During today’s call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included within the earnings release and the supplemental information package included in the Form 8-K. This information is also available on our website in the Investors section.
Participating in today’s call will be Sandy Mathrani, Chief Executive Officer; and Michael Berman, Chief Financial Officer.
I will now turn the call over to Sandy.
Sandy MathraniThanks, Kevin. Good morning. I’ll provide an overview of our results for the quarter, our growth strategy, some perspectives on the retail landscape and then turn the call over to Michael to review our financial results and guidance for the reminder of the year.Yesterday, we reported FFO of $0.23 per diluted share. Our total FFO increased about 24% from the same period last year. NOI for the U.S. mall portfolio increased 4.9% from the same period last year and on a same store basis a little over 4%.If you include our stake in Brazil, our total NOI for the mall business increased 6.4% from the same period last year. Based on our year-to-date results and expectations for the remainder of 2012, we’ve increased our full year FFO guidance to $0.95 to $0.97 per diluted share, a little over 2%.I’d like to make a special mention of our internal capital markets themes, as I use like, so the stellar performance and commitment to derisking our balance sheet and lowering our cost of debt.As you know, during the second quarter we financed over $3 billion, 2.74 billion share and reduced the average interest rate on these loans to 4.2% from 5.24%.Equally important, we also eliminated $640 million of recourse to GGP and the cross-collateralization between Fashion Show Mall and The Grand Canal Shoppes, Palazzo.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV