- Operating Portfolio Leased Percentage
Increased 60 bps YoY to 92.3% -
- Initial Lease Spreads Increased by 13.2%
in Q3 and 11.4% Year-to-Date -
- Sales for Operating Portfolio Grows to
$345, up 7.1% on Comparable TTM Basis-
- Completed $300 Million of Refinancings,
Addressed All Remaining 2015 Loan Maturities -
- Increasing Low End of Core FFO Guidance
Range by $0.01 Per Share -
- Increasing Low End Same Property Core NOI
Guidance Range by 50 bps -
Rouse Properties, Inc. (the "Company" or "Rouse") (NYSE: RSE)
today announced consolidated results for the three months ended
September 30, 2015.
"Our third quarter results highlight the progress we are making
in transforming our portfolio. Our strong leasing activity produced
solid increases of initial leasing spreads, average rents and
leased percentage,” stated Andrew Silberfein, Rouse Properties’
President and Chief Executive Officer. “Our current sales of $345
psf have increased by $23 psf since the start of the year, and are
being driven by 7.1% growth on a Comparable TTM basis. We continue
to accelerate the changes we are making across our entire platform.
These changes include 14 capital projects either underway or
starting shortly, the addition of nine H&M's of approximately
200,000 square feet and the proactive re-tenanting of two Sears
anchors. As we execute on these initiatives, we will create
significant value for our shareholders and continue to drive strong
growth in cash flow. This can clearly be seen at our grand opening
at The Shoppes at Gateway, with tenant sales far exceeding our
expectations and the community embracing the high quality offering
we have now delivered. Within the past few weeks we have recently
opened nearly 120,000 square feet of leading national tenants such
as Ulta Beauty, Panera Bread, Petco, Ross, and Hobby Lobby."
Operational and Financial Highlights Third Quarter
2015(1)
- Initial rental rates for new and
renewal leases on a same suite basis rose 13.2%, and average rental
rates increased by 19.4%, for leases executed during the
quarter.
- Leased approximately 530,000 square
feet of inline space, with signed not yet open leases growing to
1.3 million square feet representing $17.7 million of incremental
annual revenue.
- For the Operating Portfolio, leased
percentage increased 60 basis points YoY to 92.3%. Including
anchors, leased percentage was 96.3%.
- For the Operating Portfolio, tenant
sales were $345 per square foot on a trailing twelve month basis.
On a comparable basis, trailing twelve month tenant sales increased
7.1%.
- Same Property average total rent for
tenants less than 10,000 square feet increased 4.2%, YoY, to $41.39
from $39.71 per square foot.
(1) Operating Portfolio excludes properties undergoing
substantial redevelopment and special consideration assets.
Financial Results for the Three Months Ended September 30,
2015
Core FFO was $24.8 million, or $0.43 per diluted share, as
compared to $23.7 million, or $0.41 per diluted share in the prior
year period. The year over year increase was primarily due to the
impact of properties acquired in 2014 and 2015. This was partially
offset by reduced FFO from the dispositions of Collin Creek Mall
and Steeplegate Mall as well as the sale of The Shoppes at
Knollwood Mall.
Core NOI was $47.4 million, a decrease of 1.0% from $47.6
million in the prior year period. Excluding the contribution from
non same property assets and lease termination income of
approximately $0.2 million in the third quarter of 2015 and $0.9
million in the third quarter of 2014, Same Property Core NOI
increased by 1.0% to $36.7 million from $36.3 million in the prior
year. Same Property Core NOI was impacted by several factors,
including: i) the termination or relocation of 49 stores to make
contiguous space available for H&M ii) an increase in bad debt
and associated litigation expenses, and; iii) the increase in
properties undergoing redevelopment.
Net loss attributable to Rouse Properties was $(1.3) million or
$(0.02) per diluted share, as compared to a net loss of $(26.6)
million or $(0.46) per diluted share in the prior year period. Net
loss for the three months ended September 30, 2014, included a
provision for impairment of $10.7 million, related to reductions in
the estimated values of Steeplegate Mall and Collin Creek, two
properties that have been conveyed to the lender during 2015. In
addition, a reduction in depreciation and amortization and interest
expense during the three months ended September 30, 2015 have also
contributed to the change in net loss.
