Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Rouse Properties (NYSE:RSE)

Q4 2013 Earnings Call

March 06, 2014 10:00 am ET

Executives

Stephen C. Swett - Managing Director

Andrew P. Silberfein - Chief Executive Officer, President and Director

John A. Wain - Chief Financial Officer

Benjamin Schall - Chief Operating Officer

Analysts

Alex Avery - CIBC World Markets Inc., Research Division

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

Daniel Oppenheim - Crédit Suisse AG, Research Division

Operator

Greetings, and welcome to the Rouse Properties, Inc. Fourth Quarter 2013 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Steve Swett of ICR. Thank you, sir. You may now begin.

Stephen C. Swett

Good morning. We would like to thank you for joining us today for Rouse Properties' Fourth Quarter 2013 Earnings Conference Call. In addition to the press release distributed last evening, we have filed a Form 10-K with the SEC and posted a quarterly supplemental package with additional detail on our results in the Investor Relations section on our website at www.rouseproperties.com.

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

Examples of forward-looking statements include those related to revenue, operating income, financial guidance, as well as non-GAAP financial measures such as same-store results, FFO and core FFO. We also caution that prior period results that are referenced in any comments today may not necessarily be reflective of the results had Rouse truly been a standalone entity during some of the periods presented.

As a reminder, forward-looking statements represent management's current estimates. Rouse Properties assumes no obligation to update any forward-looking statements in the future.

We encourage listeners to review the more detailed discussions related to these forward-looking statements contained in the company's filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the supplemental information package available on the company's website.

This morning's conference call is hosted by Rouse Properties' President and Chief Executive Officer, Andrew Silberfein; Chief Operating Officer, Benjamin Schall; and Chief Financial Officer, John Wain. They will make some introductory comments, after which we will open up the call to your questions.

Now I will turn the call over to Andy.

Andrew P. Silberfein

Thank you, and good morning. On the call today, I will begin by reviewing the operating performance and leasing accomplishments for the fourth quarter and full year 2013 and then review our recent progress in executing our growth initiatives. I will then turn the call over to John to review our balance sheet, provide further details on our financial results for the quarter and discuss our guidance for 2014.

So let me begin with the summary of our results. Last evening, we reported fourth quarter 2013 Core FFO of $0.46 per fully diluted share, representing an increase of 21.1% over the fourth quarter of 2012. This growth was due to several factors that I will discuss. But I'd just want to take a moment to acknowledge upfront the hard work and commitment of our team here at Rouse in building off last year's base to produce these solid results.

In the fourth quarter, our leasing volume remained robust as we signed over 620,000 square feet of leases. This represented the seventh straight quarter of leasing volume in excess of 525,000 square feet and brought our full year total for 2013 to over 2.3 million, representing roughly 21% of the inline square footage of our portfolio as we continue to improve the vitality and character of our malls.

We are extremely proud of our ability quarter-after-quarter to maintain the strong pace in leasing. As a result, we have continued to see solid improvement across our metrics. Excluding anchors, our portfolio was 91.2% leased, which represents an increase of 120 basis points year-over-year, and 350 basis points since our formation. Including anchors, our portfolio ended the year at 94.5% leased, an increase of 190 basis points year-over-year. Our permanent leasing improved to 81.3%, up 163 basis points year-over-year and 660 basis points since our formation. Now to put this in proper perspective, in just 2 years, we're more than 60% of the way to achieving our overall lease target of 93% for the whole portfolio and our permanent leasing goal of 86%. In terms of the occupancy rate, we ended the year at 88.9%, up 300 basis points year-over-year.

As we consistently communicated during 2013, we expected our leasing activity to begin to drive an acceleration in our Core and same-store NOI growth, beginning in the fourth quarter, and we are extremely pleased to report a 7.3% increase in same-store NOI for the quarter. That number includes the benefit of an $800,000 multiyear tax settlement dating back to 2011 that we received at our Steeplegate Mall in the quarter. Even adjusting for this item, we still recorded a 5.1% increase in the same-property Core NOI. This is a tremendous improvement in the trend in same-property NOI growth since our formation. As you recall, in 2012, our first year of operation, our same-property NOI growth was negative 5.7%. As we just reported, same-property NOI growth in 2013 was 2.25%. And as John will discuss in more detail later in the call, we are expecting to achieve a 4% to 5% same-property Core NOI growth rate for 2014. A portion of this growth is in place, driven by leases which took effect late in the third quarter and during the fourth quarter of 2013, but we will also continue to realize the benefit of executing leases coming on line.

