Posted on: Tuesday, September 24, 2002

Ward issues profit report for investors to compare

By Andrew Gomes
Advertiser Staff Writer

Victoria Ward Ltd. earned $5.8 million in net operating income on $12.4 million of revenue for roughly the first five months of this year, according to financial figures released yesterday by General Growth Properties Inc., which bought the Kaka'ako retail center operator May 28.

The financial report, submitted to the Securities and Exchange Commission, also showed that Victoria Ward for the year is entitled to collect minimum rent of $21.2 million, a sum that excludes rent payments made by some tenants based on a percentage of gross sales.

Direct comparisons to previous periods were not available. A Victoria Ward official referred a request for comment to General Growth executives, who are in Chicago and could not be reached yesterday afternoon.

In its filing, General Growth, which also owns Ala Moana Center, reported that Victoria Ward last year had $31.3 million in revenue and $14.6 million in operating income.

The filing was made in part to help investors compare General Growth financial statements, which now include Victoria Ward contributions, with financial figures of last year and this year through May 27 as though General Growth owned Victoria Ward.

General Growth bought Victoria Ward for $250 million.