Have you been waiting to see how GGP Inc. (NYSE:$GGP) performed in the second quarter? If so, your wait is over! On Tuesday, August 1, the Chicago, Illinois-based company posted its Q2 earnings report. Here’s how it did!
Funds From Operations Surpassed Analyst Expectations
The company reported funds from operations (FFO) per share of 40 cents, thus surpassing the Zacks Consensus Estimate of 35 cents.
Additionally, GGP posted same store net operating income growth of 0.7% during the quarter.
The Estimate Revision Trend
Before the company reported a beat in the second quarter, GGP delivered in-line performance in the trailing four quarters. One can see this illustrated in the chart below:
Revenue Was Lower Than Forecasted
GGP Inc. reported revenues of $555.8 million. This did not meet the Zacks Consensus Estimate of $576.7 million. As one might expect, this did not compare well with the 2016 number of $574.6 million.
Major Developments
For total development and redevelopment activities, GGP Inc. totaled $1.5 billion.
In regards to the full year, GGP Inc. forecasts FFO per share to be in the range of $1.59 to $1.63. For Q3 2017, GGP Inc. expects FFO per share to be in the range of 35 to 37 cents.
Featured Image: depositphotos/robynmac
