Intrinsic value of GGP - GGP

Previous Close

$21.42

  Intrinsic Value

$4.14

stock screener

  Rating & Target

str. sell

-81%

Previous close

$21.42

 
Intrinsic value

$4.14

 
Up/down potential

-81%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as GGP.

We calculate the intrinsic value of GGP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 20.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,375
  2,429
  2,492
  2,562
  2,639
  2,725
  2,817
  2,918
  3,026
  3,142
  3,266
  3,399
  3,540
  3,690
  3,849
  4,018
  4,197
  4,385
  4,585
  4,796
  5,018
  5,252
  5,499
  5,760
  6,034
  6,323
  6,626
  6,946
  7,283
  7,636
Variable operating expenses, $m
  1,535
  1,568
  1,606
  1,648
  1,695
  1,747
  1,804
  1,865
  1,930
  2,001
  1,984
  2,065
  2,151
  2,242
  2,339
  2,441
  2,549
  2,664
  2,785
  2,913
  3,048
  3,191
  3,341
  3,499
  3,666
  3,841
  4,026
  4,220
  4,424
  4,639
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,535
  1,568
  1,606
  1,648
  1,695
  1,747
  1,804
  1,865
  1,930
  2,001
  1,984
  2,065
  2,151
  2,242
  2,339
  2,441
  2,549
  2,664
  2,785
  2,913
  3,048
  3,191
  3,341
  3,499
  3,666
  3,841
  4,026
  4,220
  4,424
  4,639
Operating income, $m
  840
  861
  886
  914
  944
  977
  1,014
  1,053
  1,096
  1,141
  1,282
  1,334
  1,389
  1,448
  1,511
  1,577
  1,647
  1,721
  1,799
  1,882
  1,969
  2,061
  2,158
  2,261
  2,368
  2,481
  2,601
  2,726
  2,858
  2,997
EBITDA, $m
  3,363
  3,440
  3,528
  3,628
  3,738
  3,858
  3,990
  4,132
  4,285
  4,450
  4,625
  4,813
  5,013
  5,225
  5,451
  5,690
  5,943
  6,210
  6,493
  6,791
  7,106
  7,438
  7,788
  8,156
  8,544
  8,953
  9,384
  9,836
  10,313
  10,814
Interest expense (income), $m
  567
  484
  485
  487
  489
  491
  493
  496
  499
  502
  505
  509
  512
  516
  521
  525
  530
  535
  541
  546
  552
  559
  566
  573
  580
  588
  597
  605
  615
  624
  635
Earnings before tax, $m
  356
  376
  399
  425
  453
  484
  518
  555
  594
  636
  773
  822
  873
  928
  985
  1,047
  1,112
  1,180
  1,253
  1,330
  1,410
  1,496
  1,586
  1,680
  1,780
  1,885
  1,995
  2,112
  2,234
  2,363
Tax expense, $m
  96
  102
  108
  115
  122
  131
  140
  150
  160
  172
  209
  222
  236
  250
  266
  283
  300
  319
  338
  359
  381
  404
  428
  454
  481
  509
  539
  570
  603
  638
Net income, $m
  260
  275
  291
  310
  331
  353
  378
  405
  434
  464
  565
  600
  637
  677
  719
  764
  812
  862
  915
  971
  1,030
  1,092
  1,157
  1,227
  1,299
  1,376
  1,457
  1,541
  1,631
  1,725

