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GGP's Strong Q2 Pulse

CHICAGO-The retail REIT reports a 24% increase in FFO and a 73% increase in consolidated property net operating income.

By Dana Dubriwny | Updated on August 02, 2005

CHICAGO-During General Growth Properties Inc.’s second quarter 2005 earnings call, chief executive officer John Bucksbaum admitted having the opportunity to visit a number of the company’s shopping centers. From that, Bucksbaum said he gained complete confidence in the company’s strategic growth, including last year’s $12.6 billion acquisition of shopping-center owner Rouse Co.

“I was able to visit 30 malls during this quarter,” Bucksbaum told investors. “I can tell you from first-hand experience: Our pulse is beating strong.”

In its Q2 ended June 30, GGP reported diluted earnings per share were .01 cents for the second quarter of 2005 as compared to 23 cents in the second quarter of 2004. Fully diluted funds from operations per share were 71 cents for the second quarter of 2005, a 16.6% increase over the 61 cents reported in the comparable period of 2004. Total FFO for the quarter increased 24% to $207.6 million, from $167 million in the second quarter of 2004.

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