GGP full-year outlook tops estimates

|By:, SA News Editor

Q2 FFO of $335M or $0.35 per share vs. $340M and $0.35 a year ago. Estimates were for $0.36.

Same-store NOI as adjusted of $551M up 1.3% Y/Y.

EBITDA of $507M up 1.1%.

Initial NOI weighted rental rates for signed leases starting in the trailing 12 months up 13.4% vs. expiring leases.

NOI weighted sales per square foot (less than 10K sq. ft.) of $705 up 1.7% Y/Y.

Tenant sales (all less anchors) up 0.8% on a LTM basis; excluding apparel up 3.1%.

Q3 FFO guidance of $0.36-$0.38 per share (vs. $0.38 estimate); full-year of $1.56-$1.60 (vs. $1.55 estimate)

Conference call at 9 ET

Previously: GGP misses by $0.01, beats on revenue (Aug. 2)

GGP flat premarket

Subscribe for full text news in your inbox