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Shares of General Growth Properties Inc. of Chicago, developer of the Summerlin planned community, tumbled today after the company reported disappointing quarterly earnings and said it was suspending its dividend.
General Growth, which traded at $51.57 one year ago, saw its stock fall $2.24, or 49.89 percent, to $2.25 Wednesday on the earnings news. The stock price has been hurt by General Growth’s heavy debt load and the slowdown in the U.S. economy.
General Growth has announced plans to market for sale its Las Vegas Strip malls Fashion Show, Grand Canal Shoppes and the Shoppes at the Palazzo. It hasn’t commented on any plans for the Boulevard and Meadows malls and the Shops at Summerlin Centre, which has been under construction.
The company reported a third quarter loss of 6 cents per share compared to 4 cents in the year-ago quarter. It reported funds from operations -- an important measure of cash flow -- of $185.4 million or 58 cents per share. That was down 11 percent from a year ago and disappointed stock analysts, who had projected 76 cents.
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