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21.54 (1y: +27%)
Market Cap 21.34 B P/E(ttm)
Enterprise Value 37.47 B P/B 2.60
GGP- NYSE (USA)
General Growth Properties Inc
  • Currently 1/5
Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$21.54
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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 3/10

vs
industry		 vs
history
Cash to Debt 0.039
GGP's Cash to Debt is ranked lower than
330033% of the 303 Companies
in the Global REIT - Retail industry.

( Industry Median: 0.06 vs. GGP: 0.039 )
GGP' s 10-Year Cash to Debt Range
Min: 0   Max: 0.09
Current: 0.04
0
0.09
Equity to Asset 0.279
GGP's Equity to Asset is ranked lower than
305810% of the 327 Companies
in the Global REIT - Retail industry.

( Industry Median: 0.48 vs. GGP: 0.279 )
GGP' s 10-Year Equity to Asset Range
Min: 0.02   Max: 0.31
Current: 0.28
0.02
0.31
Interest Coverage 0.9
GGP's Interest Coverage is ranked lower than
352112% of the 284 Companies
in the Global REIT - Retail industry.

( Industry Median: 2.30 vs. GGP: 0.9 )
GGP' s 10-Year Interest Coverage Range
Min: 1   Max: 2
Current: 0.9
1
2
F-Score: 5
Z-Score: 0.5
M-Score: -2.26
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry		 vs
history
Operating margin (%) 29.60
GGP's Operating margin (%) is ranked lower than
333333% of the 300 Companies
in the Global REIT - Retail industry.

( Industry Median: 38.40 vs. GGP: 29.60 )
GGP' s 10-Year Operating margin (%) Range
Min: -5.1   Max: 49.5
Current: 29.6
-5.1
49.5
Net-margin (%) -19.2
GGP's Net-margin (%) is ranked lower than
367647% of the 272 Companies
in the Global REIT - Retail industry.

( Industry Median: 42.30 vs. GGP: -19.2 )
GGP' s 10-Year Net-margin (%) Range
Min: -51   Max: 21.3
Current: -19.2
-51
21.3
ROE (%) -6.3
GGP's ROE (%) is ranked lower than
374531% of the 267 Companies
in the Global REIT - Retail industry.

( Industry Median: 7.80 vs. GGP: -6.3 )
GGP' s 10-Year ROE (%) Range
Min: -156.1   Max: 19.8
Current: -6.3
-156.1
19.8
ROA (%) -1.8
GGP's ROA (%) is ranked lower than
373134% of the 268 Companies
in the Global REIT - Retail industry.

( Industry Median: 3.80 vs. GGP: -1.8 )
GGP' s 10-Year ROA (%) Range
Min: -4.6   Max: 2.9
Current: -1.8
-4.6
2.9
ROC (Joel Greenblatt) (%) 3.50
GGP's ROC (Joel Greenblatt) (%) is ranked lower than
469483% of the 213 Companies
in the Global REIT - Retail industry.

( Industry Median: 4.40 vs. GGP: 3.50 )
GGP' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -0.7   Max: 7
Current: 3.5
-0.7
7
Revenue Growth (%) -28.1
GGP's Revenue Growth (%) is ranked lower than
1282050% of the 78 Companies
in the Global REIT - Retail industry.

( Industry Median: 3.30 vs. GGP: -28.1 )
GGP' s 10-Year Revenue Growth (%) Range
Min: -31.6   Max: 25.7
Current: -28.1
-31.6
25.7
EBITDA Growth (%) -1.9
GGP's EBITDA Growth (%) is ranked lower than
1086955% of the 92 Companies
in the Global REIT - Retail industry.

( Industry Median: 8.30 vs. GGP: -1.9 )
GGP' s 10-Year EBITDA Growth (%) Range
Min: -31.4   Max: 22.6
Current: -1.9
-31.4
22.6
EPS Growth (%) -40.4
GGP's EPS Growth (%) is ranked lower than
1265822% of the 79 Companies
in the Global REIT - Retail industry.

