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GGP (GGP) 2Q16 Results: General Growth Properties Lowers FY16 Outlook on Higher Transactions

Executive Summary

  • For fiscal 2Q16, General Growth Properties reported diluted FFO of $0.35, up 6.1% year over year but slightly below the consensus estimate of $0.36. The company reported revenues of $574.6 million, down 0.9% year over year and below the $580.4 million consensus estimate.
  • The company revised its FY16 outlook; it guided for an FFO increase of $0.01 related to operations and a $0.02 decrease from transactions. The company now expects FFO of $1.51–$1.55, down from $1.52–$1.56 previously and versus the consensus estimate of $1.55.

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