CHICAGO – General Growth Properties Inc., the parent of Providence Place, posted a second quarter loss of $117.5 million on Monday, down from a $158.4 million loss during the same quarter last year.
General Growth, which filed for bankruptcy last year, does not break out results by property. But overall the Chicago-based company reported that revenue increased 3 percent to $805.3 million, mostly because of a jump in income from land and condominium sales.
GGP added that retail leasing activity increased 23 percent over the same time last year and retail center occupancy rose to 91.1 percent at June 30, 2010, from 91 percent a year earlier.
“Our financial and operating performance during the second quarter demonstrated continued progress in meeting our strategic priorities,” said Adam Metz, CEO of GGP, in a press release. “GGP’s earnings were characterized by increased leasing activity, sales and traffic at properties compared to the same period last year. Our properties in the Northeast and Florida performed particularly well.”
The company hopes to complete its reorganization in October and shed billions of dollars of debt in the process. The plan would include investments by Brookfield Asset Management, Fairholme Capital Management and Pershing Square Capital Management, as well as a public employee pension fund from Texas.
The company would also split in two, putting its master-planned communities and some landmark properties into a separate organization. Providence Place would remain part of GGP.
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