Financial Activities
On July 1, 2015, the Company repaid the $59.0 million mortgage
debt balance on Grand Traverse Mall which had a fixed interest rate
of 5.02%. On July 29, 2015, Grand Traverse Mall was added to the
2013 Corporate Facility collateral pool.
On September 11, 2015, the loan associated with NewPark Mall was
refinanced for $135.0 million, with an initial funding of $114.3
million. The loan provides for a subsequent funding of up to
$20.8 million upon achieving certain conditions. The loan has
a term of three years with a one-year extension
option subject to the fulfillment of certain conditions. The
borrower entered into an interest swap commencing January 2016,
which fixes the interest rate at 3.26%, through September 2018.
Subsequent Events
On October 8, 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%.
On October 8, 2015, 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 bears interest at a floating
rate of LIBOR (30 day) plus 235 basis points, is interest only for
the first two years, with a fixed amortization 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 commencing January 2016 which fixes the interest
rate at 3.34%, through September 2018.
On October 29, 2015, the Board of Directors authorized
management to implement a Stock Repurchase Program in the maximum
amount of $50.0 million over a period of up to two years. Purchases
made pursuant to the Stock Repurchase Program will be made in the
open market from time to time as permitted by federal securities
laws and other legal requirements. The timing, manner, price and
amount of any repurchases will be determined by the Company in its
discretion and will be subject to economic and market conditions,
stock price, applicable legal requirements and other factors. The
Stock Repurchase Program may be suspended or discontinued at any
time.
Common Stock Dividend
On October 29, 2015, the Company's Board of Directors declared a
fourth quarter common stock dividend of $0.18 per share, which will
be paid on January 29, 2016 to stockholders of record on January
15, 2016.
2015 Guidance
The Company is increasing the low end of Core FFO Guidance Range
by $0.01 to $1.75 to $1.78 per diluted share, based on management's
expectations as of the date of this release. Full year guidance
assumes the following: Same Property Core NOI growth of 3.0% to
3.75%, general and administrative expense of $25.9 million to $26.3
million, and interest expense of $67.0 million to $67.3 million.
The guidance presented does not include the effects of property
acquisitions, dispositions, or capital transaction activity
completed subsequent to September 30, 2015, except for the mortgage
refinancings mentioned in Subsequent Events above.
For the year ending December 31, 2015 Low
High GAAP expected net income per share $ 0.78 $ 0.80
Add: Depreciation and amortization 1.64 1.67 Add: Provision for
impairment 0.05 0.05 Less: Gain on sale of real estate assets (0.56
) (0.56 ) Less: Gain on extinguishment of debt (0.46 ) (0.46 )
Expected Funds From Operations per share 1.45 1.50 Other Core Funds
From Operations adjustments (1) 0.30 0.28 Core Funds
From Operations (2) $1.75 $1.78
(1) Refer to the Supplemental Information package for additional
details on the nature of the adjustments to reconcile to FFO and
Core FFO. 2015 Guidance includes:
Low High Straight-line rent and above /
below market lease amortization $ 6,850 $ 6,500 Other expense 6,000
5,500 Amortization and write off of market rate adjustments (900 )
(800 ) Amortization and write off of deferred financing costs 4,500
4,250 Income taxes 725 625
(2) Assumes 2015 annualized weighted average common shares
outstanding - diluted of 58,200,000.
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.
Investor Conference Webcast and Conference Call
The Company will host a webcast and conference call at 8:00 a.m.
eastern standard time on November 3, 2015, to discuss third quarter
2015 results. The number to call is 877-705-6003 (domestic) and
1-201-493-6725 (international). The live webcast will be available
at www.rouseproperties.com under the Investors section. A replay of
the conference call will be available through November 17, 2015, by
dialing 877-870-5176 (domestic) and 1-858-384-5517 (international)
and entering the passcode 13621908.
