CHICAGO-General Growth Properties saw its stock rise Thursday to its highest price since the retail mall giant returned from bankruptcy in late 2010, following a positive second quarter report. The trust, now unburdened by about 50 underperforming malls, hit $18.52 per share at the close Thursday.
The company reported Q2 results of increased FFO to $228.3 million, compared with $184 million a year ago. Also, the trust had core mall NOI growth of 6.4% for the quarter. Regional mall occupancy was at 94.3% at quarter end, an increase of 110 basis points from Q2 2011.
GGP beat analysts’ expectations in the quarter. The trust currently has four development projects underway at Fashion Show in Las Vegas, Glendale Galleria in Glendale, CA; North Point in Alpharetta, GA and Northridge Fashion Center in Northridge, CA, all expected to be completed in 2013.
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