This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Rouse Properties Reports First Quarter 2012 Results

Stocks in this article: RSE

Rouse Properties, Inc. (the “Company”) (“Rouse”, NYSE: RSE) a national owner of regional enclosed malls, today announced results for the first quarter 2012. The Company was spun off from General Growth Properties, Inc. (NYSE: GGP) on January 12, 2012. The Company’s results for the first quarter represent consolidated and combined results from January 1, 2012 through March 31, 2012.

“We are pleased with our accomplishments since the spin-off of the Company four months ago, and we have already made progress on our business plan and several key objectives,” commented Andrew Silberfein, President and Chief Executive Officer of Rouse Properties. “While it will take time, we are optimistic that our expertise, scale, and focused capital investment in our malls will increase and optimize the cash flow and earnings as we move forward. We will strive to maximize the value of the Company for shareholders in the coming years by investing capital and resources into repositioning our assets, implementing aggressive leasing initiatives that grow both occupancy levels and sales per square foot throughout our portfolio, executing on timely refinancings to increase our financial flexibility, and selectively acquiring additional enclosed malls with significant growth potential.”

Operational Highlights

  • Comparable tenant sales increased $13 per square foot, or 4.7%, on a trailing 12-month basis
  • Leased percentage was 87.5% at quarter end, an increase of 40 basis points from March 31, 2011
  • Initial rental rate for renewal leases executed decreased 0.5%, while the total for new and renewal leases increased 1.3% on a same suite rental basis
  • Leased 230,000 square feet in the first quarter of 2012, up 50% from leasing activity in the first quarter of 2011
  • Completed an additional 200,000 square feet of leases subsequent to quarter end, which exceeds the amount of square footage leased in the entire second quarter of 2011

Financial Results for the Quarter

Core Funds From Operations (“Core FFO”) was $15.0 million, or $0.41 per diluted share as compared to $18.7 million, or $0.52 per diluted share in the prior year period. The decrease is primarily a result of the inclusion of actual costs associated with general and administrative costs whereas the 2011 results included an allocation from GGP.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,195.42 +221.11 1.30%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,566.1380 +16.9120 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs