General Growth Properties, Inc (NYSE:GGP) Q3 2017 Earnings Conference Call - Final Transcript
Oct 31, 2017 • 09:00 am ET
Good morning, ladies and gentlemen, and welcome to the GGP Third Quarter 2017 Earnings Conference Call. [Operator Instructions]
I would now like to turn the call over your host, Mr. Kevin Berry. Please go ahead.
Thank you. Good morning, everyone. Welcome to GGP third quarter 2017 earnings call hosted by Sandeep Mathrani, our CEO; Shobi Khan, our President and Chief Operating Officer; and Michael Berman, our CFO. Please note that certain statements made during this call may be deemed forward-looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of risks, uncertainties, and other factors. Please reference our earnings press release and SEC filings for a detailed discussion.
Statements made during this call may include time-sensitive information, accurate only as of today, October 31, 2017. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the release and supplemental filed on Form 8-K with the SEC this morning, and also available on our website.
It's my pleasure to turn the call over to Sandeep.
Sandeep Lakhmi Mathrani
Thank you, Kevin, and good morning, everyone. Before I review the quarter, I'd like to take the opportunity to sincerely express my heartfelt gratitude for Michael Berman and his long partnership with me as CFO of this company. When I think back to where we were in 2011 and where we are today and how much of that progress and improvement is because of Michael's leadership and thoughtfulness, I can only say a simple thank you, and I will miss having you here every day. Thank you, Michael.
Heath Fear is returning to GGP to assume Michael's responsibilities as CFO after a transition period of a few months. He spent about 12 years with GGP, leading our capital markets activity and a key member within our legal team. I know I speak for him when he says that he is returning to GGP, feels like coming home. I'd like to take a moment to recognize that teams in Houston and South Florida for their unbelievable commitment not only to their respective properties, but to each other, for getting us through the hurricanes that hit these areas.
In light of the devastation in these areas, our properties got back to normal operations within a few days and it was only because of the dedication of these individuals. We were fortunate to sustain only minimal damage to the assets, but the recovery continues for many of our employees for their personal losses and GGP stands behind each of them. Family is everything.
Okay. Let's get to the quarter. Third quarter Same Store NOI increased 2%, an increase from last quarter's increase of 0.7%. Company NOI increased nearly 3%, up from last quarter's rate of 1.3%. EBITDA increased nearly 5%, also up from last quarter's rate of 1.5%. FFO per share came in as a strong $0.37, in line with our expectations and up nearly 7% over third