Rouse Properties, Inc. (the "Company" or "Rouse") (NYSE:RSE),
today announced consolidated results for the three months and
twelve months ended December 31, 2015.
The Company previously announced that it has entered into a
definitive agreement to be acquired by an affiliate of Brookfield
Asset Management Inc. (NYSE: BAM, TSX: BAM.A, Euronext: BAMA)
(“Brookfield”) for $18.25 per share in an all-cash transaction, a
portion of which may be paid out as a special dividend. Under the
terms of the agreement, Brookfield will acquire all of the
outstanding shares of Rouse’s common stock, other than those shares
currently held by Brookfield Property Partners L.P. (NYSE: BPY,
TSX: BPY.UN) and its affiliates, in a transaction valued at
approximately $2.8 billion, including Rouse’s indebtedness. The
agreement prohibits the payment of any further dividends by Rouse,
other than as part of the $18.25 per share consideration payable in
the transaction. The purchase price represents a premium of
approximately 35% over Rouse’s closing stock price on January 15,
2016, the last trading day prior to Brookfield’s announcement of a
proposal to acquire Rouse. The Special Committee of the Board of
Directors of Rouse unanimously approved the agreement. Completion
of the transaction is expected to occur by the third quarter of
2016, and is contingent upon customary closing conditions,
including the approval of the holders of a majority of the
outstanding shares of Rouse’s common stock not currently held by
Brookfield Property Partners and its affiliates. The transaction is
not subject to a financing contingency.
Operational and Financial Highlights for Fourth Quarter and
Full Year 2015
- Total initial rental rates for new and
renewal leases on a same suite basis rose 14.9% for the quarter
ended December 31, 2015 and 12.3% for the full year.
- For the Operating Portfolio(1), tenant
sales were $350 per square foot on a trailing twelve month basis.
On a comparable basis, trailing twelve month Operating Portfolio
tenant sales increased 7.4%.
- For the Operating Portfolio, inline
leased percentage decreased 30 basis points YoY to 92.0%, and
decreased 40 basis points sequentially.
- For the Operating Portfolio, inline
occupancy decreased 10 basis points YoY to 90.4%, and increased 170
basis points sequentially.
- Same Property Core NOI increased by
4.0% in the fourth quarter compared to the same period in the prior
year, and grew by 2.6% for the full year.
- Same Property average mall in-place
rent for tenants less than 10,000 square feet increased 5.5%, year
over year, to $41.79 from $39.62 per square foot.
(1) Operating Portfolio excludes properties undergoing
substantial redevelopment and special consideration assets.
Financial Results for the Three Months Ended December 31,
2015
Core FFO for the three months ended December 31, 2015 was $0.58
per diluted share, as compared to $0.46 per diluted share for the
three months ended December 31, 2014. Core FFO increased to $33.5
million from $27.0 million for the three months ended December 31,
2015 compared to the prior year period.
Core NOI for the three months ended December 31, 2015 increased
to $56.4 million from $53.3 million for the three months ended
December 31, 2014. On a Same Property basis, excluding lease
termination income of approximately $1.0 million, Same Property
Core NOI, increased to $42.4 million for three months ended
December 31, 2015, an increase of 4.0% as compared to the Same
Property Core NOI of $40.7 million for the prior year period.
Net loss allocable to common shareholders was $(1.7) million or
$(0.03) per basic and diluted share for the three months ended
December 31, 2015 compared to a net loss of $(12.6) million, or
$(0.22) per basic and diluted share for the prior year period.
Financial Results for the Twelve Months Ended December 31,
2015
Core FFO for the year ended December 31, 2015 was $104.0
million, or $1.79 per diluted share, compared to $94.5 million, or
$1.64 per diluted share for the year ended December 31, 2014.
Core FFO per share increased 9.1% in 2015 due to an increase in
Same Property Core NOI, as well as, an increase from the properties
that were acquired during the year.
