General Growth posts $261.51 million second-quarter operating income

By Caroline Salls

Pittsburgh, Aug. 9 - General Growth Properties, Inc. reported $261.51 million of operating income for the quarter ended June 30 on $805.32 million in total revenues, according to a company news release.

The figures showed improvement over the $193.59 million of operating income posted for the same quarter of 2009 on $792.1 million in total revenues.

The net loss for the three months ended June 30 was $117.53 million, narrowing from a $158.58 million net loss for the second quarter of 2009.

"Our financial and operating performance during the second quarter demonstrated continued progress in meeting our strategic priorities," chief executive officer Adam Metz said in the release.

"GGP's earnings were characterized by increased leasing activity, sales and traffic at properties compared to the same period last year."

Meanwhile, the company posted $532.44 million of operating income for the first six months of 2010 on $1.567 billion in total revenues, compared with $98.15 million of operating income for the first half of 2009 on $1.581 billion in total revenues.

The net loss for the first half of this year was $61.69 million, significantly improved from the $562.78 million net loss posted for the same period of last year.

"As we have been improving our leasing and operating performance, we have been successfully managing our financial restructuring," Metz said in the release.

"GGP will emerge from Chapter 11 with a strengthened financial foundation to enable us to execute on our clear strategy to build value for all stakeholders."

General Growth had $548.27 million in cash and cash equivalents at June 30, down from $654.4 million at Dec. 31, 2009.

June results

In addition, the company posted $61.97 million of operating income for June on $262.93 million in total revenues, according to its monthly operating report filed Monday with the Securities and Exchange Commission.

In comparison, the company reported $68.91 million of operating income for May on $206.34 million in total revenues.

The net loss for June was $29.63 million, narrowing from a $64.58 million May net loss.

The company had $500.81 million in cash and cash equivalents at the end of June, up from $479.21 million at May 31.

General Growth, a Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings, filed for bankruptcy on April 16, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-11977.

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