GGP Profit Falls for Fourth Quarter
February 07 2018 - 8:39AM
Dow Jones News
By Allison Prang
GGP Inc. (GGP) released its earnings results for its fourth
quarter before the market opened Wednesday. Here's what you need to
know.
PROFIT: Profit fell by 15% to $201.6 million, or 21 cents a
share, compared to $236.5 million, or 24 cents a share, for the
same period a year before. GGP's funds from operations was 48 cents
a share compared to 43 cents a share a year ago. Analysts polled by
FactSet were predicting 46 cents.
REVENUE: Revenue rose 2.8% to $627.4 million amid increases in
minimum rent revenue and management fees. Revenue from tenant
recoveries and overage rents both fell. Analysts were expecting
revenue of $628.4 million.
EXPENSES: Total expenses rose 8.4% to $383.1 million, fueled by
an increase in depreciation and amortization costs.
Shares fell 2.3% premarket and have fallen 7.7% so far this
year.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 07, 2018 08:24 ET (13:24 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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