General Growth PropertiesInc. reported results for the first quarter, reaffirmed its full-yearexpectations for company FFO per share and offered second-quarter earnings expectations.
Company FFO for the first quarter came to $382.8 million, or40 cents per share, up from $309.3 million, or 32 cents per share, in the year-earlierquarter. The figures represent increases of 23.7% and 24.2% on an aggregate basisand per-share basis, respectively.
General Growth noted in the release that company FFO was roughly$48 million higher than guidance, roughly $30 million of which relates to recognitionof income from the company's share of the Ala Moana condominium development and$13 million from a gain on the sale of marketable securities.
Same-store NOI ticked up 5.2% to $561 million in the first quarter,from $533 million in the 2015 quarter, according to a news release.
The S&P Capital IQ consensus FFO-per-share estimate for thefirst quarter was 35 cents.
With its results, the company offered 2016 second-quarter companyFFO-per-share guidance in the range of 34 cents to 36 cents, and reaffirmed full-yearcompany FFO-per-share guidance in the range of $1.52 to $1.56 — the same range itoffered in February with its 2015 year-end results.
The company expects NAREIT FFO per share to hit a range of 33cents to 35 cents in the second quarter and a range of $1.48 to $1.52 in 2016.
The S&P Capital IQ consensus FFO-per-share estimates forthe 2016 second quarter and full year are 36 cents and $1.55, respectively.
During the quarter, General Growth acquired the remaining 25%interest in Spokane Valley Mallin Spokane, Wash., for a gross purchase price of roughly $37.5 million, including$14.8 million of assumed debt.
The company also sold during the quarter its interests in fourretail properties for a gross purchase price of about $302 million, receiving netproceeds of roughly $250 million.
General Growth repaid $315 million on its credit facility, bringingthe balance outstanding as of March 31 to zero.