Core NOI was $197.3 million for the year ended December 31,
2015, compared to $189.5 million for the year ended
December 31, 2014. On a Same Property basis, excluding lease
termination income of approximately $1.8 million, Same Property
Core NOI increased by 2.6% to $151.8 million from $148.0 million
for the year ended December 31, 2015 compared to
December 31, 2014.
Net income allocable to common shareholders for the year ended
December 31, 2015 was $40.7 million or $0.70 per basic and
diluted share, compared to a net loss allocable to common
shareholders of $(51.8) million, or $(0.90) per basic and diluted
share in the prior year period. The change in net income (loss) was
primarily due to a gain on extinguishment of debt and a gain on
dispositions of $61.4 million, as well as an increase in income
from the Same Property portfolio. In addition, a reduction in
interest expense and provision for impairment during 2015 also
contributed to the change in net income (loss) allocable to common
shareholders.
Financings
During the three months ended December 31, 2015, the loan
associated with Greenville Mall, located in Greenville, North
Carolina was refinanced with a new, non-recourse mortgage loan
for $45.5 million. The loan bears interest at a fixed rate of
4.46%, matures in November 2025, and amortizes over 30 years. This
loan replaced a $40.2 million non-recourse mortgage loan
which had a fixed interest rate of 5.29%.
Also, the loan associated with The Shoppes at Bel Air located in
Mobile, Alabama, was refinanced with a new, non-recourse mortgage
loan for $120.0 million. The initial funding of $110.5
million was used to retire the outstanding mortgage loan
of $109.5 million which had a fixed interest rate
of 5.30%. The loan provides for a subsequent funding
of $9.5 million upon achieving certain conditions. The
loan has an initial maturity of November 2018 and has a one year
extension option. The loan bears interest at a floating rate of
LIBOR (30 day) plus 235 basis points, and is interest only for the
first two years and amortizes $137,500 per month, thereafter. The
loan has a term of three years, with two one-year extension options
subject to achieving certain conditions. The borrower entered into
an interest swap beginning January 2016 which fixes the interest
rate at 3.34%, through November 2018.
In addition, The Shoppes at Gateway was removed from the 2013
Senior Facility collateral pool and a new $75.0 million
non-recourse mortgage loan was placed on the property. The loan
bears interest at a floating rate of LIBOR (30 day) plus 220 basis
points, has an initial maturity of January 2020 with a one year
extension option, is interest only for the first four years and
amortizes over 30 years during the extension period. The Company
entered into an interest rate swap on the loan which fixes the
interest rate at 3.64% through January 2020.
For the year ended December 31, 2015, the Company completed
$531.6 million of financings.
Acquisitions
During the three months ended December 31, 2015, the
Company acquired The Shoppes at Carlsbad located in Carlsbad,
California, for a total purchase price of approximately $170.0
million, net of closing costs and adjustments. In conjunction with
the closing Rouse Properties, L.P., the operating partnership of
the Company, issued $140.0 million of Series A Preferred Units to
the seller. The Shoppes at Carlsbad was added to the 2013 Senior
Facility collateral pool with no change to the outstanding 2013
Senior Facility balance.
For the year ended December 31, 2015, the Company acquired
interests in three retail properties totaling 1.9 million
square feet with a gross value of $325.1 million.
Equity
During the three months ended December 31, 2015, the
Company repurchased 238,055 shares of its outstanding Common
Stock for approximately $3.5 million, at an average cost
of $14.73 per share. As of December 31, 2015,
the Company had $46.5 million of remaining capacity to
repurchase common stock under the stock repurchase program.
Subsequent Events
Subsequent to December 31, 2015, the Company settled the
repurchase of 105,000 shares of its outstanding common stock
for $1.6 million, at an average cost of $14.87 per
share.
Other
In light of the pending acquisition as described above, the
Company will not hold an investor webcast and conference call to
discuss its fourth quarter and full year 2015 results or provide
financial guidance for 2016.