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 statements. 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)
attributable 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) available 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) available to common
stockholders 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 Properties, Inc. (NYSE:RSE) is a publicly traded real
estate investment trust headquartered in New York City and was
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 35 malls and retail centers in 21
states encompassing approximately 24.1 million square feet. For
more information please visit: www.rouseproperties.com.
Consolidated Statements of Operations and
Comprehensive Income (Loss)
Three Months Ended Nine Months Ended
(In thousands, except per share amounts) September
30, 2015 (Unaudited) September 30, 2014
(Unaudited) September 30, 2015 (Unaudited)
September 30, 2014 (Unaudited) Revenues:
Minimum rents
$ 52,035 $ 51,817
$
154,339 $ 144,608 Tenant recoveries
19,069 20,518
57,910 58,430 Overage rents
881 726
3,204
2,664 Other
1,568 1,722
5,070
4,711 Total revenues
73,553 74,783
220,523 210,413
Expenses: Property
operating costs
17,537 18,639
51,502 52,535 Real
estate taxes
5,694 7,287
20,049 19,553 Property
maintenance costs
1,864 2,394
7,558 8,170 Marketing
419 572
1,357 1,653 Provision for doubtful accounts
759 271
1,317 659 General and administrative
6,327 6,132
19,685 18,613 Provision for impairment
— 10,665
2,900 10,665 Depreciation and amortization
22,856 27,130
72,719 71,593 Other
1,254
1,371
5,205 2,631 Total operating
expenses
56,710 74,461
182,292
186,072 Operating income
16,843 322
38,231
24,341 Interest income
4 34
18 310 Interest
expense
(18,110 ) (26,592 )
(54,745 )
(63,239 ) Gain (loss) on extinguishment of debt
(67 )
—
26,827 — Provision for income taxes
(82 )
(136 )
(509 ) (383 ) Income (loss) from continuing
operations before gain on sale of real estate assets
(1,412
) (26,372 )
9,822 (38,971 ) Gain on sale of real
estate assets
— —
32,496
— Income (loss) from continuing operations
(1,412
) (26,372 )
42,318 (38,971 ) Discontinued operations
— —
— — Net income (loss)
$ (1,412 ) $ (26,372 )
$ 42,318
$ (38,971 ) Net (income) loss attributable to non-controlling
interests
110 (194 )
100 (194 )
Net
income (loss) attributable to Rouse Properties Inc. $
(1,302 ) $ (26,566 )
$ 42,418 $
(39,165 )
Net income (loss) per share attributable
to Rouse Properties Inc - Basic(1) $ (0.02
) $ (0.46 )
$ 0.73 $ (0.69 )
Net income (loss) per share attributable to Rouse Properties Inc
- Diluted (2) $ (0.02 ) $ (0.46 )
$ 0.73 $ (0.69 ) Dividends declared per
share
$ 0.18 $ 0.17
$ 0.54 $ 0.51
Other comprehensive income (loss): Net income (loss)
$ (1,412 ) $ (26,372 )
$ 42,318
$ (38,971 ) Other comprehensive loss: Unrealized gain (loss) on
financial instrument
(1,091 ) 425
(1,327 ) (230 ) Comprehensive income (loss)
$
(2,503 ) $ (25,947 )
$ 40,991 $
(39,201 )
(1) Calculated using weighted average number of shares of
57,930,453 and 57,519,412 for the three months ended
September 30, 2015 and 2014, respectively, and 57,756,035 and
57,062,578 for the nine months ended September 30, 2015 and
2014, respectively,
(2) Calculated using weighted average number of shares of
57,930,453 and 57,519,412 for the three months ended
September 30, 2015 and 2014, respectively, and 58,121,349 and
57,062,578 for the nine months ended September 30, 2015 and
2014, respectively,
Consolidated Balance Sheets
(In thousands) September 30, 2015
(Unaudited) December 31, 2014 (Unaudited)
Assets: Investment in real estate: Land
$
378,855 $ 371,363 Buildings and equipment
1,964,294
1,820,072 Less accumulated depreciation
(222,050 )
(189,838 ) Net investment in real estate
2,121,099 2,001,597
Cash and cash equivalents
6,277 14,308 Restricted cash
40,521 48,055 Accounts receivable, net
36,979 35,492
Deferred expenses, net
52,584 52,611 Prepaid expenses and
other assets, net
52,145 62,690 Assets of property held for
sale
— 55,647
Total assets $
2,309,605 $ 2,270,400
Liabilities: Mortgages, notes and loans payable, net
$ 1,637,430 $ 1,584,499 Accounts payable and accrued
expenses, net
123,655 113,976 Liabilities of property held
for sale
— 38,590
Total liabilities
1,761,085 1,737,065 Commitments and
contingencies
— —
Equity: Preferred stock (1)
— — Common stock (2)
580 578 Additional paid-in
capital
654,304 679,275 Accumulated deficit
(120,463
) (162,881 ) Accumulated other comprehensive loss
(1,809 ) (482 ) Total stockholders' equity
532,612 516,490 Non-controlling interest
15,908
16,845
Total equity 548,520
533,335
Total liabilities and equity $
2,309,605 $ 2,270,400
(1) Preferred stock: $0.01 par value; 50,000,000 shares
authorized, no shares issued and outstanding as of September 30,
2015 and December 31, 2014.
