GGP: 1Q Earnings Snapshot
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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