( Industry Median: 24.80 vs. GGP: -40.4 )
GGP' s 10-Year EPS Growth (%) Range
Min: -40.4   Max: 29.7
Current: -40.4
-40.4
29.7
» GGP's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

GGP Guru Trades in Q2 2012

Steven Cohen 46,877 sh (+110.75%)
Jeremy Grantham 30,227 sh (+48.7%)
Jim Simons 1,651,600 sh (+31.33%)
Manning & Napier Advisors, Inc 475,320 sh (+20.23%)
Bill Ackman 72,233,712 sh (unchged)
Third Avenue Management Sold Out
Murray Stahl 3,616,974 sh (-15.67%)
» More
Q3 2012

GGP Guru Trades in Q3 2012

Jeremy Grantham 322,227 sh (+966.02%)
Jim Simons 2,609,200 sh (+57.98%)
Bill Ackman 74,733,712 sh (+3.46%)
Manning & Napier Advisors, Inc 482,320 sh (+1.47%)
Louis Moore Bacon 300,000 sh (unchged)
Murray Stahl 3,328,990 sh (-7.96%)
Steven Cohen 1,300 sh (-97.23%)
» More
Q4 2012

GGP Guru Trades in Q4 2012

Louis Moore Bacon 500,000 sh (New)
Steven Cohen 41,822 sh (+3117.08%)
Jim Simons 3,332,600 sh (+27.72%)
Manning & Napier Advisors, Inc 483,320 sh (+0.21%)
Jeremy Grantham 357,127 sh (unchged)
Bill Ackman 74,733,712 sh (unchged)
Murray Stahl 3,180,756 sh (-4.45%)
» More
Q1 2013

GGP Guru Trades in Q1 2013

Ken Heebner 1,680,000 sh (New)
Chris Davis 985,379 sh (New)
Jeremy Grantham 435,685 sh (+22%)
Jim Simons 3,763,500 sh (+12.93%)
Manning & Napier Advisors, Inc 485,540 sh (+0.46%)
Bill Ackman 74,733,712 sh (unchged)
Murray Stahl 2,210,506 sh (-30.5%)
Steven Cohen 25,630 sh (-38.72%)
Louis Moore Bacon 200,000 sh (-60%)
» More
» Details

Insider Trades

Latest Guru Trades with GGP

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
George Soros 2011-09-30 Sold Out 0.0099%$11.75 - $17.38 $ 21.5449%0
George Soros 2011-06-30 Add 43.59%$14.92 - $16.7 $ 21.5435%41998
John Griffin 2011-03-31 Sold Out 1.4%$14.35 - $15.92 $ 21.5443%0
George Soros 2011-03-31 Reduce -31.34%$14.35 - $15.92 $ 21.5443%29248
Bruce Berkowitz 2011-03-31 Sold Out $14.35 - $15.92 $ 21.5443%0
Bruce Berkowitz 2010-12-31 New Buy11.14%$14.31 - $17.8 $ 21.5435%113600256
George Soros 2010-12-31 New Buy0.01%$14.31 - $17.8 $ 21.5435%42600
Mario Gabelli 2010-12-31 Sold Out $14.31 - $17.8 $ 21.5435%0
John Paulson 2010-12-31 Sold Out $14.31 - $17.8 $ 21.5435%0
Jean-Marie Eveillard 2010-09-30 Sold Out 0.04%$12.36 - $15.67 $ 21.5451%0
George Soros 2010-09-30 Sold Out 0.04%$12.36 - $15.67 $ 21.5451%0
Mario Gabelli 2010-09-30 New Buy$12.36 - $15.67 $ 21.5451%20100
Michael Price 2010-06-30 Sold Out 1.09%$12.75 - $16.78 $ 21.5446%0
John Paulson 2010-06-30 New Buy0.38%$12.75 - $16.78 $ 21.5446%6561500
John Griffin 2010-06-30 Add 7.14%0.12%$12.75 - $16.78 $ 21.5446%7500000
George Soros 2010-06-30 New Buy0.04%$12.75 - $16.78 $ 21.5446%100000
Jean-Marie Eveillard 2010-06-30 New Buy0.04%$12.75 - $16.78 $ 21.5446%465000
John Griffin 2010-03-31 New Buy1.84%$14.01 - $16.8 $ 21.5439%7000000
Michael Price 2010-03-31 New Buy1.09%$14.01 - $16.8 $ 21.5439%331619
Premium More recent guru trades are included for Premium Members only!!

Guru Investment Theses on General Growth Properties Inc

Bill Ackman Comments on General Growth Properties - Jun 13, 2012

From Pershing Square's first-quarter letter:

General Growth Properties (GGP)

In the first quarter we sold our position in Rouse Properties, the spinoff of GGP’s lower-productivity mall portfolio. At ~$40mm of capital, the market value of our stake in Rouse would have represented a ~35bp position in our portfolio, well below our target investment size. We also believe that lower quality malls face significant challenges. These risks are somewhat mitigated by Brookfield Asset Management, the controlling shareholder of Rouse, who has a superb track record in the real estate business, but the small size of our holding overwhelmed the track record of the sponsor.

