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 Third Quarter 2013 Results

Stocks in this article: RSE

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 September 30, 2013.

"Our third quarter results reinforce the progress we are making in executing our strategic initiatives," stated Andrew Silberfein, President and Chief Executive Officer. "We continued to achieve strong leasing volumes, contributing to a 170 basis point increase in occupancy and an 80 basis point increase in leased percentage on a sequential basis. The 21.4% increase in Core FFO we reported year-to-date demonstrates the upside we have started to capture through our portfolio and balance sheet initiatives. As we look ahead, we expect to benefit further from the impact of 707,000 square feet of leases which are signed but not yet open, producing $11.1 million of incremental NOI, coming on line beginning in the fourth quarter."

Operational and Financial Highlights Third Quarter 2013

  • Leased 530,000 square feet in the quarter, the sixth straight quarter with over 525,000 square feet leased.
  • Inline leased percentage was 90.7% at quarter end, a gain of 140 basis points compared to the same period last year and 80 basis points sequentially.
  • Occupied percentage was 88.2% at quarter end, an increase of 300 basis points compared to the same period last year and 170 basis points sequentially.
  • Permanent leased percentage at quarter end increased 270 basis points compared to the end of the same period last year and 30 basis points sequentially.
  • Total average rental rates for new and renewal leases, on a same suite basis, rose 9.1% and the initial rental rate for new and renewal leases increased 6.2%, on average, for leases executed during the quarter ended September 30, 2013.
  • Same property average mall in-place rent for tenants less than 10,000 square feet increased 1.4%, year over year, to $38.99 from $38.47 per square foot; and 0.9% from $38.63 sequentially.
  • Portfolio tenant sales increased 1.4% to $299 per square foot on a trailing twelve month basis.

Financial Results for the Three Months Ended September 30, 2013

Core FFO was $18.7 million, or $0.37 per diluted share, as compared to $14.5 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 and Greenville Mall which were acquired in December 2012 and July 2013 along with the refinancing of various loans within the portfolio.

1 of 9

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 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

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