At the start of 2014, we had over 790,000 square feet of tenants signed but not yet opened, or SNO. The revenue from these leases represent approximately $13 million in incremental annual NOI that is signed but has not yet come on line, and over 62% of the SNO will be occupying currently vacant space within our portfolio. As this SNO comes on line over the next several quarters, this should sustain the momentum we have experienced in our NOI growth through 2014. Please note, however, that like last year, we expect to ramp up in the benefit of this SNO throughout the year from an expected seasonally slower first quarter.

With regards to leasing spreads, the portfolio continues to achieve solid spreads. For 2013, the initial lease spreads on a suite-to-suite basis increased by 9.9%, with initial spreads increasing 12.7% in the fourth quarter.

Now moving on, I'd like to address our continued success in sourcing and closing new acquisitions. The fourth quarter was our most active quarter since our formation. In December we acquired 2 enclosed regional malls, Chesterfield Towne Center and The Centre at Salisbury, totaling 1.88 million square feet for a total purchase price of approximately $292.5 million. Since our formation, Rouse has acquired $543 million of malls, which meet our goals with regard to dominant "only game in town" enclosed malls, where we can apply our platform to operating and leasing strategies to improve the quality, cash flow and value of each property. And we continue to see a significant pipeline of potential acquisitions and expect to continue to be active moving forward.

With the quality and track record of our platform and our recently completed follow-on stock offering, we believe that we are one of the best position acquirers of middle-market malls and that there are and will be great acquisition opportunities available in the near-term for us to continue to grow this platform.

Now before I turn the call over to John, let me provide a brief update on our strategic and cosmetic capital improvement programs. Through the end of 2013, we've completed about $45 million of strategic and cosmetic projects with an additional $90 million underway. The impacts of the projects are beginning to be seen in terms of improving the overall customer experience, the leasing activity it creates and the improvement to the quality of the retailer mix, and ultimately, to the bottom line NOI and sales of these properties. We've been extremely pleased with the progress of these capital projects, and based on this, we are more confident in the positive impact from these capital investments. And we are looking at opportunities to expand our strategic initiatives. We now have a pipeline of strategic capital investment opportunities of up to $200 million to $225 million in total spend, including those projects already underway. We still anticipate capturing returns on this spend, generally within 9% to 11% range, and we'll provide further specifics on individual projects as we move forward.

The growth benefit from this strategic investment, which we expect to capture over time, is in addition to the -- is an addition to the benefit we are beginning to capture through our leasing activity and cosmetic capital programs, which should sustain our momentum for several years to come.

As we have said since our formation, we believe our dominant middle-market malls enjoy a strong niche at the center of their markets. While we are not immune to some of the headwinds in the market in the first quarter, including weather-related impacts on sales, at Rouse we have a unique opportunity to redefine our portfolio. Since our formation, we have leased over 260,000 square feet of high-volume restaurants and over 200,000 square feet of leading entertainment tenants, hence more than 720,000 square feet of larger-format junior box retailers, as we continue to transform the overall customer experience at our malls and increase the relevance within their marketplaces.

2013 was an important year for Rouse. And we look forward to driving continued growth in 2014 and beyond. With that, I will turn the call over to John to discuss our financial results.

John A. Wain

Thank you, Andy, and good morning, everyone. In my comments today, I will first review our fourth quarter operating results, then address our balance sheet, including recent financing and equity transactions and their impacts on our capital structure and liquidity, and finally comment on our 2014 guidance for Core FFO.