Supplemental Information
The Company released an informational supplemental packet,
available at www.rouseproperties.com
under the Investors section, with additional detail, including a
description of non-GAAP financial measures and reconciliation to
GAAP measures.
Forward Looking Statements
Certain matters within this press release are discussed using
forward-looking language as specified in the Private Securities
Litigation Reform Act of 1995, and, as such, may involve known and
unknown risks, uncertainties and other factors that may cause the
actual results or performance to differ from those projected in the
forward-looking statement. These forward-looking statements may
include statements related to the Company's ability to outperform
the ongoing recovery of the Retail and REIT industry and the
markets in which the Company's mall properties are located, the
Company's ability to generate internal and external growth, the
Company's ability to identify and complete the acquisition of
properties in new markets, the Company's ability to complete
redevelopment projects and the Company's ability to increase
margins, including Net Operating Income. For a description of
factors that may cause the Company's actual results or performance
to differ from its forward-looking statements, please review the
information under the heading “Risk Factors” included in the
Company's Annual Report on Form 10-K for the year ended December
31, 2014 and other documents filed by the Company with the
Securities and Exchange Commission.
Non GAAP Financial Measures
The Company makes reference to net operating income (“NOI”) and
funds from operations (“FFO”). NOI is defined as operating revenues
(minimum rents, including lease termination fees, tenant
recoveries, overage rents, and other income) less property and
related expenses (property operating expenses, real estate taxes,
repairs and maintenance, marketing, and provision for doubtful
accounts). We use FFO, as defined by the National Association of
Real Estate Investment Trusts, as a supplemental measure of our
operating performance. FFO is defined as net income (loss)
allocable to common stockholders in accordance with GAAP, excluding
impairment write-downs on depreciable real estate, gains (or
losses) from cumulative effects of accounting changes,
extraordinary items and sales of properties, and real estate
related depreciation and amortization.
In order to present operations in a manner most relevant to its
future operations, Core FFO and Core NOI have been presented to
exclude certain non-cash and non-recurring revenue and expenses. A
reconciliation of NOI to Core NOI and FFO to Core FFO has been
included in the "Reconciliation of Core NOI and Core FFO" schedule
attached to this release.
NOI, FFO and derivations thereof, are not alternatives to GAAP
operating income (loss) or net income (loss) allocable to common
stockholders. For reference, as an aid in understanding
management's computation of NOI and FFO, a reconciliation of NOI to
operating income and FFO to net income (loss) in accordance with
GAAP has been included in the "Reconciliation of Non-GAAP to GAAP
Financial Measures" schedule attached to this release.
About Rouse
Rouse is a publicly traded real estate investment trust
headquartered in New York City and founded on a legacy of
innovation and creativity. Among the country's largest publicly
traded regional mall owners, the Company's geographically diverse
portfolio spans the United States from coast to coast, and includes
36 malls and retail centers in 21 states encompassing over 24.9
million square feet of space. For more information, visit
www.rouseproperties.com.
