter
common stock dividend of $0.22 per share, an increase of 16% over
the second quarter of 2016.
Company Operating
Results
- Company Same Store Net Operating Income
(“Company Same Store NOI”) was $561 million as compared to $547
million in the prior year period, an increase of 2.5%.
- Company Net Operating Income ("Company
NOI") as adjusted was $567 million as compared to $551 million in
the prior year period, an increase of 2.9%.1
- Company earnings before interest,
taxes, depreciation and amortization (“Company EBITDA”) as adjusted
was $530 million as compared to $512 million in the prior year
period, an increase of 3.7%.1
- Company Funds From Operations (“Company
FFO”) was $346 million, or $0.36 per diluted share.
- Same Store leased percentage was 95.9%
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 15.5% when compared to the rental
rate for expiring leases.
- Initial rental rates for signed leases
that have commenced in the trailing twelve months on a
suite-to-suite basis increased 10.5% 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 1.8% over the prior year.
- For the trailing twelve months, tenant
sales per square foot (<10K sf) were $591 an increase of 0.6%
over the prior year.
- Tenant sales (all less anchors)
increased 0.9% on a trailing 12-month basis.
1. See Supplemental Information page 4 for items included as
adjustments.
Investment Activities
Development
The Company’s development and redevelopment activities total
$1.3 billion, of which approximately $0.7 billion is under
construction and $0.6 billion is in the pipeline.
Common Share Repurchase
During the quarter, the Company acquired approximately 2.57
million of its common shares at a weighted average price of $23.16
per share for total consideration of approximately $59.6
million.
Dividends
On May 1, 2017, the Company’s Board of Directors declared a
second quarter common stock dividend of $0.22 per share payable on
July 28, 2017, to stockholders of record on July 13, 2017. This
represents an increase of $0.03 per share or 16% growth over the
dividend declared for the second 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 July 3, 2017, to stockholders of record on
June 15, 2017.
Guidance
For the year ending For the three months
Earnings Guidance December 31, 2017
ending June 30, 2017 Net
income attributable to GGP $0.59- $0.63 $0.10- $0.12 Preferred
stock dividends (0.02 ) (0.01 ) Net income attributable to
common stockholders $0.57 - $0.61 $0.09 - $0.11 Depreciation,
including share of JVs 0.96 0.24 NAREIT FFO
$1.53 - $1.57 $0.33 - $0.35 Adjustments 1 0.03 0.01
Company FFO per diluted share $1.56 - $1.60
$0.34 - $0.36 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 Non-GAAP Supplemental Financial Measures and
Definitions.
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 Monday, May 1, 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 90188951.
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)
March 31, 2017
December 31, 2016 Assets: Investment in real estate:
Land $ 3,057,183 $ 3,066,019 Buildings and equipment 16,108,953
16,091,582 Less accumulated depreciation (2,827,336 ) (2,737,286 )
Construction in progress 260,025 251,616
Net property and equipment 16,598,825 16,671,931 Investment
in and loans to/from Unconsolidated Real Estate Affiliates
3,871,240 3,868,993 Net investment in real
estate 20,470,065 20,540,924 Cash and cash equivalents 252,718
474,757 Accounts receivable, net 318,259 322,196 Notes receivable,
net 691,791 678,496 Deferred expenses, net 248,624 209,852 Prepaid
expenses and other assets 485,997 506,521
Total assets $ 22,467,454
$ 22,732,746 Liabilities: Mortgages,
notes and loans payable $ 12,567,659 $ 12,430,418 Investment in
Unconsolidated Real Estate Affiliates 45,733 39,506 Accounts
payable and accrued expenses 611,119 655,362 Dividend payable
202,007 433,961 Deferred tax liabilities 3,719 3,843 Junior
Subordinated Notes 206,200 206,200
Total liabilities 13,636,437
13,769,290 Redeemable noncontrolling
interests: Preferred 137,410 144,060 Common 110,116
118,667
Total redeemable noncontrolling
interests 247,526 262,727
Equity: Preferred stock 242,042 242,042 Stockholders'
Equity 8,271,847 8,393,722 Noncontrolling interests in consolidated
real estate affiliates 32,381 33,583 Noncontrolling interests
related to long-term incentive plan common units 37,221
31,382
Total equity
8,583,491 8,700,729 Total
liabilities, redeemable noncontrolling interests and equity
$ 22,467,454 $ 22,732,746
GAAP FINANCIAL STATEMENTS Consolidated Statements of
Income (In thousands, except per share)
Three
Months Ended March 31, 2017 March 31, 2016
Revenues: Minimum rents $ 349,013 $ 371,132 Tenant
recoveries 163,055 172,448 Overage rents 5,937 8,145 Management
fees and other corporate revenues 28,143 33,741 Other 20,184
21,566
Total revenues
566,332 607,032 Expenses:
Real estate taxes 57,494 58,103 Property maintenance costs 14,975
17,483 Marketing 2,145 2,054 Other property operating costs 69,303
70,394 Provision for doubtful accounts 3,451 3,401 Property
management and other costs 41,114 30,745 Provision for loan loss -
36,069 General and administrative 14,683 13,427 Provision for
impairment - 40,705 Depreciation and amortization 170,298
