Email Address:
  
  Password:
  
  

Exhibit 99.2

Supplemental Information for the Quarter Ended March 31, 2012

 


Q1 2012 Supplemental Package 1 Basis of Presentation Background Rouse is a publicly traded real estate investment trust (REIT) focused on the management, redevelopment, repositioning and acquisition of regional malls and the portfolio consists of 31 geographically diverse enclosed malls, encompassing approximately 22 million square feet in 19 states. On January 12, 2012, General Growth Properties, Inc. (NYSE: GGP) completed the spin-off of Rouse Properties, Inc. (NYSE: RSE) through the distribution of shares of Rouse common stock to holders of GGP common stock. General Information Unless the context indicates otherwise, references in the accompanying financial information (the "Supplemental") to the "Corporation", "Rouse", or the "Company" refer to Rouse Properties Inc. Additionally, where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States. Non-GAAP Measures The Company makes reference to net operating income (“NOI”) and funds from operations (“FFO”). NOI is defined as operating revenues (minimum rents, including lease termination fees, tenant recoveries, overage rents, and other income) less property and related expenses (real estate taxes, repairs and maintenance, marketing, other property operating costs, and provision for doubtful accounts). We use FFO, as defined by the National Association of Real Estate Investment Trusts, as a supplemental measure for our operating performance. FFO is defined as net income (loss) attributable to common stockholders in accordance with GAAP, excluding impairment write-downs on depreciable real estate, gains (or losses) from cumulative effects of accounting changes, extraordinary items and sales of properties, plus real estate related depreciation and amortization. In order to present operations in a manner most relevant to its future operations, Core FFO and Core NOI have been presented to exclude certain non-cash and non-recurring revenue and expenses. A reconciliation of NOI to Core NOI and FFO to Core FFO has been included in the "Reconciliation of Core NOI and Core FFO" schedule included within. NOI, FFO and derivations thereof, are not alternatives to GAAP operating income (loss) or net income (loss) available to common stockholders. For reference, as an aid in understanding management's computation of NOI and FFO, a reconciliation of NOI to operating income and FFO to net income (loss) in accordance with GAAP has been included in the "Reconciliation of Non-GAAP to GAAP Financial Measures" schedule.

 


Q1 2012 Supplemental Package 2 Table of Contents The presentation contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons. Readers are referred to the documents filed by Rouse Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in the Supplemental. The Company disclaims any obligation to update any forward-looking statements. Company Information 3 Financial Overview Consolidated and Combined Balance Sheets 4 Consolidated and Combined Statements of Operations 5 Financial Schedules Reconciliation of Core NOI and Core FFO 6 Core NOI Summary 7 Reconciliation of Non-GAAP to GAAP Financial Measures 8 Mortgages, Notes and Loans Payable 9 Prepaid Expenses and Other Assets & Accounts Payable and Accrued Expenses 10 Portfolio Operating Metrics Key Operating Performance Indicators 11 Summary of Properties 12 Lease Expiration and Top Ten Tenants 13 Leasing Activity 14 Glossary of Terms 15

 


Q1 2012 Supplemental Package 3 Company Information Company Contacts Andrew Silberfein Benjamin Schall Rael Diamond Brian Harper Brad Cohen / Nikki Sacks Chief Executive Officer Chief Operating Officer Chief Financial Officer Executive Vice President, Leasing ICR, Investor Relations and Communications (212) 608.5108 IR@rouseproperties.com Dividend The Board of Directors declared a common stock dividend of $0.07 per share payable on July 30, 2012 to stockholders of record on July 16, 2012. Common Share Trading Statistics Period Ended (1) March 31, 2012 High 14.81 $ Low 10.70 $ Close 13.54 $ Volume 30,825,189 (1) Excludes trading on a when issued basis. Shares Outstanding March 31, 2012 March 31, 2011 Common shares outstanding 49,214,511 35,546,639 Class B common shares outstanding 359,056 359,056 49,573,567 35,905,695 Unexercised options 1,615,986 - Common shares outstanding - fully diluted 51,189,553 35,905,695 Weighted average common shares outstanding - basic (2) 36,785,376 35,905,695 Weighted average common shares outstanding - diluted (2) 36,785,376 35,905,695 (2) Calculated in accordance with US GAAP.

 


Q1 2012 Supplemental Package 4 Consolidated and Combined Balance Sheets Financial Overview March 31, 2012 December 31, 2011 (In thousands, except per share amounts) (Unaudited) Assets: Investments in real estate: Land 312,942 $ 299,941 $ Buildings and equipment 1,205,624 1,162,541 Less accumulated depreciation (78,058) (72,620) Net investment in real estate 1,440,508 1,389,862 Cash and cash equivalents 194,961 204 Accounts receivable, net 19,377 17,561 Deferred expenses, net 42,509 35,549 Prepaid expenses and other assets 150,363 140,348 Total assets 1,847,718 $ 1,583,524 $ Liabilities: Mortgages, notes and loans payable 1,179,645 $ 1,059,684 $ Accounts payable and accrued expenses 83,506 97,512 Total liabilities 1,263,151 1,157,196 Equity Total stockholders' equity 584,567 426,328 Total liabilities and equity 1,847,718 $ 1,583,524 $ 

 


Q1 2012 Supplemental Package 5 Consolidated and Combined Statements of Operations - QTD Financial Overview March 31, 2012 March 31, 2011 (In thousands, except per sh


This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more