GGP continues to post strong first quarter results with greater tenant sales, higher occupancy, and improved leasing spreads. GGP’s mall segment reported 4.1% same-store NOI growth, putting the company on pace to exceed management’s full-year guidance of 2.8% growth for2012 by a healthy margin. As below-market leases that were negotiated in bankruptcy continue to expire and are replaced at significant rent premiums, we expect GGP’s earnings momentum to continue.

Despite GGP’s stock price’s substantial increase over the last six months, the company remains attractively valued at a 5.3% earnings yield. By comparison, Simon Properties, GGP’s direct competitor, trades at more than a 15% higher multiple. While GGP trades at a lower valuation than its Class A mall peers, we think it has meaningfully more cash-flow growth potential. In a world in which there are few opportunities to earn safe cash yields, we believe that Class A malls at mid 5% and growing yields offer both a relative and absolute value.


Check out Bill Ackman latest stock trades

Top Ranked Articles about General Growth Properties Inc

Weekly Top Insider Sells
May 19, 2013
According to the GuruFocus Insider Data, these are the largest insider sells during the past week. The overall trend of insiders is illustrated in the chart below: Read more...
Weekly Top Insider Sells--GGP, MNST, ISRG
March 10, 2013
According to GuruFocus Insider Data, these are the largest insider sells during the past week. The overall trend of insiders is illustrated in the chart below: Read more...
52- Week High Companies: CVX, GGP, DTE, COF, MRK
July 30, 2012
According to GuruFocus list of 52-week highs, these Guru stocks have reached their 52-Week Highs: Chevron Corporation (CVX), General Growth Properties Inc. (GGP), DTE Energy Company (DTE), Capital One Financial Corp. (COF), and Merck & Co. Inc. (MRK). Read more...
Bill Ackman Comments on General Growth Properties
June 13, 2012
From Pershing Square's first-quarter letter: Read more...

Ratios

vs
industry		 vs
history
P/B 2.60
GGP's P/B is ranked lower than
84% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 1.30 vs. GGP: 2.60 )
GGP' s 10-Year P/B Range
Min: 0.06   Max: 12.65
Current: 2.6
0.06
12.65
P/S 8.10
GGP's P/S is ranked lower than
55% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 6.20 vs. GGP: 8.10 )
GGP' s 10-Year P/S Range
Min: 0.03   Max: 8.44
Current: 8.1
0.03
8.44
PFCF 1077.00
GGP's PFCF is ranked lower than
82% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 25.77 vs. GGP: 1077.00 )
GGP' s 10-Year PFCF Range
Min: 1.3   Max: 1148.5
Current: 1077
1.3
1148.5
EV-to-EBIT 47.6
GGP's EV-to-EBIT is ranked lower than
68% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 28.60 vs. GGP: 47.6 )
GGP' s 10-Year EV-to-EBIT Range
Min: 0.2   Max: 89.6
Current: 47.6
0.2
89.6
Shiller P/E 72.2
GGP's Shiller P/E is ranked higher than
100% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 10.60 vs. GGP: 72.2 )
GGP' s 10-Year Shiller P/E Range
Min: 0.45   Max: 79.72
Current: 72.2
0.45
79.72

Dividend & Buy Back

vs
industry		 vs
history
Dividend Yield 2.10
GGP's Dividend Yield is ranked lower than
401606% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 4.40 vs. GGP: 2.10 )
GGP' s 10-Year Dividend Yield Range
Min: 0.59   Max: 502.51
Current: 2.1
0.59
502.51
Dividend growth (3y) 21.9
GGP's Dividend growth (3y) is ranked higher than
53% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: -8.45 vs. GGP: 21.9 )
GGP' s 10-Year Dividend growth (3y) Range
Min: -100   Max: 21.9
Current: 21.9
-100
21.9
Yield on cost (5-Year) 2.10
GGP's Yield on cost (5-Year) is ranked lower than
401606% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 4.00 vs. GGP: 2.10 )
GGP' s 10-Year Yield on cost (5-Year) Range
Min: 0.59   Max: 502.51
Current: 2.1
0.59
502.51
Share Buyback Rate -31.7
GGP's Share Buyback Rate is ranked lower than
70% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: -7.50 vs. GGP: -31.7 )
GGP' s 10-Year Share Buyback Rate Range
Min: -2.5   Max: -39.1
Current: -31.7