Consolidated Statements of Operations and
Comprehensive Income (Loss)
Three Months Ended Years Ended
(In thousands,
except per share amounts)
December 31,
2015(Unaudited)
December 31,
2014(Unaudited)
December 31,
2015(Unaudited)
December 31,
2014(Unaudited)
Revenues: Minimum rents
$ 57,733 $ 55,747
$ 212,072 $ 200,354 Tenant recoveries
20,377
19,149
78,287 77,580 Overage rents
4,168 3,806
7,372 6,470 Other
2,583 3,013
7,653 7,723 Total revenues
84,861
81,715
305,384 292,127
Expenses: Property operating costs
17,268 17,734
68,770 70,269 Real estate taxes
7,026 7,018
27,075 26,571 Property maintenance costs
2,665 3,161
10,223 11,331 Marketing
789 1,603
2,146 3,257
Provision for doubtful accounts
429 569
1,746 1,228
General and administrative
6,132 7,716
25,817 26,329
Provision for impairment
— 5,300
2,900 15,965
Depreciation and amortization
35,221 28,708
107,941
100,302 Other
1,286 2,805
6,491
5,437 Total operating expenses
70,816 74,614
253,109 260,689 Operating income
14,045 7,101
52,275 31,438 Interest income
— 12
18 323 Interest expense
(16,675 )
(19,670 )
(71,420 ) (82,909 ) Gain on extinguishment
of debt
(270 ) —
26,558 —
Income (loss) before income taxes, gain on
sale of real estate assets,and discontinued operations
(2,900 ) (12,557 )
7,431 (51,148 ) Provision
for income taxes
(95 ) (154 )
(604 )
(537 )
Income (loss) from continuing operations
before gain on sale of realestate assets
(2,995 ) (12,711 )
6,827 (51,685 ) Gain on
sale of real estate assets
2,300 —
34,796 — Income (loss) from continuing
operations
(695 ) $ (12,711 )
$ 41,623
$ (51,685 ) Discontinued operations
— —
— — Net income (loss)
(695
) (12,711 )
41,623 (51,685 ) Net (income) loss
attributable to non-controlling interests
(32 ) 122
76 (71 ) Net income (loss) attributable to
Rouse Properties, Inc.
$ (727 ) $ (12,589 )
$ 41,699 $ (51,756 ) Preferred distributions
(953 ) —
(953 ) —
Net
income (loss) allocable to common shareholders $
(1,680 ) $ (12,589 )
$ 40,746 $
(51,756 )
Per common share data: Net income (loss)
per share allocable to common shareholders Basic
$
(0.03 ) $ (0.22 )
$ 0.70 $ (0.90
) Diluted
$ (0.03 ) $ (0.22 )
$
0.70 $ (0.90 ) Dividends declared per share
$ 0.18 $ 0.17
$ 0.72 $ 0.68
Other comprehensive income (loss): Net income (loss)
$ (695 ) $ (12,711 )
$ 41,623 $
(51,685 ) Other comprehensive income (loss): Net unrealized gain
(loss) on financial instrument
1,743 (252 )
417 (482 ) Comprehensive income (loss)
$
1,048 $ (12,963 )
$ 42,040 $
(52,167 )
Consolidated Balance Sheets
(In
thousands)
December 31,
2015(Unaudited)
December 31, 2014(Unaudited)
Assets: Investment in real estate: Land
$
428,157 $ 371,363 Buildings and equipment
2,151,443
1,820,072 Less accumulated depreciation
(239,091 )
(189,838 ) Net investment in real estate
2,340,509 2,001,597
Cash and cash equivalents
5,420 14,308 Restricted cash
34,568 48,055 Accounts receivable, net
43,196 35,492
Deferred expenses, net
56,531 52,611 Prepaid expenses and
other assets, net
49,034 62,690 Assets of property held for
sale
— 55,647
Total assets $
2,529,258 $ 2,270,400
Liabilities: Mortgages, notes and loans payable
$
1,706,513 $ 1,584,499 Accounts payable and accrued expenses,
net
147,288 113,976 Liabilities of property held for sale
— 38,590
Total liabilities
1,853,801 1,737,065 Commitments and
contingencies
— —
Mezzanine Equity:
Non-controlling interest in Operating Partnership
140,953
— Equity: Preferred stock (1)
— —
Common stock (2)
581 578 Additional paid-in capital
643,828 679,275 Accumulated deficit
(121,182 )
(162,881 ) Accumulated other comprehensive loss
(65 )
(482 ) Treasury stock (3)
(3,509 ) — Total
stockholders' equity
519,653 516,490 Non-controlling
interest
14,851 16,845
Total equity
534,504 533,335
Total liabilities,
mezzanine equity and equity $ 2,529,258 $
2,270,400
(1)
Preferred stock: $0.01 par value;
50,000,000 shares authorized, 0 issued and outstanding at December
31, 2015 and 2014.