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -2,149
  -2,198
  -2,255
  -2,318
  -2,389
  -2,466
  -2,550
  -2,641
  -2,738
  -2,844
  -2,956
  -3,076
  -3,204
  -3,339
  -3,484
  -3,636
  -3,798
  -3,969
  -4,149
  -4,340
  -4,541
  -4,753
  -4,977
  -5,212
  -5,461
  -5,722
  -5,997
  -6,286
  -6,591
  -6,911
Adjusted assets (=assets-cash), $m
  -2,149
  -2,198
  -2,255
  -2,318
  -2,389
  -2,466
  -2,550
  -2,641
  -2,738
  -2,844
  -2,956
  -3,076
  -3,204
  -3,339
  -3,484
  -3,636
  -3,798
  -3,969
  -4,149
  -4,340
  -4,541
  -4,753
  -4,977
  -5,212
  -5,461
  -5,722
  -5,997
  -6,286
  -6,591
  -6,911
Revenue / Adjusted assets
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
  -1.105
Average production assets, $m
  24,306
  24,865
  25,504
  26,221
  27,016
  27,889
  28,838
  29,867
  30,974
  32,163
  33,435
  34,792
  36,236
  37,772
  39,401
  41,128
  42,956
  44,889
  46,931
  49,087
  51,363
  53,762
  56,291
  58,956
  61,763
  64,718
  67,829
  71,102
  74,545
  78,167
Working capital, $m
  -14,487
  -14,820
  -15,201
  -15,629
  -16,103
  -16,623
  -17,189
  -17,802
  -18,462
  -19,170
  -19,928
  -20,737
  -21,598
  -22,513
  -23,484
  -24,514
  -25,603
  -26,755
  -27,972
  -29,258
  -30,614
  -32,044
  -33,552
  -35,140
  -36,813
  -38,574
  -40,428
  -42,379
  -44,431
  -46,590
Total debt, $m
  491
  492
  494
  496
  499
  501
  504
  507
  511
  514
  518
  522
  526
  531
  536
  541
  547
  552
  559
  565
  572
  579
  587
  595
  603
  612
  621
  631
  642
  653
Total liabilities, $m
  73
  75
  77
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  114
  118
  124
  129
  135
  141
  148
  154
  162
  169
  177
  186
  195
  204
  214
  224
  235
Total equity, $m
  -2,222
  -2,273
  -2,332
  -2,397
  -2,470
  -2,550
  -2,636
  -2,730
  -2,832
  -2,940
  -3,057
  -3,181
  -3,313
  -3,453
  -3,602
  -3,760
  -3,927
  -4,104
  -4,290
  -4,487
  -4,695
  -4,915
  -5,146
  -5,390
  -5,646
  -5,916
  -6,201
  -6,500
  -6,815
  -7,146
Total liabilities and equity, $m
  -2,149
  -2,198
  -2,255
  -2,318
  -2,389
  -2,466
  -2,549
  -2,640
  -2,739
  -2,843
  -2,956
  -3,076
  -3,204
  -3,339
  -3,484
  -3,636
  -3,798
  -3,969
  -4,149
  -4,339
  -4,541
  -4,753
  -4,977
  -5,213
  -5,460
  -5,721
  -5,997
  -6,286
  -6,591
  -6,911
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034
  1.034

