WASHINGTON (dpa-AFX) - General Growth Properties Inc. (GGP) reported that its third-quarter funds from operations increased to $231.3 million, or $0.23 per share, from $212.6 million, or $0.22 per share, in the prior year period.
Net loss attributable to common stockholders, which was impacted primarily by depreciation expense, provisions for impairment and a non-cash accounting adjustment for outstanding warrants, was $207.9 million, or $0.23 loss per share, compared to net income of $252.1 million, or $0.08 loss per diluted share, in the prior year period.
The non-cash accounting adjustment for outstanding warrants reduced income from continuing operations in the latest-period by $123.4 million whereas the adjustment in the prior period increased income from continuing operations by $337.8 million.
Total revenues for the quarter rose to $633.17 million from $616.98 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share on revenues of $620.82 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead for the fourth quarter, the company expects net income to be in the range of $0.02 - $0.04 per share, and FFO of $0.28 - $0.30 per share. Analysts expect the company to report earnings of $0.29 per share for the fourth-quarter.
For full year 2012, the company now expects net loss to be in the range of $0.55 - $0.57, and FFO of $0.96 to $0.98 per share. Analysts expect the company to report earnings of $0.97 per share for fiscal 2012.
While announcing the second-quarter result, the company had expected loss to be in the range of $0.33 - $0.35 per share, and FFO of $0.60 - $0.62, and Core FFO of $0.95 - $0.97 per share.
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