Dow Jones Newswires | General Growth Properties posted a sharply wider fourth-quarter loss on write-downs of $749 million as the company continued a public-relations fight against the $10 billion proposed takeover bid from larger rival Simon Property Group Inc.
“The operating results we reported today demonstrate we are successfully executing our business strategy to create long-term value for our stakeholders,” contended Chief Executive Adam Metz.
The results’ disclosure came hours after General Growth said it will
establish a bidding process for the company that will allow Simon to
compete against a planned investment from Brookfield Asset Management
Inc. The move is a response to creditors that are complaining
about the mall giant’s decision to reject Simon’s proposal, which would
pay off their $7 billion in claims in full.
General Growth’s loss widened to $612.4 million, or $1.96 a share, from
$6.5 million, or 2 cents a share, a year earlier. Excluding write-downs
and other impacts, funds from operations — a key REIT profitability
metric — fell to 61 cents from 74 cents as revenue dropped 12% to
$794.1 million.
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