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General Growth Properties lower after earnings miss

Aug. 02, 2016 10:47 AM ETBrookfield Property REIT Inc. (BPYU) StockBPYUBy: Stephen Alpher, SA News Editor
  • GGP tried to ease the sting of the miss and slight guidance cut with an increase in the quarterly dividend to $0.19 per share, but shares are down 1.95% in morning action.
  • Q2 FFO of $340M or $0.35 per share compared to $319M and $0.33 one year ago. Expectations were for $0.36.
  • Same-store NOI up 4% Y/Y; EBITDA growth of 6.5%.
  • Initial rental rates LTM up 13.7% vs. those for expiring leases. Tenant sales up 2.8%.
  • Q3 FFO per share is guided to $0.34-$0.36; full-year to $1.51-$1.55.

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