Starting with a review of our fourth quarter operating results. Yesterday, Rouse reported quarterly Core Funds from operations of $23.1 million or $0.46 per diluted share, compared with $18.7 million or $0.38 per diluted share in the fourth quarter of 2012. The 21.1% year-over-year increase in quarterly Core FFO per diluted share is primarily attributable to 3 items: one, a 7.3% increase in same-property Core NOI compared to the fourth quarter 2012; two, a $1.1 million reduction in interest expense due to a variety of factors, including several refinancings at lower interest rates, the debt reduction associated with the divestiture of Boulevard Mall, a 100 million-dollar paydown of our corporate term loan early in the year, all of which were partially offset by the new debt association with the acquisitions for those properties acquired since December of 2012; and three, a positive contribution from the 4 malls acquired since December 2012.

For the full year, 2013, Rouse Properties reported Core FFO of $77.5 million or $1.54 per diluted share, which is 22.2% higher than the $1.26 per diluted share reported in 2012. Our Core FFO for 2013 was within $0.01 at the high end of the range of guidance we provided last quarter.

Turning to the balance sheet. We continue to make significant progress in our strategy to strengthen our balance sheet by lowering our interest rates, extending and smoothing our maturity schedule and generating accessory financing proceeds to further support our growth strategies.

In the fourth quarter, we closed on a new $510 million corporate credit facility, which replaced the company's previous $337.9 million credit facility, which had been scheduled to mature in January 2015. The new facility consists of a $260 million term loan with a 5-year term, and a $250 million revolving line of credit with a 4-year initial term and a 1-year extension option. Subsequent to year end, we exercised the accordion feature on our corporate facility and increased our revolver by $35 million to a total of $285 million. This was accomplished by adding a new lender to our bank group for the facility. Borrowings on the new facility bear interest at grid pricing of LIBOR plus 185 to 300 basis points based on corporate leverage versus the company's previous facility, which carried interest at LIBOR plus 450 basis points. Based on our current leverage metrics, the spread will be 275 basis points over LIBOR.

In December, proceeds from the term loan portion of the new corporate credit facility were used to retire a $70.9 million non-recourse mortgage loan secured by Southland Mall, prior to its maturity date in January 2014. In December, in conjunction with our acquisition of Chesterfield Towne Center and The Centre at Salisbury, we assumed 2 mortgage loans with aggregate loan balances of $22.47 million.

Subsequent to year end, in January 2014, we issued 8.05 million shares of our common stock at $19.50 per share, raising net proceeds of approximately $150.7 million. The proceeds from this offering were used to pay down the outstanding balance of our new revolving line of credit, and for general corporate purposes. The offering achieved several important objectives for Rouse, including providing us with additional equity capital to help fund our growth and capital initiatives, increasing our flow in average daily trading volume, and increasing and diversifying our institutional shareholder base.

In January, we entered into a LIBOR floating to fix interest rate swap with our lender on the West Valley Mall, effectively fixing our all-in interest rate at 3.24% until March 2018. In addition, in February, we repaid our mortgage loan on The Bayshore Mall, which had been our highest coupon mortgage at 7.15%. Based on our December 31, 2013 balance sheet, pro forma for the capital activity so far in 2014, our total debt outstanding is approximately $1.38 billion with 0 outstanding on our upsized $285 million revolving credit facility.

Our current weighted average interest rate is 4.59%, down from 5.49% at our formation, and our weighted average term to maturity is now 4.8 years compared to 2.9 years 2 years ago. With regard to our financial flexibility, as of today, we have $63.2 million of cash and callable deposits, and 0 outstanding on our $285 million revolving credit facility. This provides us with sufficient capacity to support our operational and strategic growth objectives.

We have only one maturity in 2014, a $47.9 million non-recourse first mortgage loan secured by Steeplegate Mall, which matures this August.

During the fourth quarter, we booked a $15.2 million impairment on Steeplegate, reducing it's fair value down to $33.5 million. As we've discussed in the past, it is our intention to only invest capital in a manner which provides an appropriate risk-adjusted rate of return or is of strategic benefit to Rouse. We will continue to review our options with regard to Steeplegate and update you in the future when we have additional information.

Our only maturity in 2015 is the loan secured by Greenville Mall, which we acquired in 2013. At maturity in December of 2015, the loan balance is expected to be $39.9 million, and we will update you on our refinancing plans as the maturity date gets closer.

