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Rouse Properties Reports Second Quarter 2013 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 months ended June 30, 2013.

"Our strong leasing momentum continued in the second quarter, with 610,000 square feet leased. This resulted in a significant improvement in a number of key portfolio metrics, including a 150 basis point increase in inline percentage leased and a 390 basis point rise in permanent leased percentage,” stated Andrew Silberfein, President and Chief Executive Officer. “Our growing inventory of signed leases which have not yet opened for business now totals 769,000 square feet, with over 75% to occupy currently vacant space. We continue to be active on the acquisition front, as evidenced by our recent purchase of Greenville Mall, which offers compelling upside at an attractive entry price. We are pleased with our 17% rise in Core FFO per share in the second quarter, and remain excited about the future impact of leases coming on-line in the quarters ahead."

Operational and Financial Highlights Second Quarter 2013

  • Leased 610,000 square feet in the quarter, the fifth straight quarter with over 525,000 square feet leased.
  • Including anchors, leased percentage increased to 92.8%; inline leased percentage was 89.9% at quarter end, a gain of 150 basis points compared to the same period last year.
  • Occupied percentage was 86.5% at quarter end, an increase of 90 basis points compared to the same period last year.
  • Permanent leased percentage at quarter end increased 390 basis points compared to the end of the same period last year.
  • Total average rental rates for new and renewal leases, on a same suite basis, rose 12.4% and the initial rental rate for new and renewal leases increased 8.5%, on average, for leases executed during the quarter ended June 30, 2013.
  • Same property average mall in-place rent for tenants less than 10,000 square feet increased 1.6%, year over year, to $38.63 from $38.01 per square foot.
  • Portfolio tenant sales were $297 per square foot; on a comparable trailing twelve month basis the same property tenant sales increased 1.3%.
  • Commenced strategic capital projects at Bayshore Mall and Lansing Mall and a cosmetic capital project at Sikes Senter Mall.
  • Completed approximately $140 million on refinancings at NewPark and Valley Hills Malls.

Financial Results for the Three Months Ended June 30, 2013

Core FFO was $17.2 million, or $0.34 per diluted share, as compared to $14.4 million, or $0.29 per diluted share in the prior year period. The increase over the prior period is primarily the result of the acquisition impact of the Mall at Turtle Creek which was acquired in December 2012.

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