General Growth Properties Earnings Cheat Sheet: Falls Short of Estimates

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.

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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).

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(Source: Xignite Financials)