- Exceeded the high end of the Core Funds From Operations ("Core FFO") guidance range by $0.03 per share for 2012; Core FFO as of year end was $1.26 per share compared to the guidance range of $1.16 to $1.23 per share.
- Leased over 655,000 square feet in the quarter, an increase of 175% compared to the same period last year, bringing our 2012 total to 2.1 million square feet.
- Leased percentage was 90.0% at quarter end, an increase of 70 basis points compared to the end of the prior quarter.
- Permanent leasing increased 144 basis points compared to the end of the prior quarter.
- Total average rental rate for new and renewal leases, on a same suite basis, increased 7.8% and the initial rental rate for new and renewal leases increased 3.5%.
- Portfolio tenant sales increased to $296 per square foot; on a comparable trailing twelve month basis the same property tenant sales increased 2.6%.
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 and year ended December 31, 2012. "Our leasing momentum has continued to build throughout our first year as a stand alone company," commented Andrew Silberfein, President and Chief Executive Officer of Rouse Properties. “We completed 655,000 square feet of leasing in the quarter, bringing our 2012 total to over 2.1 million square feet. Our portfolio ended the year 90.0% leased, a 230 basis point increase over the prior year, with our permanent leasing percentage improving by 433 basis points. We continue to make meaningful progress across each of our strategic objectives: enhancing our malls through strategic and cosmetic improvements, improving our balance sheet, and executing on our targeted acquisition program in select markets throughout the country. The strength and quality of our team, national platform and financial flexibility will continue to allow us to unlock the value in our existing portfolio and grow our Company in the middle market mall sector." Operational and Financial Highlights Fourth Quarter 2012