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GGP logs 12.9% YOY gain in Q4'17 funds from operations

GGP Inc. reported fourth-quarter 2017 funds from operations of roughly $465.2 million, or 48 cents per share, a 12.9% increase in the aggregate from roughly $412.2 million, or 43 cents per share, in the comparable 2016 period.

For the full year, the company posted a 2.0% year-over-year increase in FFO, which totaled $1.50 billion, or $1.57 per share, compared to $1.47 billion, or $1.53 per share.

The S&P Capital IQ consensus FFO estimate for the fourth quarter of 2017 was 46 cents per share. For the full year, the S&P Capital IQ consensus estimate for FFO was $1.55 per share.

For the fourth quarter, attributable net income came to roughly $201.6 million, a decrease of 14.4% from roughly $236.5 million in the 2016 fourth quarter. Attributable net income for the full year came in at $657.3 million, or 69 cents per share, down 49.0% from about $1.29 billion, or $1.36 per share, in the previous year. The company attributed the decline in attributable net income primarily to 2016 gains related to the sale of interests in three properties.

The company noted the unsolicited acquisition proposal from Brookfield Property Partners LP and said it is not providing guidance at this time. In December 2017, GGP reportedly rejected the $14.8 billion offer but the parties were said to still be in talks.

The S&P Capital IQ consensus FFO estimates for the first quarter and full year are 37 cents per share and $1.60 per share, respectively.