GGP REPORTS INCREASED EARNINGS FOR FIRST QUARTER
Chicago-based retail real estate company GGP Inc., which has developed and invested in numerous malls as well as five Macy’s stores, has reported results for the three and twelve months ended December 31, 2016.
For the three months ended December 31, 2016, net income was reported as $236 million, or $0.24 per diluted share, as compared to $194 million, or $0.20 per diluted share, in the prior year period. For the twelve months ended December 31, 2016, net income attributable was $1.3 billion, or $1.34 per diluted share, as compared to $1.37 billion, or $1.43 per diluted share, in the prior year period.
In addition, GGP declared a first quarter common stock dividend of $0.22 per share, an increase of 16% over the first quarter of 2016. During the quarter, GGP also acquired approximately 1.89 million of its common shares at a weighted average price of $24.47 per share for total consideration of approximately $46 million.
GGP malls offer a mix of some of the most popular and unique retailers in the world. Some of GGP’s unparalleled shopping locales include Ala Moana Center (Honolulu), Tysons Galleria (Washington D.C.), Glendale Galleria (Los Angeles) and Water Tower Place (Chicago).
