CHICAGO (AP) _ GGP Inc. (GGP) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $381.2 million, or 40 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 $121.9 million, or 14 cents per share.
The shopping mall real estate investment trust posted revenue of $555.8 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $576.7 million.
GGP expects full-year funds from operations to be $1.59 to $1.63 per share.
The company's shares have fallen nearly 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 11 percent. The stock has declined 28 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GGP at https://www.zacks.com/ap/GGP
Keywords: GGP, Earnings Report
Automated Insights, source Associated Press News