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GGP Inc. (GGP) Beats Q2 FFO Estimates, Misses on Revenues
August 02, 2017

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Have you been eager to see how GGP Inc. (GGP - Free Report) 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:

A FFO Beat

GGP Inc. came out with funds from operations (“FFO”) per share of 40 cents, beating the Zacks Consensus Estimate of 35 cents.

The company recorded same store net operating income growth of 0.7% during the reported quarter.

How Was the Estimate Revision Trend?

Before posting a beat in Q2, GGP Inc. delivered in-line performance in each of the trailing four quarters. This is depicted in the chart below:

Note: The EPS numbers presented in the above chart represent funds from operations (“FFO”) per share.

Revenue Came In Lower Than Expected

GGP Inc. posted revenues of $555.8 million, which missed the Zacks Consensus Estimate of $576.7 million. It compared unfavorably with the year-ago number of $574.6 million.

Key Developments to Note

GGP Inc.’s total development and redevelopment activities totaled $1.5 billion.

For full-year 2017, GGP Inc. expects FFO per share in the range of $1.59–$1.63. For third-quarter 2017, the company projects FFO per share in the range of 35–37 cents.

What Zacks Rank Says

GGP Inc. has a Zacks Rank #4 (Hold). 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.)

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

Note:  FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

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