Shares of General Growth Properties were flat at $31.21 per share in after-hours trading as of this writing
General Growth Properties released its latest earnings report after closing bell tonight, posting company funds from operations of 38 cents per share, compared to 36 cents per share in the same quarter a year ago. Analysts had been expecting earnings of 38 cents per share on $661.6 million in revenue for the fourth quarter.
General Growth Properties’ quarterly, full year earnings
Earnings before interest, taxes, depreciation and amortization for the fourth quarter rose 4.1% to $572 million for the quarter. Comparable net operating income rose 2.4% to $596 million. Net income was $289 million or 30 cents per share, compared to 7 cents per share or $77 million in the same quarter a year ago.
For the full year, General Growth Properties recorded a 13.7% increase in company funds from operations, which rose from $1.16 per share in the previous year to $1.32 per share this year. Funds from operations rose 9.4% to $1.256 billion. EBITDA for the full year rose 4.9% to $2.207 billion, while net income for the full year was 69 cents per share or $666 million. That’s compared to net income of 31 cents per share or $303 million in the previous year.
Key earnings metrics from General Growth Properties
General Growth Properties reported that same store leased percentage was 97.2% at the end of the quarter. That’s an improvement of 10 basis points. Initial rental rates for leases starting in 2014 rose 18.3% or $9.63 per square foot. The rate rose to $62.26 per square foot.
On a 12-month trailing basis, tenant sales, less anchors, rose 2.8% to $20.5 billion. Tenant sales of spaces less than 10,000 square feet rose 1% to $570 per square month. For just the fourth quarter, tenant sales less anchors rose 5.4%, while tenant sales for spaces of less than 10,000 square feet rose 4.8% during the quarter.
General Growth Properties provides guidance
For the current fiscal year, General Growth Properties expects to see funds from operations of between $1.40 and $1.46 per share. For the current quarter the company expects between 31 cents and 33 cents per share. The company expects same store net operating income growth to be about 4.5% for the full year and 4% for the current quarter.