Regional Mall REITs Hang On During Third Quarter (11/19)
Nov 19, 2008 10:10 AM
Glimcher posted FFO per share of $0.46, down 8.0 percent compared to the same period in 2007, and an NOI decrease of 1.0 percent. Occupancy at Glimcher’s 22.1-million- square-foot portfolio dropped 90 basis points, to 92.6 percent, a moderate adjustment, cited Hilliard Lyons analyst John Roberts.
Chattanooga, Tenn.-based CBL & Associates experienced FFO growth of 7.9 percent to $0.82 per share. CBL’s same-store NOI declined 1.6 percent and its occupancy rate remained flat, at 92.4 percent. The company operates a 79.7-million-square-foot portfolio.
Taubman Centers beat estimates by $0.01 per share, with FFO growth of 8.8 percent, to $0.74 per share. Occupancy at the Bloomfield Hills, Mich.-based REIT’s 24.5-million-square-foot portfolio went up 40 basis points, to 90.6 percent. Its same-store NOI rose 5.7 percent.
PREIT, a Philadelphia-based REIT with a 26.1-million-square-foot portfolio, missed analyst estimates by $0.05 per share. PREIT posted FFO per share of $0.77, representing a decrease of 33.6 percent from the third quarter of 2007. The company’s same-store NOI fell 1.4 percent.
Macerich Company, based in Santa Monica, Calif., missed consensus estimates by $0.03 per share. Its FFO per share grew approximately 1 percent during the quarter, to $1.16 per share. Occupancy at Macerich’s 81-million-square-foot portfolio slipped 70 basis points, to 92.8 percent.
Beleaguered General Growth Properties missed consensus estimates by $0.12 per share. It posted an FFO decrease of approximately 5.9 percent, to $0.64 per share. The Chicago-based company’s NOI declined 1.8 percent and occupancy within its 180-million-square-foot portfolio dropped 50 basis points, to 92.7 percent.
--Elaine Misonzhnik
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