WASHINGTON (dpa-AFX) - General Growth Properties Inc. (GGP) reported that its fourth-quarter funds from operations increased to $312 million, or $0.31 per share, from $253 million, or $0.26 per share, in the prior year period.
Net income attributable to common stockholders, which was impacted primarily by depreciation expense, a net gain on extinguishment of debt and a non-cash accounting adjustment for outstanding warrants, was $32 million, or $0.04 per share, compared to a net loss of $368 million, or $0.39 per share, in the prior year period.
The non-cash accounting adjustment for outstanding warrants reduced income from continuing operations in the latest-period by $89 million and in the prior period by $264 million.
Total revenues for the quarter rose to $675.71 million from $643.99 million last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share on revenues of $669.85 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the first quarter, the company expects net loss to be in the range of $0.05 - $0.03 per share, and FFO of $0.24 - $0.26 per share. Analysts expect the company to report earnings of $0.24 per share for the first quarter.
For full year 2013, the company now expects net income to be in the range of $0.07 - $0.11 per share, and FFO of $1.08 to $1.12 per share. Analysts expect the company to report earnings of $1.08 per share for fiscal 2013.
Further, the company announced that its Board of Directors declared a first quarter common stock dividend of $0.12 per share payable on April 30, 2013, to stockholders of record on April 16, 2013, representing an increase of $0.01 per share from the prior quarter.
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