Turning to our guidance. Last night, we provided guidance for Core 2014 FFO of $1.54 to $1.58 per diluted share. Our guidance reflects several key assumptions, including same-property Core NOI growth of 4% to 5%, general and administrative expenses of $24.8 million to $25 million, and net interest expense of $66.3 million to $67.1 million.

Please note that our guidance does not include the effects of any future property acquisitions, dispositions, and refinancings. However, our outlook does reflect the impact of our January 2014 offering, which increased our diluted share count by 16%.

In addition, our same-property pool of assets for 2014 excludes the 3 acquisitions made in 2013, as well as 2 properties, Knollwood and Gateway, which are undergoing extensive construction to convert the assets from enclosed malls to open-air power centers, and 1 property, Steeplegate Mall, which I have already mentioned, has been reclassified as a special consideration asset.

With regard to our dividend, our Board of Directors has approved a 31% increase to our quarterly dividend. Rouse will pay a first quarter 2014 dividend of $0.17 per share, up from $0.13 per share last quarter. This dividend will be paid on April 30, 2014 to stockholders of record on April 15, 2014. With that, I'll turn the call back to Andy for some concluding remarks.

Andrew P. Silberfein

Thanks, John. We entered 2014 in a strong position with 8 quarters of leasing success behind us, an accelerating Core NOI growth, an exciting pipeline of potential additional acquisition opportunities and the strongest capital position in our history. Going forward we will continue to execute the strategies we have communicated since our formation. Our successes thus far have demonstrated the quality of our portfolio, the viability of our approach, and the strength of our team. We look forward to updating you on our continued accomplishments in upcoming calls.

Now with that, we'd be happy to answer any questions that you may have. Operator?

Question-and-Answer Session

Operator

[Operator Instructions] Our first question is coming from the line of Alex Avery with CIBC.

Alex Avery - CIBC World Markets Inc., Research Division

Just on the leasing, you had another great quarter of leasing. And I was wondering if you could just provide a little bit more, I guess, color on perhaps the directional trend in leasing. It seems like you're getting leased in the quarter. Maybe that's not a trend. But in the quarter, it seemed like your pricing power was improving and you continue to do pretty large volumes. Can you give us a sense of how things have been trending and perhaps what we should be expecting in 2014?

Andrew P. Silberfein

I think the first thing I'd say, as I pointed out in my comments, we're doing a huge amount of volume with high-volume restaurants, and entertainment centers, the large-format, and so the box demand is really exciting. And we really continue to see solid demand from those tenants. And we're adding them in sizable quantities. With little being built and with our reputation of delivering really what we promised and on time, we're seeing a lot of repeat businesses. And these tenants are a nice complement to our existing lineup. Once the tenants [indiscernible] the larger radiuses and drive traffic. So we are really focused on creating a better experience at our malls by adding the different components, so people can see a movie, have dinner, and shop, all under one roof. And that's really resonating both with the shoppers as well as the retailers.

Alex Avery - CIBC World Markets Inc., Research Division

So the -- I guess, as Rouse, continues to make progress towards that 93% occupied goal, it's not unreasonable to expect at least the same type of pricing power and perhaps even an improvement over time?

Andrew P. Silberfein

I would say we will expect more of the same from what we've been seeing in the past.

Alex Avery - CIBC World Markets Inc., Research Division

Okay. And then just on the guidance, obviously, the recent equity issue is a big moving factor in the per-unit number in terms of FFO, but I was also wondering if you could provide any insights into what you might have built into their -- in terms of tenant turnover or if you're expecting any tenant turnover. I mean it's been pretty minimal so far, but I wasn't sure if you were planning on anything in 2014?

Benjamin Schall

Alex, this is Ben. In terms of tenant turnover, our guidance and our projections for the year are relatively consistent with our experience, particularly towards the end of 2013.

Alex Avery - CIBC World Markets Inc., Research Division

Okay. And then, Andy, you mentioned that the acquisition landscape continues to be pretty attractive. Is there anything you can give us in terms of additional color on what in particular might be of interest to you in terms of geography or any other characteristics of the properties that you're looking at these days?

