UPDATE: General Growth Posts Narrower Q2 Loss
General Growth Properties (NYSE: GGP) posted a narrower second-quarter loss.
General Growth lifted its full-year forecast for core funds from operations. It now projects FFO of $0.95 to $0.97 per share, versus its prior forecast of $0.92 to $0.96 per share.
General Growth posted a quarterly loss of $107.9 million, or $0.12 per share, versus a year-ago loss of $203 million, or $0.22 per share. Its core funds from operations came in at $0.23 per share, versus $0.18 per share. However, the company had expected FFO of $0.20 to $0.22 per share.
Its revenue climbed 3.5% to $624.1 million, versus analysts' estimates of $591 million.
General Growth shares closed at $18.21 yesterday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.