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  260
  275
  291
  310
  331
  353
  378
  405
  434
  464
  565
  600
  637
  677
  719
  764
  812
  862
  915
  971
  1,030
  1,092
  1,157
  1,227
  1,299
  1,376
  1,457
  1,541
  1,631
  1,725
Depreciation, amort., depletion, $m
  2,522
  2,578
  2,642
  2,714
  2,794
  2,881
  2,976
  3,079
  3,189
  3,308
  3,343
  3,479
  3,624
  3,777
  3,940
  4,113
  4,296
  4,489
  4,693
  4,909
  5,136
  5,376
  5,629
  5,896
  6,176
  6,472
  6,783
  7,110
  7,455
  7,817
Funds from operations, $m
  2,782
  2,853
  2,934
  3,024
  3,124
  3,234
  3,354
  3,483
  3,623
  3,773
  3,908
  4,079
  4,261
  4,454
  4,660
  4,877
  5,107
  5,351
  5,608
  5,879
  6,166
  6,468
  6,787
  7,122
  7,476
  7,848
  8,239
  8,652
  9,085
  9,541
Change in working capital, $m
  -284
  -333
  -381
  -428
  -474
  -520
  -566
  -613
  -660
  -709
  -758
  -809
  -861
  -915
  -971
  -1,029
  -1,089
  -1,152
  -1,217
  -1,285
  -1,356
  -1,430
  -1,508
  -1,588
  -1,673
  -1,761
  -1,854
  -1,951
  -2,052
  -2,159
Cash from operations, $m
  3,066
  3,186
  3,315
  3,452
  3,598
  3,754
  3,920
  4,096
  4,283
  4,481
  4,666
  4,888
  5,122
  5,370
  5,631
  5,906
  6,197
  6,503
  6,825
  7,165
  7,522
  7,898
  8,294
  8,711
  9,149
  9,609
  10,093
  10,603
  11,138
  11,700
Maintenance CAPEX, $m
  -2,383
  -2,431
  -2,487
  -2,550
  -2,622
  -2,702
  -2,789
  -2,884
  -2,987
  -3,097
  -3,216
  -3,343
  -3,479
  -3,624
  -3,777
  -3,940
  -4,113
  -4,296
  -4,489
  -4,693
  -4,909
  -5,136
  -5,376
  -5,629
  -5,896
  -6,176
  -6,472
  -6,783
  -7,110
  -7,455
New CAPEX, $m
  -477
  -559
  -639
  -717
  -795
  -872
  -950
  -1,028
  -1,108
  -1,189
  -1,272
  -1,357
  -1,445
  -1,535
  -1,629
  -1,727
  -1,828
  -1,933
  -2,042
  -2,156
  -2,275
  -2,400
  -2,529
  -2,665
  -2,807
  -2,955
  -3,110
  -3,273
  -3,443
  -3,622
Cash from investing activities, $m
  -2,860
  -2,990
  -3,126
  -3,267
  -3,417
  -3,574
  -3,739
  -3,912
  -4,095
  -4,286
  -4,488
  -4,700
  -4,924
  -5,159
  -5,406
  -5,667
  -5,941
  -6,229
  -6,531
  -6,849
  -7,184
  -7,536
  -7,905
  -8,294
  -8,703
  -9,131
  -9,582
  -10,056
  -10,553
  -11,077
Free cash flow, $m
  206
  197
  189
  184
  181
  180
  181
  184
  189
  195
  178
  187
  198
  210
  224
  239
  256
  274
  294
  315
  338
  363
  389
  417
  446
  478
  511
  547
  584
  624
Issuance/(repayment) of debt, $m
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Issuance/(repurchase) of shares, $m
  -43
  -51
  -58
  -66
  -73
  -80
  -87
  -94
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -244
  -257
  -270
  -284
  -299
  -315
  -331
Cash from financing (excl. dividends), $m  
  -42
  -49
  -56
  -64
  -71
  -77
  -84
  -91
  -98
  -105
  -112
  -120
  -128
  -135
  -144
  -153
  -162
  -171
  -181
  -191
  -201
  -212
  -223
  -236
  -249
  -261
  -275
  -289
  -305
  -320
Total cash flow (excl. dividends), $m
  165
  147
  133
  120
  111
  103
  97
  93
  91
  90
  66
  67
  70
  75
  80
  87
  94
  103
  113
  125
  137
  150
  165
  181
  198
  216
  236
  257
  280
  304
Retained Cash Flow (-), $m
  43
  51
  58
  66
  73
  80
  87
  94
  101
  109
  116
  124
  132
  140
  149
  158
  167
  177
  187
  197
  208
  219
  231
  244
  257
  270
  284
  299
  315
  331
Prev. year cash balance distribution, $m
  2,179
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,387
  198
  191
  186
  183
  183
  184
  187
  192
  199
  182
  191
  202
  215
  229
  245
  262
  280
  300
  322
  345
  370
  396
  425
  455
  487
  520
  556
  594
  635
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  2,260
  177
  160
  145
  132
  121
  111
  102
  94
  86
  70
  64
  58
  53
  47
  42
  37
  32
  27
  23
  19
  15
  12
  9
  7
  5
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

GGP Inc. (GGP), formerly General Growth Properties, Inc., is a self-administered and self-managed real estate investment trust (REIT). The Company operates as a holding company, which is engaged in the operation, development and management of retail and other rental properties, primarily regional malls. As of December 31, 2016, the Company owned, either entirely or with joint venture partners, 127 retail properties located throughout the United States comprising approximately 125 million square feet of gross leasable area (GLA). As of December 31, 2016, the Company's retail properties included 200 Lafayette, The Shoppes at Buckland Hills, Northridge Fashion Center, Brass Mill Center, Jordan Creek Town Center, Westroads Mall and Stonestown Galleria. The Company's business is conducted through GGP Operating Partnership, LP (GGPOP), GGP Nimbus, LP (GGPN) and GGP Limited Partnership (GGPLP, and together with GGPN and GGPOP, the Operating Partnerships), subsidiaries of GGP.