Andrew P. Silberfein

Well, I would first say that we are set up to be anywhere in the country, so we are now in 22 states. So we're looking at the opportunities that fit our criteria in terms of returns, in terms of the growth, the[ph] solid properties that we could really acquire on our platform -- our national platform to do what we're really doing throughout the rest of our existing portfolio, improve the metrics, improve the merchandising mix, and drive NOI at the end of the day. So we continue to be selective, and I can tell you that we're seeing a good amount of product. We are still focused primarily on being the "only game in town" within a submarket or a key submarket, and we still see quite attractive spreads between the cap rate and the financing. So in terms of our pipeline, I would say it's solid, but we -- our policy is not to comment on specific aspects of our acquisition program, on the specifics of what we're looking at. But I think -- I think you should expect that we will be active in that arena as the year progresses.

Operator

[Operator Instructions] Our next question is coming from the line of Daniel Busch with Green Street Advisors.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

I just wanted to follow-up on a couple of Alex's questions. Given the fact that you're already 91% or a little over 91% leased, going into '14. Andy, when do you expect to end '14 from a non-anchor occupancy level?

Andrew P. Silberfein

In terms of the 91%, it is important to note that, obviously, the huge amount of SNO that we have will come on line throughout the year, a little lower in the first half and ramping up in the second half. So I think the thing people don't, though, pick up on immediately is that we're spending -- we have a lot of capital projects that we'll going to be doing both on the cosmetic and on the strategic capital side that haven't hit yet or haven't started, and the impacts of the ones that we've completed have not fully trickled through the property. So I think when you look down the road, these projects that we're doing will be more impactful. In terms of our goal of 93%, we're already in terms of overall leasing -- we're already over 60% of the way there. I think you could extrapolate out and expect to see the 93% versus where we are and see continued progress every year on that number. So we don't give specific numbers out for the year end.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

Okay. Just following up on the redevelopment comment, you added 2 projects to the schedule that you have disclosed in the supplemental. It looks like you have about $16 million of costs already incurred. What is your full CIP costs or bucket right now? Is it much greater than that $16 million or is -- how much of the costs are we missing, I guess? What's going on, on the cosmetic side?

Andrew P. Silberfein

So let me give you some clarity in terms of the overall capital spend. One of the things that we've realized is well early on with our program, we can already tell if the cosmetic and strategic capital projects have been very well received, as I've said before, by both shoppers and retailers. That's why we continue to look internally for additional opportunities where we could do some additional projects in our existing portfolio. So we have actually upped our capital spend program to a total of in the range of $250 million to $275 million. Of that number, we have already completed $45 million, and we've commenced that $90 million. And the ones that we have planned are about $115 million to $140 million. So we have completed $45 million. We said $90 million is underway. So there are $115 million to $140 million to come.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

And that's helpful. And, just going to your kind of -- your portfolio in sales, up 2%. I would assume that includes the addition of Chesterfield and Salisbury, can you give us a sense of what your same-store sales growth on a comparable property basis would have been?

John A. Wain

On a comp basis, it was relatively flat.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

Okay. And then, just following up on one of Alex's question, on your acquisition strategy, the acquisitions you've done so far, they have been properties that have generally improved the productivity -- the overall productivity of the portfolio. It seems like on the market right now, there's a quite few properties that could be considered "only game in town", but do quite a bit less than your portfolio average. What is your appetite for those types of properties that are doing less than $300 a square foot but would fit your "only game in town" criteria?

Andrew P. Silberfein

I would say that our appetite for those, what you talked about, is not incredibly high. I think what we've been pretty clear about in the past is, we would turn down a lot of properties as you can imagine, but we're pretty focused on what we want to buy, from solid properties anywhere between -- with sales anywhere between $300 and $400 a foot but the "only game in town" that we can move higher. So we looked very closely at the trends of what we buy. We look very closely at the upside. We're not as focused on the initial cap rate as we are in the growth of the asset overall. [indiscernible] as we create value. So to us, there is a lot of factors that go into it. We look at the anchor sales, we look at the demographics, we look at competition, and we look at just how much can we move the needle on each acquisition. To us, those are the critical things that we look at, and if we don't think we can do that, we're not going to buy those properties. So I think there is a number of factors, and we continue to refine what we're looking at, but I think we've been pretty consistent to date.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

Okay. And then just one more on the acquisition side. You mentioned that the spread still looks attractive from where you can finance those acquisitions. Based on some of the headwinds that you also alluded to, whether it's JCPenney, Sears; Staples, I know you don’t have any exposure to them but them closing stores; RadioShack and et cetera, have you seen any change in pricing for the properties that you're targeting?

