General Growth Properties Inc. shares fell almost 50 percent Wednesday after the mall operator missed analysts’ third-quarter estimates. The company said it would seek loan extensions and strategic alternatives and continue efforts to raise capital.
The Chicago-based real estate investment trust said third-quarter funds from operations fell 11 percent to $185.4 million, or 58 cents a diluted share, compared with $208.4 million, or 70 cents a share, a year ago. REITs use funds from operations to define cash flow and measure performance. On average, analysts polled by Yahoo Finance estimated the firm would record funds from operations of 76 cents a share for the quarter.
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