Back to top

Image: Bigstock

GGP Q2 FFO Meets Estimates, Revenues Increase Y/Y

Read MoreHide Full Article

Have you been eager to see how GGP Inc. performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Chicago, IL-based retail real estate investment trust (REIT) earnings release this morning:

An in-line FFO

GGP came out with funds from operations (FFO) per share of 36 cents, in line with the Zacks Consensus Estimate.

Results reflect year-over-year increase in same-store NOI.

How Was the Estimate Revision Trend?

GGP has a mixed surprise history. Before posting an in-line FFO per share in Q2, the company delivered positive surprise in two quarters, met in another and missed in the other occasion, as shown in the chart below.

Overall, the company surpassed the Zacks Consensus Estimate by an average of 2.75% in the trailing four quarters.

Revenue Came In Lower Than Expected

GGP posted revenues of $583.1 million, which missed the Zacks Consensus Estimate of $597.2 million. However, it compared favorably with the year-ago number of $555.8 million.

Key Developments to Note

Same store NOI reported a growth of 4.6% from the prior-year period to $573.9 million. Same-store occupied percentage was 94.2% at the end of the quarter.

GGP's acquisition by Brookfield Property Partners L.P. is on track and recently GGP announced receiving common stockholders’ approval for the same.

What Zacks Rank Says

GGP has a Zacks Rank #4 (Sell). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Check back later for our full write up on this GGP earnings report!

Today's Stocks from Zacks' Hottest Strategies

It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.

And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.

See Them Free>>
 

Published in