This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Rouse Properties Reports Third Quarter 2012 Results

Rouse Properties, Inc. (the “Company” or "Rouse") (NYSE: RSE) a national owner of regional enclosed malls, today announced consolidated and combined results for the three and nine months ended September 30, 2012.

"Our leasing momentum continues to accelerate, as we executed more than 698,000 square feet of leases in the third quarter, bringing our 2012 year-to-date leasing to nearly 1.5 million square feet," commented Andrew Silberfein, President and Chief Executive Officer of Rouse Properties. "While we are still in the early stages of executing our strategic plan, our portfolio's leased percentage is up 90 basis points from the previous quarter and 160 basis points since our formation nine months ago. We are seeing this momentum across the full spectrum of in-line and large-format tenants. This improvement is attributable to our asset repositioning strategy, property enhancement program and focused management team." Mr. Silberfein continued, "In addition, during the quarter we amended our credit facility, significantly reducing our borrowing costs. This amendment is not only an indication of the support of our bank group, but reflects the leasing and operating progress we have achieved to date."

Operational Highlights Third Quarter 2012

  • Leased over 698,000 square feet, more than double the volume of leasing activity in the same period last year.
  • Leased percentage was 89.3% at quarter end, an increase of 90 basis points compared to June 30, 2012.
  • Permanent leasing increased 150 basis points compared to June 30, 2012.
  • Total average rental rate for new and renewal leases, on a same suite basis increased 17% and initial rental rate for new and renewal leases increased 9.3%.
  • Comparable tenant sales increased $15 per square foot, or 5.5%, on a trailing twelve-month basis.

Financial Results for the Three Months Ended September 30, 2012

Core Funds From Operations (“Core FFO”) was $14.5 million, or $0.30 per diluted share, as compared to $21.1 million, or $0.59 per diluted share in the prior year period. Core FFO per share using a normalized share count was $0.29 per share as compared to $0.43 per share in the prior year period. The decrease over the prior year is primarily a result of the inclusion of actual costs associated with general and administrative costs whereas the 2011 results included an allocation from General Growth Properties, the Company's parent company prior to the spin off on January 12, 2012.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

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