(2)
Common stock: $0.01 par value; 500,000,000
shares authorized, 58,097,933 issued and 57,797,475 outstanding at
December 31, 2015 and 57,748,141 issued and 57,743,981 outstanding
at December 31, 2014.
(3)
Treasury stock, at cost , $0.01 par value,
238,055 shares at December 31, 2015 and 0 shares at December 31,
2014
Reconciliation of Core NOI and Core FFO -
For The Three Month Period Ended
December 31, 2015 December 31,
2014
(In
thousands)
(Unaudited) (Unaudited) Consolidated
NoncontrollingInterest
(1)
RouseTotal
CoreAdjustments
Core NOI /FFO
Consolidated
NoncontrollingInterest
(1)
RouseTotal
CoreAdjustments
Core NOI /FFO
Revenues: Minimum rents (2)
$ 57,733
$ (1,029 ) $ 56,704 $
597 $ 57,301 $ 55,747 $ (1,129 ) $ 54,618 $
2,670 $ 57,288 Tenant recoveries
20,377 (327 )
20,050 — 20,050 19,149 (312 ) 18,837 — 18,837
Overage rents
4,168 (45 ) 4,123
— 4,123 3,806 (26 ) 3,780 — 3,780 Other
2,583
(26 ) 2,557 —
2,557 3,013 (33 ) 2,980 — 2,980
Total revenues 84,861 (1,427
) 83,434 597 84,031
81,715 (1,500 ) 80,215 2,670 82,885
Operating Expenses: Other property operating costs
(3)
17,268 (226 ) 17,042 (39
) 17,003 17,734 (214 ) 17,520 (39 ) 17,481 Real
estate taxes
7,026 (170 ) 6,856
— 6,856 7,018 (178 ) 6,840 — 6,840 Property
maintenance costs
2,665 (36 ) 2,629
— 2,629 3,161 (55 ) 3,106 — 3,106 Marketing
789 (26 ) 763 — 763 1,603
(22 ) 1,581 — 1,581 Provision for doubtful accounts
429
(12 ) 417 —
417 569 16 585 — 585
Total operating expenses 28,177
(470 ) 27,707 (39 )
27,668 30,085 (453 ) 29,632 (39 )
29,593
Net operating income 56,684
(957 ) 55,727 636
56,363 51,630 (1,047 ) 50,583 2,709
53,292 General and administrative (4)(5)
6,132 (1 ) 6,131 — 6,131
7,716 — 7,716 — 7,716 Other (6)
1,286 —
1,286 (1,286 ) — 2,805
— 2,805 (2,805 ) —
Subtotal
49,266 (956 ) 48,310
1,922 50,232 41,109 (1,047 )
40,062 5,514 45,576 Interest income
— — — — — 12 — 12 — 12 Interest
expense
Amortization and write-off ofmarket rate
adjustments
288 — 288 (288 ) — 138 —
138 (138 ) —
Amortization and write-off ofdeferred
financing costs
(815 ) — (815 ) 815
— (789 ) — (789 ) 789 — Interest on debt
(16,148
) 337 (15,811 ) — (15,811
) (19,019 ) 416 (18,603 ) — (18,603 ) Provision for income
taxes
(95 ) — (95 ) 95
— (154 ) — (154 ) 154 — Preferred distributions
(953
)
—
(953 ) — (953 ) —
— — — —
Funds from
operations $ 31,543 $ (619 )
$ 30,924 $ 2,544 $ 33,468
$ 21,297 $ (631 ) $ 20,666 $ 6,319 $ 26,985
Funds from operations per share -
basic (7)
$ 0.58 $ 0.47
Funds from operations per share -
diluted (8)
$ 0.58
$ 0.46
(1)
Represents our partner's share of
operations from consolidated properties.
(2)
Core adjustments include the aggregate
amounts for straight-line rent of $(460) and $(574), above / below
market lease amortization of $1,092 and $3,237 and tenant
inducement amortization of $(35) and $7 for the three months ended
December 31, 2015 and 2014, respectively.