Andrew P. Silberfein

I would say that we haven't seen a tremendous difference in the pricing. It's been pretty sticky in terms of the cap rates. And I think at the end of the day, those are factors that you take into account in the overall returns. But I think it's still pretty attractive when you look at the cap rates in our sector. And the returns that you can make, they're really outsized to a lot of other real estate classes.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

Okay. And then maybe one more, if I may. A question for Ben. It seems like the sales in the Signet merger kind of has gone a little bit under the radar, at least from the real estate side. What do you see or what conversation you've had as far as the real estate strategy going forward?

Benjamin Schall

Yes, we've had -- [ph] constant communication with them. We've had some initial conversations with them around that merger. It's early. They are obviously in some of the best located space in each of these assets, and so we'll work through that with them. But there are also potential opportunities, particularly with the level of activity and repositioning that we've had on our portfolio to re-lease those spaces at productive rates.

Andrew P. Silberfein

Yes, and this is Andy. My understanding is that for now in our discussions with them, they're not going to be combining chains. Because they tend -- in our malls, they tend to be on the endcapa. The hard corners are the best locations of their property. So, we've actually seen -- we've had a pretty good year in the jewelry category, so we're pretty bullish on that area.

Daniel Joseph Busch - Green Street Advisors, Inc., Research Division

Okay. And maybe I don’t want to leave John out. John, on The Centre at Salisbury loan, that comes due not till '16. But why is that labeled partial recourse? Can you explain that?

John A. Wain

Yes, that's actually -- we assumed that loan with the acquisition. It has $3 million of principal recourse that was structured into the deal with a tenant rollover a few years ago. So it's $3 million -- $3 million of recourse.

Operator

Our next question is coming from the line of Dan Oppenheim with Crédit Suisse.

Daniel Oppenheim - Crédit Suisse AG, Research Division

I was just wondering, you talked about the projects in terms of $90 million underway right now and then another $115 million to $140 million planned. Should we expect in terms of a shift, in terms of some of the smaller projects, based towards $8 million or even [indiscernible] as high as $30 million, how should we think about the scope? Is there going to be a bit of transition to some larger projects or should we expect them to be roughly small as we go forward?

Benjamin Schall

Dan, this is Ben. As you can tell from the 2 new projects we added this quarter, it's obviously project-specific. So the 2 projects we added this quarter, one, in Three Rivers, was tenant-specific and the capital related to that, one where we re-leased the former Sears, to the state-of-the-art Regal. We've done about 90 days, and that's under construction now. And we recently re-leased the other former vacant anchor there that has been vacant for a while to a regional sporting goods store. And then in Knollwood, which is also larger than some of our prior projects, as the project, we're working to completely reposition that asset into what we believe will be one of the premier grocery-anchored power centers in that Greater Minneapolis area. So as we get further down our pipeline and we get on the construction with each of the additional projects, we'll provide an additional disclosure then.

Andrew P. Silberfein

Yes. And Dan, this is Andy. [indiscernible] as we've done along here even though we have been doing this for that long, it's [ph] for our company. But I can tell you that the reception has been so good in terms of increasing the overall leasing of the property and the vitality of each property that we've actually added some cosmetic -- initial cosmetic projects, and we've actually taken a look at some of our, what we call strategic capital expense, and have increased the scope. So we've increased the scope, and we're getting the same return on that increased scope. So we've done that because they've been received holistically better than what I think we anticipated originally.

Operator

[Operator Instructions] Thank you, ladies and gentlemen. We have reached the conclusion of our question-and-answer session. I would now like to turn the floor back over to management for any concluding comments.

Andrew P. Silberfein

Thank you very much for your time this morning, and we look forward to sharing our results with you at the end of the first quarter.

Operator

Thank you, ladies and gentlemen. This does conclude today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Rouse Properties Management Discusses Q4 2013 Results - Earnings Call Transcript
This Transcript
All Transcripts