(2) Common stock: $0.01 par value; 500,000,000 shares
authorized, 58,084,620 issued and 58,022,217 outstanding as of
September 30, 2015 and 57,748,141 issued and 57,743,981 outstanding
as of December 31, 2014.
Reconciliation of Core NOI and Core FFO -
For the Three Month Period Ended
September 30, 2015 September 30, 2014
(In thousands, except per share amounts)
(Unaudited) (Unaudited) Consolidated
Non-controlling Interest (1) Rouse
Total Core Adjustments Core NOI /
FFO Consolidated Non-controlling Interest
(1) Rouse Total Core Adjustments
Core NOI / FFO Revenues: Minimum rents
(2)
$ 52,035 $ (1,078 ) $
50,957 $ 980 $ 51,937 $ 51,817 $
(369 ) $ 51,448 $ 2,347 $ 53,795 Tenant recoveries
19,069
(383 ) 18,686 — 18,686 20,518
(121 ) 20,397 — 20,397 Overage rents
881 11
892 — 892 726 (2 ) 724 — 724 Other
1,568 (24 ) 1,544
— 1,544 1,722 (2 ) 1,720
— 1,720
Total revenues 73,553
(1,474 ) 72,079 980
73,059 74,783 (494 ) 74,289 2,347
76,636
Operating Expenses: Property operating
costs (3)
17,537 (281 ) 17,256
(39 ) 17,217 18,639 (60 ) 18,579 (39 ) 18,540
Real estate taxes
5,694 (214 ) 5,480
— 5,480 7,287 (59 ) 7,228 — 7,228 Property
maintenance costs
1,864 (20 ) 1,844
— 1,844 2,394 (5 ) 2,389 — 2,389 Marketing
419
(11 ) 408 — 408 572 — 572 — 572
Provision for doubtful accounts
759 (43
) 716 — 716 271
— 271 — 271
Total operating
expenses 26,273 (569 )
25,704 (39 ) 25,665
29,163 (124 ) 29,039 (39 ) 29,000
Net operating income 47,280 (905
) 46,375 1,019 47,394
45,620 (370 ) 45,250 2,386 47,636
General and administrative (4)(5)
6,327
— 6,327 (5 ) 6,322 6,132 — 6,132
(35 ) 6,097 Other (6)
1,254 —
1,254 (1,254 ) — 1,371
— 1,371 (1,371 ) —
Subtotal
39,699 (905 ) 38,794
2,278 41,072 38,117 (370 )
37,747 3,792 41,539 Interest income
4 — 4 — 4 34 — 34 — 34 Interest
expense
— — Amortization and write-off of market rate
adjustments
272 — 272 (272 )
— (7,129 ) — (7,129 ) 7,129 — Amortization and write-off of
deferred financing costs
(1,750 ) —
(1,750 ) — 1,750 — (1,267 ) —
(1,267 ) 1,267 — Debt extinguishment costs
— —
— — — (259 ) — (259 ) 259 — Interest on debt
(16,632 ) 365 (16,267 ) —
(16,267 ) (17,937 ) 78 (17,859 ) — (17,859 )
Provision for income taxes
(82 ) —
(82 ) 82 — (136 ) —
(136 ) 136 —
Funds from operations
$ 21,511 $ (540 ) $
20,971 $ 3,838 $ 24,809 $ 11,423
$ (292 ) $ 11,131 $ 12,583 $ 23,714
Funds from operations per
share - basic (7) $ 0.43 $ 0.41
Funds
from operations per share - diluted (8)
$ 0.43
$ 0.41
(1) Represents our partner's share of operations from
consolidated properties.