(3)
Core adjustments include above / below
market ground lease amortization of $39 for each of the three
months ended December 31, 2015 and 2014.
(4)
General and administrative costs include
$679 and $962 of non-cash stock compensation expense for the three
months ended December 31, 2015 and 2014, respectively.
(5)
Core adjustments include amounts for the
corporate and regional office straight-line rent of $3 and $0 for
the three months ended December 31, 2015 and 2014,
respectively.
(6)
Core adjustments include property
acquisition costs and non-recurring costs related to the transition
from Brookfield's IT platform to Rouse's IT platform.
(7)
Calculated using weighted average number
of shares of common stock 57,939,535 and 57,531,859 for the three
months ended December 31, 2015 and 2014, respectively.
(8)
Assumes 58,159,126 and 58,105,232 of
diluted shares of common stock for the three months ended December
31, 2015 and 2014, respectively.
Reconciliation of Core NOI and Core FFO -
For the Years Ended
December 31, 2015 December 31,
2014
(In
thousands)
(Unaudited) (Unaudited) Consolidated
NoncontrollingInterest(1)
RouseTotal
CoreAdjustments
Core NOI / FFO
Consolidated
NoncontrollingInterest(1)
RouseTotal
CoreAdjustments
Core NOI / FFO
Revenues: Minimum rents (2)
$ 212,072
$ (4,207 ) $ 207,865 $
5,472 $ 213,337 $ 200,354 $ (1,498 ) $ 198,856
$ 11,336 $ 210,192 Tenant recoveries
78,287 (1,373
) 76,914 — 76,914 77,580 (433 ) 77,147
— 77,147 Overage rents
7,372 (78 )
7,294 — 7,294 6,470 (28 ) 6,442 — 6,442 Other
7,653 (85 ) 7,568
— 7,568 7,723 (35 ) 7,688
— 7,688
Total revenues 305,384
(5,743 ) 299,641 5,472
305,113 292,127 (1,994 ) 290,133 11,336
301,469
Operating Expenses: Property operating
costs (3)
68,770 (1,035 ) 67,735
(155 ) 67,580 70,269 (274 ) 69,995 (145 )
69,850 Real estate taxes
27,075 (747 )
26,328 — 26,328 26,571 (236 ) 26,335 — 26,335
Property maintenance costs
10,223 (136 )
10,087 — 10,087 11,331 (60 ) 11,271 — 11,271
Marketing
2,146 (56 ) 2,090 —
2,090 3,257 (23 ) 3,234 — 3,234 Provision for doubtful
accounts
1,746 4 1,750
— 1,750 1,228 16 1,244
— 1,244
Total operating expenses
109,960 (1,970 ) 107,990
(155 ) 107,835 112,656 (577 )
112,079 (145 ) 111,934
Net operating
income 195,424 (3,773 )
191,651 5,627 197,278
179,471 (1,417 ) 178,054 11,481 189,535
General and administrative (4)(5)
25,817 (1
) 25,816 (17 ) 25,799 26,329 —
26,329 (56 ) 26,273
Other (6)
6,491 — 6,491
(6,491 ) — 5,437 — 5,437
(5,437 ) —
Subtotal 163,116
(3,772 ) 159,344 12,135
171,479 147,705 (1,417 ) 146,288 16,974
163,262 Interest income
18 18
— 18 323 — 323 — 323 Interest expense Amortization
and write-off of market rate adjustments
804 —
804 (804 ) — (8,878 ) — (8,878 ) 8,878
— Amortization and write-off of deferred financing costs
(4,214 ) — (4,214 ) 4,214
— (4,209 ) — (4,209 ) 4,209 — Debt extinguishment costs
(7 ) — (7 ) 7 —
(259 ) — (259 ) 259 — Interest on debt
(68,003 )
1,420 (66,583 ) — (66,583
) (69,563 ) 494 (69,069 ) — (69,069 ) Provision for income
taxes
(604 ) — (604 ) 604
— (537 ) — (537 ) 537 — Preferred distributions
(953
) (953 ) — (953
) — — — — —
Funds from
operations $ 90,157 $ (2,352
) $ 87,805 $ 16,156 $
103,961 $ 64,582 $ (923 ) $ 63,659 $ 30,857 $ 94,516
Funds from operations per share - basic (7) $
1.80 $ 1.65
Funds from operations per share -
diluted (8)
$ 1.79
$ 1.64
(1)
Represents our partner's share of
operations from consolidated properties.