FINANCIAL RATIOS  of  GGP (GGP)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 8.1
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow -147.9
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 146.4%
Total Debt to Equity 146.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 15.2%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 69.3%
EBITDA Margin 97.8%
EBITDA Margin - 3 Yr. Avg. 88%
Operating Margin 34.1%
Oper. Margin - 3 Yr. Avg. 36.6%
Pre-Tax Margin 43.7%
Pre-Tax Margin - 3 Yr. Avg. 32.3%
Net Profit Margin 54.9%
Net Profit Margin - 3 Yr. Avg. 46.1%
Effective Tax Rate 0.1%
Eff/ Tax Rate - 3 Yr. Avg. -0.6%
Payout Ratio 54.5%

GGP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GGP stock intrinsic value calculation we used $2328 million for the last fiscal year's total revenue generated by GGP. The default revenue input number comes from 2017 income statement of GGP. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GGP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for GGP is calculated based on our internal credit rating of GGP, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of GGP.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GGP stock the variable cost ratio is equal to 64.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GGP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 98.9% for GGP.

Corporate tax rate of 27% is the nominal tax rate for GGP. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GGP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GGP are equal to 1023.6%.

Life of production assets of 10 years is the average useful life of capital assets used in GGP operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GGP is equal to -610.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for GGP - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 946 million for GGP is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of GGP at the current share price and the inputted number of shares is $20.3 billion.

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COMPANY NEWS

▶ These Bay Area malls are two of this operators best performers in nation   [Aug-03-18 05:00PM  American City Business Journals]
▶ GGP Reports Second Quarter 2018 Results   [07:00AM  Business Wire]
▶ Exclusive: Stonestown inks deals with two new retailers to fill former Macy's   [Jul-25-18 05:35PM  American City Business Journals]
▶ Japanese entertainment center expands to ABQ (slideshow)   [Jun-28-18 04:33PM  American City Business Journals]
▶ Oxmoor Center looks to add three restaurants near proposed Topgolf   [Jun-25-18 04:54PM  American City Business Journals]
▶ GES Events Recognized by MAXI Awards and Ad Age   [Jun-14-18 12:20PM  PR Newswire]
▶ Is there new life for old Bay Area malls?   [May-24-18 01:43PM  American City Business Journals]
▶ Is GGP Inc (NYSE:GGP) A Good Dividend Stock?   [May-07-18 04:19PM  Simply Wall St.]
▶ Cohen & Steers Announces Changes to Realty Indexes   [May-04-18 05:00PM  PR Newswire]
▶ GGP Inc.: This REIT Is a Screaming Buy   [10:20AM  Motley Fool]
▶ Here's what could replace Macy's at Tysons Galleria   [May-02-18 03:02PM  American City Business Journals]
▶ North Point Mall plans to convert empty retail into office space   [Apr-26-18 12:38PM  American City Business Journals]
▶ GGP Schedules First Quarter 2018 Earnings Release   [Apr-17-18 04:01PM  Business Wire]
▶ Should Mall REIT Owners Fear the GGP-Brookfield Deal?   [Apr-11-18 09:20PM  Motley Fool]
▶ 8 Stocks That Surprised Investors in Q1   [Apr-02-18 03:42PM  InvestorPlace]
▶ GGP says 'business as usual' for Ala Moana Center until Brookfield deal closes   [Mar-27-18 08:38PM  American City Business Journals]
▶ Brookfield Rings Up Deal With Mall Owner GGP   [03:40PM  TheStreet.com]
▶ Brookfield to buy remainder of GGP, owner of 5 Houston-area malls   [09:21AM  American City Business Journals]
▶ Brookfield Strikes Deal to Buy Rest of Mall Owner GGP   [12:31AM  The Wall Street Journal]
▶ Brookfield Strikes Deal to Buy Rest of GGP Mall Owner   [Mar-26-18 09:41PM  The Wall Street Journal]
▶ REIT stocks still very risky to own   [Mar-01-18 07:39PM  CNBC Videos]
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