CHICAGO – CHICAGO (AP) _ GGP Inc. (GGP) on Thursday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $338.1 million, or 35 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $60.1 million, or 6 cents per share.
The shopping mall real estate investment trust posted revenue of $574.2 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $603 million.
The company's shares have decreased 16 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased slightly more than 1 percent. The stock has decreased 15 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on GGP at https://www.zacks.com/ap/GGP
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