Valuation & Return

vs
industry		 vs
history
Price/Net Current Asset Value 113.4
GGP's Price/Net Current Asset Value is ranked higher than
90% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 56.20 vs. GGP: 113.4 )
GGP' s 10-Year Price/Net Current Asset Value Range
Min: 1.8   Max: 188
Current: 113.4
1.8
188
Price/Tangible Book 2.7
GGP's Price/Tangible Book is ranked higher than
86% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 1.30 vs. GGP: 2.7 )
GGP' s 10-Year Price/Tangible Book Range
Min: 0.2   Max: 9.7
Current: 2.7
0.2
9.7
Price/DCF (Projected) 3.7
GGP's Price/DCF (Projected) is ranked higher than
90% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 2.20 vs. GGP: 3.7 )
GGP' s 10-Year Price/DCF (Projected) Range
Min: 1.7   Max: 4.2
Current: 3.7
1.7
4.2
Price/Median PS Value 2.4
GGP's Price/Median PS Value is ranked higher than
94% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 1.10 vs. GGP: 2.4 )
GGP' s 10-Year Price/Median PS Value Range
Min: 0.3   Max: 2.3
Current: 2.4
0.3
2.3
Earnings Yield (Greenblatt) 2.10
GGP's Earnings Yield (Greenblatt) is ranked higher than
53% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: 2.60 vs. GGP: 2.10 )
GGP' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.1   Max: 530.3
Current: 2.1
1.1
530.3
Forward Rate of Return (Yacktman) -29.83
GGP's Forward Rate of Return (Yacktman) is ranked lower than
401606% of the 249 Companies
in the Global REIT - Retail industry.

( Industry Median: -7.64 vs. GGP: -29.83 )
GGP' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -2914.6   Max: 16.1
Current: -29.83
-2914.6
16.1

Business Description

General Growth Properties Inc., a Delaware corporation was organized in 1986. It is a self-administered and self-managed real estate investment trust, referred to as a 'REIT.' The Company is a real estate owner and operator of high quality regional malls with an ownership interest in 136 regional malls in 41 states as of December 31, 2011, comprising 58 million square feet of gross leasable area, or GLA, excluding anchor tenants. Of its 136 regional malls, 78 are considered Class A regional malls and have average tenant sales exceeding $575 per square foot, representing 75% of its NOI (as defined in Item 6). These high quality malls include: Ala Moana in Honolulu, Hawaii; Fashion Show in Las Vegas, Nevada; Natick Mall in Natick (Boston), Massachusetts; Tyson's Galleria in Tysons, Virginia; Park Meadows in Lone Tree (Denver), Colorado; Water Tower Place in Chicago, Illinois. It operates in a single reportable segment, which it term Retail and Other, which consists of regional malls, retail centers, office and industrial buildings and mixed-use and other properties. Its portfolio of regional malls and other rental properties represents a collection of retail offerings that are targeted to a range of market sizes and consumer tastes. In addition to regional malls, as of December 31, 2011, it owns 13 community shopping centers totaling 1.6 million square feet, mainly in the Western region of the United States, as well as 26 stand-alone office buildings totaling 2.2 million square feet, concentrated in Columbia, Maryland and Las Vegas, Nevada. It also currently hold non-controlling ownership interests in a public Brazilian real estate operating company, Aliansce Shopping Centers (ticker ALSC3), and a large regional mall (Shopping Leblon) in Rio de Janeiro. The Company's direct competitors include other publicly-traded retail mall development and operating companies, retail real estate companies, commercial property developers and other owners of retail real estate that engage in similar businesses.
Company Website
SEC Reports
Industry: REIT - Retail
Compare:AKR, CLP, RIOCF, BTLCY, FRT
Traded in other countries:GGC.Germany
» More Articles for GGP

Headlines

Articles On GuruFocus.com
Weekly Top Insider Sells May 19 2013 
Weekly Top Insider Sells--GGP, MNST, ISRG Mar 10 2013 
Bill Ackman Sells Warrants to Brookfield Jan 03 2013 
THIS Is Why Simon’s Original Offer for GGP Was Not The Same Oct 11 2012 
Bill Ackman's Presentation at the Value Investing Congress 2012 in New York Oct 03 2012 
Bill Ackman Discusses His Plans for General Growth Properties Oct 02 2012 
Brookfield, Simon & GGP Sep 12 2012 
Why is BAM's Bruce Flatt Still Chairman of GGP? Sep 06 2012 
Bill Ackman Responds in Detail to Brookfield's GGP Press Release Aug 27 2012 
Brookfield Responds to Pershing Square Regarding to General Growth Properties Aug 23 2012 

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Summary of 13F from Ackman's Pershing Square May 16 2013 - BENZINGA

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