Have you been eager to see how GGP Inc. (NYSE:GGP) performed in Q1 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 Miss
GGP came out with funds from operations (FFO) per share of 35 cents, missing the Zacks Consensus Estimate of 37 cents.
Results reflect year over year decline in same-store NOI
How Was the Estimate Revision Trend?
The company, has a mixed surprise history, beating estimates in two occasions and meeting in the other two, with an average positive surprise of 4.1%. This is depicted in the graph below.
General Growth Properties, Inc. Price and EPS Surprise
Revenue Came Lower Than Expected
GGP posted revenues of $574.2 million, which missed the Zacks Consensus Estimate of $603 million. However, it compared favorably with the year-ago number of $566.3 million.
Key Developments to Note
GGP’s development and redevelopment activities totaled $1.5 billion. However, the company recorded 8% decline in same-store NOI year over year.
On Mar 26, 2018, GGP announced that it has reached an agreement with Brookfield Property Partners, per which Brookfield will acquire the GGP shares it doesn’t own yet for nearly $15.3 billion, gaining complete ownership of the second-largest U.S. mall owner.
What Zacks Rank Says
GGP has a Zacks Rank #2 (Buy). 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: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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General Growth Properties, Inc. (GGP): Free Stock Analysis Report
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