Retail real estate investment trust (REIT) -
General Growth Properties, Inc.
) - disclosed the opening of a new Zara store at Glendale
Galleria in Los Angeles. This fashion retailer is slated to open
the store spanning 35,000-square-foot of space in 2015 at this
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Notably, Glendale Galleria underwent a multimillion dollar
makeover and made a comeback late last year with the grand
opening of the Bloomingdale wing. Retailers like Gucci and Louis
Vuitton, Pirch, Bhindi Jewelers, BCBG Max Azria, Martier opened
their stores at this mall recently. Its tenant roaster consists
of well known companies and its anchor tenants are
J. C. Penney Company, Inc.
We believe that the addition of renowned retailers to its mall
provide General Growth Properties the opportunity to augment its
top line. A well diversified tenant base also minimizes its
In February, General Growth Properties reported its
fourth-quarter 2013 funds from operations (FFO) per share of 36
cents, which exceeded the Zacks Consensus Estimate by a penny.
Results befitted from revenue growth and rise in same store net
operating income and increase in initial rental rates.
The company's focused portfolio restructuring activity bodes well
for its long-term growth. Additionally, the same day delivery
deal of General Growth Properties is a strategic fit given the
increasing competition from online retailers.
General Growth Properties is scheduled to report its
first-quarter 2014 results on Apr 28, after the closing bell. The
Zacks Consensus Estimate for first-quarter FFO is currently
pegged at 30 cents per share, reflecting a year-over-year
increase of 18.9%.
Currently, General Growth Properties carries a Zacks Rank #2
FFO, a widely used metric to gauge the performance of REITs,
are obtained after adding depreciation and amortization and other
non-cash expenses to net income.