On Aug. 7, General Growth Properties
- The company missed analyst expectations for funds from operations (FFO) on increased interest expense on variable debt and a reduction in land sales, which are likely to make quarterly results lumpy.
- Total debt was up slightly year over year but shrank as a percentage of total market capitalization.
- Net operating income (NOI) and same-store net operating income performance remained strong.
(Figures in thousands, except per-share data)
Income Statement Highlights
|
Avg. Est. |
Q2 2006 |
Q2 2005 |
Change |
|
|---|---|---|---|---|
|
Sales |
$709,809 |
$758,230 |
(6.4%) |
|
|
Funds From Operations |
-- |
$182,005 |
$207,226 |
(12.2%) |
|
FFO Per Share |
$0.74 |
$0.62 |
$0.71 |
(12.7%) |
|
Net Operating Income |
$554,513 |
$539,408 |
2.8% |
|
|
Net Income |
($25,813) |
$2,652 |
N/A |
|
|
EPS |
($0.11) |
$0.01 |
N/A |
|
|
Diluted Shares |
294,799 |
292,618 |
0.7% |
Get back to basics with a look at the income statement.
Balance Sheet Highlights
|
Assets |
Q2 2006 |
Q2 2005 |
Change |
|---|---|---|---|
|
Prop. Net of Depreciation |
$23,449,203 |
$23,545,448 |
(0.4%) |
|
Cash |
$75,403 |
$50,549 |
49.2% |
|
Liabilities & Equities |
Q2 2006 |
Q2 2005 |
Change |
|---|---|---|---|
|
Total Debt |
$23,828,646 |
$23,251,548 |
2.5% |
|
Preferred Equity |
$202,230 |
$215,071 |
(6.0%) |
|
Market Value of Equity |
$13,190,045 |
$11,987,764 |
10.0% |
Learn the ways of the balance sheet.
Ratio Highlights
|
Q2 2006 |
Q2 2005 |
Change* |
|
|---|---|---|---|
|
Occupancy |
91.2% |
90.7% |
0.5% |
|
Same Store NOI Growth |
8.3% |
5.8% |
2.5% |
|
Total Debt-to-Total Market Cap |
64.0% |
65.6% |
(1.6%) |
Related Companies:
-
Federal Realty Trust
(NYSE:FRT) -
Simon Properties Group
(NYSE:SPG) -
Macerich
(NYSE:MAC) -
Taubman
Centers
(NYSE:TCO) -
Vornado
Realty Trust
(NYSE:VNO) -
Mills
(NYSE:MLS)
Related Foolishness:
- The Truth About REITs
- Understanding Funds From Operations
- The Scoop on the NOI Number
- Getting to Know RevPAR
- Please Recycle . Your Capital
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.
At the time of publication,Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here.
