GGP: 2Q Earnings Snapshot
CHICAGO (AP) _ GGP Inc. (GGP) on Tuesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $347.2 million, or 36 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $89.6 million, or 9 cents per share.
The shopping mall real estate investment trust posted revenue of $583.1 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $597.2 million.
The company’s shares have dropped 9.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 5 percent. The stock has decreased 7 percent in the last 12 months.