General Growth Properties (NYSE:GGP) reported its results for the second quarter. General Growth Properties, Inc. is a real estate investment trust, which through its subsidiaries and affiliates operates, manages, develops and acquires retail and other rental properties, shopping centers, which are located throughout the United States.
General Growth Properties Earnings Cheat Sheet for the Second Quarter
Results: The company’s funds from operations (FFO) fell 37.5% from the year earlier quarter to 20 cents. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It fell short of the consensus estimate of 23 cents per share.
Quoting Management: 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.
Competitors to Watch: The Macerich Company (NYSE:MAC), Urstadt Biddle Properties Inc. (NYSE:UBA), One Liberty Properties, Inc. (NYSE:OLP), Weingarten Realty Investors (NYSE:WRI), CBL & Associates Properties, Inc. (NYSE:CBL), Saul Centers, Inc. (NYSE:BFS), Kite Realty Group Trust (NYSE:KRG), Entertainment Properties Trust (NYSE:EPR), Federal Realty Inv. Trust (NYSE:FRT), and Alexander’s, Inc. (NYSE:ALX).
(Source: Xignite Financials)