(2) Core adjustments include the aggregate amounts for
straight-line rent of $(408) and $(97), above / below market lease
amortization of $1,299 and $2,433 and tenant inducement
amortization of $89 and $11 for the three months ended
September 30, 2015 and 2014, respectively.
(3) Core adjustments include above / below market ground lease
amortization of $39 and $39 for the three months ended
September 30, 2015 and 2014, respectively.
(4) General and administrative costs include $710 and $960 of
non-cash stock compensation expense for the three months ended
September 30, 2015 and 2014, respectively.
(5) Core adjustments include amounts for the corporate and
regional office straight-line rent of $5 and $35 for the three
months ended September 30, 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 common
stock of 57,930,453 and 57,519,412 for the three months ended
September 30, 2015 and 2014, respectively.
(8) Assumes 58,194,064 and 58,002,235 diluted shares of common
stock for the three months ended September 30, 2015 and 2014,
respectively.
Reconciliation of Core NOI and Core FFO -
For the Nine Month Period Ended
September 30, 2015 September 30,
2014 (In thousands, except per share amounts)
(Unaudited) (Unaudited) Consolidated
Non-controlling Interest (1) Rouse
Total Core Adjustments Core NOI /
FFO Consolidated Non-controlling Interest
(1) Rouse Total Core Adjustments
Core NOI / FFO Revenues: Minimum rents
(2)
$ 154,339 $ (3,178 )
$ 151,161 $ 4,875 $
156,036 $ 144,608 $ (369 ) $ 144,239 $ 8,666 $ 152,905
Tenant recoveries
57,910 (1,045 )
56,865 — 56,865 58,430 (121 ) 58,309 — 58,309
Overage rents
3,204 (33 ) 3,171
— 3,171 2,664 (2 ) 2,662 — 2,662 Other
5,070
(60 ) 5,010 —
5,010 4,711 (2 ) 4,709 — 4,709
Total revenues 220,523 (4,316
) 216,207 4,875 221,082
210,413 (494 ) 209,919 8,666 218,585
Operating Expenses: Property operating costs (3)
51,502 (809 ) 50,693 (116
) 50,577 52,535 (60 ) 52,475 (106 ) 52,369 Real
estate taxes
20,049 (568 ) 19,481
— 19,481 19,553 (59 ) 19,494 — 19,494 Property
maintenance costs
7,558 (99 ) 7,459
— 7,459 8,170 (5 ) 8,165 — 8,165 Marketing
1,357 (31 ) 1,326 — 1,326
1,653 — 1,653 — 1,653 Provision for doubtful accounts
1,317
16 1,333 —
1,333 659 — 659 — 659
Total operating expenses 81,783
(1,491 ) 80,292 (116 )
80,176 82,570 (124 ) 82,446 (106 )
82,340
Net operating income 138,740
(2,825 ) 135,915 4,991
140,906 127,843 (370 ) 127,473
8,772 136,245 General and administrative
(4)(5)
19,685 — 19,685 (14 )
19,671 18,613 — 18,613 (56 ) 18,557 Other (6)
5,205
— 5,205 (5,205 )
— 2,631 — 2,631 (2,631 ) —
Subtotal 113,850 (2,825 )
111,025 10,210 121,235
106,599 (370 ) 106,229 11,459 117,688
Interest income
18 — 18 —
18 310 — 310 — 310 Interest expense Amortization and
write-off of market rate adjustments
516 — 516
(516 ) — (9,015 ) — (9,015 ) 9,015 —
Amortization and write-off of deferred financing costs
(3,400 ) — (3,400 ) 3,400
— (3,420 ) — (3,420 ) 3,420 — Debt extinguishment costs
— — — — — (259 ) — (259 ) 259 —
Interest on debt
(51,861 ) 1,083
(50,778 ) — (50,778 ) (50,545 )
78 (50,467 ) — (50,467 ) Provision for income taxes
(509
) — (509 ) 509
— (383 ) — (383 ) 383 —
Funds
from operations $ 58,614 $ (1,742
) $ 56,872 $ 13,603 $
70,475 $ 43,287 $ (292 ) $ 42,995 $ 24,536 $ 67,531
Funds
from operations per share - basic (7) $
1.22 $ 1.18
Funds from operations per share - diluted
(8) $ 1.21
$ 1.16
(1) Represents our partner's share of operations from
consolidated properties.