160,671
Total expenses
373,463 433,052 Operating
income 192,869 173,980
Interest and dividend income 17,936 16,058 Interest expense
(132,323 ) (147,677 ) Gain on foreign currency 3,183 8,936 Gain
from changes in control of investment properties and other -
74,555
Income before income taxes, equity
in income of Unconsolidated Real Estate Affiliates, and
noncontrolling interests 81,665 125,852 Provision
for income taxes (4,510 ) (2,920 ) Equity in income of
Unconsolidated Real Estate Affiliates 33,214 57,491 Unconsolidated
Real Estate Affiliates - gain on investment -
14,914
Net income 110,369 195,337
Allocation to noncontrolling interests (3,209 )
(3,557 )
Net income attributable to GGP 107,160
191,780 Preferred stock dividends (3,984 )
(3,984 )
Net income attributable to common stockholders
$ 103,176 $ 187,796
Basic earnings per share $ 0.12
$ 0.21 Diluted earnings per
share $ 0.11 $ 0.20
NON-GAAP PROPORTIONATE FINANCIAL INFORMATION
Reconciliation of GAAP to Non-GAAP Financial Measures (In
thousands, except per share)
Three Months Ended March 31, 2017 March 31,
2016
Reconciliation of
GAAP Operating Income to Company Same Store NOI
Operating Income $ 192,869 $ 173,980 Gain on sales of
investment properties (1,212 ) - Depreciation and amortization
170,298 160,671 Provision for loan loss - 36,069 Provision for
impairment - 40,705 General and administrative 14,683 13,427
Property management and other costs 41,114 30,745 Management fees
and other corporate revenues (28,143 ) (33,741
) Consolidated Properties 389,609 421,856 Noncontrolling interest
in NOI of Consolidated Properties (5,720 ) (3,925 ) NOI of sold
interests 113 (19,922 ) Unconsolidated Properties
186,094 187,611 Proportionate NOI
570,096 585,620 Company adjustments: Minimum rents 8,337 3,338 Real
estate taxes 1,490 1,490 Property operating expenses
999 1,013 Company NOI 580,922 591,461
Less Company Non-Same Store NOI 20,253
44,577 Company Same Store NOI $ 560,669 $
546,884
Reconciliation of
GAAP Net Income Attributable to GGP to Company
EBITDA
Net Income Attributable to GGP $ 107,160 $ 191,780 Allocation to
noncontrolling interests 3,209 3,557 Gain on sales of investment
properties (1,212 ) - Gains from changes in control of investment
properties and other - (74,555 ) Unconsolidated Real Estate
Affiliates - gain on investment - (14,914 ) Equity in income of
Unconsolidated Real Estate Affiliates (33,214 ) (57,491 ) Provision
for loan loss - 36,069 Provision for impairment - 40,705 Provision
for income taxes 4,510 2,920 Gain on foreign currency (3,183 )
(8,936 ) Interest expense 132,323 147,677 Interest and dividend
income (17,936 ) (16,058 ) Depreciation and amortization
170,298 160,671 Consolidated Properties
361,955 411,425 Noncontrolling interest in EBITDA of Consolidated
Properties (5,493 ) (3,774 ) EBITDA of sold interests 108 (19,785 )
Unconsolidated Properties 176,622
178,852 Proportionate EBITDA 533,192 566,718 Company
adjustments: Minimum rents 8,337 3,338 Real estate taxes 1,490
1,490 Property operating expenses 999
1,013 Company EBITDA $ 544,018 $
572,559
Reconciliation of
GAAP Net Income Attributable to GGP to Company FFO
Net Income Attributable to GGP $ 107,160 $ 191,780 Redeemable
noncontrolling interests 830 1,525 Provision for impairment
excluded from FFO - 40,705 Noncontrolling interests in depreciation
of Consolidated Properties (2,776 ) (2,115 ) Unconsolidated Real
Estate Affiliates - gain on investment - (14,914 ) Gain on sales of
investment properties (1,212 ) - Preferred stock dividends (3,984 )
(3,984 ) Gains from changes in control of investment properties and
other - (74,555 ) Depreciation and amortization of capitalized real
estate costs - Consolidated Properties 165,979 157,561 Depreciation
and amortization of capitalized real estate costs - Unconsolidated
Properties 73,993 67,308 FFO
339,990 363,311 Company adjustments: Minimum rents 8,337 3,338
Property operating expenses 1,490 1,490 Property management and
other costs 999 1,013 Investment income, net (205 ) (205 ) Market
rate adjustments (1,211 ) (294 ) Provision for loan loss - 28,549
Gain on foreign currency (3,183 ) (8,936 ) Provision for income
taxes - (5,079 ) FFO from sold interests -
(384 ) Company FFO $ 346,217 $ 382,803
Reconciliation of
Net Income Attributable to GGP per diluted share to Company FFO per
diluted share
Net Income Attributable to GGP per diluted share $ 0.11 $ 0.20
Preferred stock dividends - -
Net income attributable to common stockholders per diluted share
0.11 0.20 Redeemable noncontrolling interests . - Provision for
impairment excluded from FFO - 0.04 Unconsolidated Real Estate
Affiliates - gain on investment - (0.02 ) Gains from changes in
control of investment properties and other - (0.08 ) Depreciation
and amortization of capitalized real estate costs 0.25
0.24 FFO per diluted share 0.36 0.38
Company adjustments: Straight-line rent 0.01 - Loan loss provision
- 0.03 Gain on foreign currency (0.01 )
(0.01 ) Company FFO per diluted share $ 0.36 $ 0.40
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170501005447/en/
GGP Inc.Kevin BerrySVP Investor and Public Relations(312)
960-5529kevin.berry@ggp.com
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