(2)
Core adjustments includes the aggregate
amounts for straight-line rent of $(1,162) and $(1,757), above /
below market lease amortization of $6,562 and $13,066 and tenant
inducement amortization of $72 and $28 for the years ended December
31, 2015 and 2014, respectively.
(3)
Core adjustments include above / below
market ground lease amortization of $155 and $145 for the years
ended December 31, 2015 and 2014, respectively.
(4)
General and administrative costs include
$2,899 and $3,699 of non-cash stock compensation expense for the
years ended December 31, 2015 and 2014, respectively.
(5)
Core adjustments include amounts for the
corporate and regional office straight-line rent of $17 and $56 for
the years ended December 31, 2015 and 2014, respectively.
(6)
Core adjustments include property
acquisition costs and non-recurring costs related to the transition
from Brookfield's IT platform on to Rouse's IT platform.
(7)
Calculated using weighted average number
of shares of 57,802,287 and 57,203,196 for the years ended December
31, 2015 and 2014, respectively.
(8)
Assumes 58,116,256 and 57,742,725 of
diluted common shares for the years ended December 31, 2015 and
2014, respectively.
Reconciliation of Non-GAAP to GAAP
Financial Measures
Three Months Ended
Years Ended
(In
thousands)
December 31,
2015(Unaudited)
December 31,
2014(Unaudited)
December 31,
2015(Unaudited)
December 31,
2014(Unaudited)
Reconciliation of NOI to GAAP Operating Income Rouse
NOI
$ 55,727 $ 50,583
$ 191,651 $
178,054 Non-controlling interests
957 1,047
3,773
1,417 General and administrative
(6,132 ) (7,716 )
(25,817 ) (26,329 ) Other
(1,286 )
(2,805 )
(6,491 ) (5,437 ) Depreciation and
amortization
(35,221 ) (28,708 )
(107,941
) (100,302 ) Provision for impairment
— (5,300
)
(2,900 ) (15,965 )
Operating income $
14,045 $ 7,101
$ 52,275 $
31,438
Reconciliation of FFO to GAAP Net income
(loss) allocable to common shareholders FFO
$
30,924 $ 20,666
$ 87,805 $ 63,659
Non-controlling interests - Depreciation and amortization/Other
587 753
2,428 852 Depreciation and amortization
(35,221 ) (28,708 )
(107,941 ) (100,302
) Provision for impairment
— (5,300 )
(2,900 )
(15,965 ) Gain (loss) on extinguishment of debt
(270
) —
26,558 — Gain on sale of real estate assets
2,300 —
34,796 —
Net
income (loss) allocable to common shareholders $
(1,680 ) $ (12,589 )
$ 40,746 $
(51,756 ) Weighted average number of shares outstanding -
Basic
57,939,535 57,531,859
57,802,287
57,203,196 Weighted average number of shares
outstanding - Diluted
57,939,535 57,531,859
58,116,256 57,203,196
Per common
share data: Net income (loss) per share allocable to common
shareholders Basic
$ (0.03 ) $ (0.22 )
$ 0.70 $ (0.90 ) Diluted
$ (0.03
) $ (0.22 )
$ 0.70 $ (0.90 )
.
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version on businesswire.com: http://www.businesswire.com/news/home/20160229006835/en/
Rouse Properties, Inc.Investor Relations,
212-608-5108IR@rouseproperties.com
Rouse Properties, Inc. (delisted) (NYSE:RSE)
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