General Growth Properties Beats On Q4 Revenue

General Growth Properties Inc GGP reported results Wednesday for the fourth quarter ended December 31, 2014.

Total revenue came in at $673.022 million, above estimates of $671.69 million and the $670.665 million reported in the prior year period.

Company funds from operations (“Company FFO”) per share increased 5.1 percent from the prior year period to $0.38 per diluted share, in line with expectations.

Company FFO increased 3.4 percent to $357 million from $346 million in the prior year period.

Earnings before interest, taxes, depreciation and amortization increased 4.1 percent to $572 million from $550 million in the prior year period.

For the full year of 2014, Company FFO per share increased 13.7 percent to $1.32 per diluted share from $1.16 per diluted share in the prior year period. Company FFO increased 9.4 percent in 2014 to $1.256 billion from $1.148 billion in 2013.

Looking ahead, Company FFO for the year ending December 31, 2015 is expected to be $1.40 to $1.46 per diluted share.

Company FFO for the first quarter 2015 is expected to be $0.31 to $0.33 per diluted share.

Same Store NOI growth is expected to be approximately 4.5 percent for the year ending December 31, 2015 and 4.0 percent for the first quarter 2015.

General Growth Properties Inc closed at $31.21Wednesday, down 0.41 percent.