Free Research Report as GGP’s Quarterly Revenues Grew 3% and FFO Advanced 12%
Stock Monitor: Hospitality Properties Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 06, 2018 / Active-Investors.com has just released a free earnings report on GGP Inc. (NYSE: GGP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GGP. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 07, 2018. The retail-focused real estate investment trust (REIT) surpassed FFO estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Hospitality Properties Trust (NASDAQ: HPT), which also belongs to the Financial sector as the Company GGP Inc. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, GGP Inc. most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=GGP
Earnings Highlights and Summary
For the three months ended December 31, 2017, GGP recorded revenues of $627.38 million, up 3% compared to $610.34 million in Q4 2016. The Company's revenue numbers fell short of analysts' estimates of $651.7 million.
During the full fiscal year 2017, GGP's revenues totaled $2.33 billion versus $2.35 billion in FY16.
GGP's same store net operating income (NOI) increased 1.3% and 1.6% for the three-month and twelve-month periods ended December 31, 2017, respectively, from the comparable periods of last year.
For Q4 2017, GGP's adjusted NOI was $629 million compared to $617 million in Q4 2016, reflecting an increase of 1.9%. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $603 million during the reported quarter compared to $583 million in the year earlier same quarter, representing an increase of 3.4%.
For Q4 2017, GGP's net income attributable to common shareholders was $202 million, or $0.21 per diluted share, compared to $236 million, or $0.24 per diluted share, in Q4 2016. For FY17, the Company's net income attributable to common shareholders was $657 million, or $0.69 per diluted share, compared to $1.29 billion, or $1.36 per diluted share, in FY16.
During Q4 2017, GGP's funds from operations (FFO) were $465 million, or $0.48 per diluted share, compared to $412 million, or $0.43 per diluted share, in Q4 2016. The Company's reported FFO numbers surpassed Wall Street's estimates of $0.47 per share. For FY17, GGP's FFO were $1.50 billion, or $1.57 per diluted share, compared to $1.47 billion, or $1.53 per diluted share, in FY16.
Operating Results
GGP's same store leased percentage was 96.7% at the end of Q4 2017. The Company's initial NOI weighted rental rates for signed leases that have commenced in the trailing twelve months increased 13.0% on a suite-to-suite basis compared to the rental rates for expiring leases.
For the trailing twelve months, GGP's NOI weighted tenant sales per square foot (less than 10 thousand square feet) were $703, reflecting an increase of 1.8% over the prior year. The Company's holiday NOI weighted sales (November and December) increased by 5.2%.
GGP's tenant sales (all less anchors) decreased 0.5% on a trailing 12-month basis; but increased 1.9% when excluding apparel sales. The Company's holiday sales (November and December) increased 0.5%; and increased 3.4% excluding apparel sales.
Investment Activities
GGP's development and redevelopment activities totaled $1.5 billion, of which approximately $1.4 billion was under construction and $0.1 billion was in the pipeline.
Warrants to purchase approximately 84 million shares of GGP's common stock were exercised by Brookfield Asset Management Inc. on October 06, 2017; Abu Dhabi Investment Authority on October 25, 2017; and Future Fund Board of Guardians on November 02, 2017. The Company received approximately $551.2 million in consideration.
During Q4 2017, GGP disposed 100% of the Shops at Fallen Timbers for $21.0 million.
Guidance
On November 13, 2017, GGP made a public announcement confirming that the Board received an unsolicited proposal from Brookfield Property Partners. The Company has not provided guidance at this juncture.
Stock Performance Snapshot
March 05, 2018 - At Monday's closing bell, GGP Inc.'s stock climbed 1.38%, ending the trading session at $21.35.
Volume traded for the day: 3.51 million shares.
Stock performance in the previous six-month period – up 2.89%
After yesterday's close, GGP Inc.'s market cap was at $20.32 billion.
Price to Earnings (P/E) ratio was at 30.99.
The stock has a dividend yield of 4.12%.
The stock is part of the Financial sector, categorized under the REIT - Retail industry. This sector was up 1.0% at the end of the session.
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