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GGP Posts Q2 Loss

CHICAGO-Despite an earnings loss of 11 cents, General Growth Properties CEO John Bucksbaum says he is optimistic about the firm's pipeline.

By Dana Dubriwny | Updated on August 09, 2006

CHICAGO-Retail REIT General Growth Properties Inc.’s second quarter brought in an earnings loss of 11 cents per diluted share, compared to a 1 cent gain in the same period last year. FFO also decreased, which posted at $180 million, or 62 cents, versus $207.2 million, or 71 cents, in the second quarter of last year, representing a 12.2% fall.

“I am sorry for our earnings miss, but I am pleased with our higher interest expense,” said CEO John Bucksbaum during a quarterly earnings call Tuesday with investors. “While uneven timing of land sales and continued increases in short-term interest rates caused a year-over-year drop in earnings and funds from operations, our core operating property performance was very strong.”

Consolidated interest expense in 2006 was $278.6 million or $1.15 per share versus $244.5 million or $1.02 per share in 2005. The company’s share of interest expense for the unconsolidated properties was $45.9 million compared to $35.3 million for the equivalent period in 2005.

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