(2) Core adjustments include the aggregate amounts for
straight-line rent of $(702) and $(1,184), above / below market
lease amortization of $5,470 and $9,829 and tenant inducement
amortization of $107 and $21 for the nine months ended
September 30, 2015 and 2014, respectively.
(3) Core adjustments include above / below market ground lease
amortization of $116 and $106 for the nine months ended
September 30, 2015 and 2014, respectively.
(4) General and administrative costs include $2,220 and $2,737
of non-cash stock compensation expense for the nine months ended
September 30, 2015 and 2014, respectively.
(5) Core adjustments include amounts for the corporate and
regional office straight-line rent of $14 and $56 for the nine
months ended September 30, 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 common
stock of 57,756,035 and 57,062,578 for the nine months ended
September 30, 2015 and 2014, respectively.
(8) Assumes 58,121,349 and 58,053,494 diluted shares of common
stock for the nine months ended September 30, 2015 and 2014,
respectively.
Reconciliation of Non-GAAP to GAAP
Financial Measures
Three Months Ended Nine Months Ended
(In thousands)
September 30, 2015 (unaudited)
September 30, 2014 (unaudited)
September 30, 2015 (unaudited)
September 30, 2014 (unaudited)
Reconciliation of NOI to GAAP Operating Income Rouse NOI:
$ 46,375 $ 45,250
$ 135,915 $ 127,473
Non-controlling interest
905 370
2,825 370 General
and administrative
(6,327 ) (6,132 )
(19,685
) (18,613 ) Other
(1,254 ) (1,371 )
(5,205 ) (2,631 ) Depreciation and amortization
(22,856 ) (27,130 )
(72,719 ) (71,593 )
Provision for impairment
— (10,665 )
(2,900
) (10,665 )
Operating income $ 16,843
$ 322
$ 38,231 $ 24,341
Reconciliation of FFO to GAAP Net income (loss)
attributable to Rouse Properties Inc. FFO:
$
20,971 $ 11,131
$ 56,872 $ 42,995
Non-controlling interest - Depreciation and amortization
650
98
1,842 98 Depreciation and amortization
(22,856
) (27,130 )
(72,719 ) (71,593 ) Provision for
impairment
— (10,665 )
(2,900 ) (10,665 ) Gain
(loss) on extinguishment of debt
(67 ) —
26,827 — Gain on sale of real estate assets
—
—
32,496 —
Net income (loss)
attributable to Rouse Properties Inc. $ (1,302
) $ (26,566 )
$ 42,418 $ (39,165 )
Weighted average number of shares outstanding - basic
57,930,453 57,519,412
57,756,035 57,062,578 Weighted
average number of shares outstanding - diluted
57,930,453
57,519,412
58,121,349 57,062,578
Net income (loss)
per share attributable to Rouse Properties Inc.- Basic $
(0.02 ) $ (0.46 )
$ 0.73 $ (0.69
)
Net income (loss) per share attributable to Rouse
Properties Inc.- Diluted $ (0.02 ) $ (0.46
)
$ 0.73 $ (0.69 )
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151102006769/en/
Rouse Properties, Inc.Investor Relations,
212-608-5108IR@rouseproperties.com
Rouse Properties, Inc. (delisted) (NYSE:RSE)
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