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GGP $22.06

GGP target price
22.06
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GGP Inc.
Type
Public company
Traded as NYSE: GGP
S&P 500 Index component
Industry Real estate investment trusts
Founded 1954; 63 years ago (1954)
Founder Martin Bucksbaum
Matthew Bucksbaum
Headquarters Chicago, Illinois
Key people
Bruce Flatt, Chairman
Sandeep Mathrani, CEO
Revenue Increase $2.346 billion (2016)
Net income
Increase $1.272 billion (2016)
Total assets Decrease $22.732 billion (2016)
Total equity Increase $8.635 billion (2016)
Number of employees
1,800 (2016)
Website www.ggp.com

GGP Inc. (formerly General Growth Properties, Inc.) is a publicly-traded real estate investment trust that invests in shopping centers.

The company is headquartered at 110 North Wacker Drive in Chicago, Illinois, a historic building designed by architectural firm Graham, Anderson, Probst & White.

As of December 31, 2016, the company owned interests in 127 shopping centers in the United States comprising approximately 125 million square feet of gross leasable area. The company also owned a 35% interest in a shopping center in Rio de Janeiro, Brazil. In 2016, tenants at its shopping centers generated over $20 billion in sales.

Notable properties owned by the company include the following:

The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954 as General Management. That year, they borrowed $1.2 million to develop their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa, in order to open a 4th location for the grocery store founded by their father.

By 1964, the company owned 5 malls and moved its headquarters to Des Moines, Iowa.

In 1970, General Management became General Growth Properties (GGP) and became a public company via an initial public offering.

In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets.

In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States.

In 1993, the company once again became a public company via an initial public offering, raising $400 million.

In 1994, the company purchased a 40% interest in Centermark Properties from Prudential Financial. In 1995, the company sold 25% of its 40% stake, yielding a profit of over $100 million. In 1995, the company also purchased the Homart Development Company from Sears for $1.85 billion.

In 1995, co-founder and CEO Martin Bucksbaum died and the company moved its headquarters from Des Moines to Chicago.

In 1999, John Buckbaum succeeded his father as CEO.

In 2004, the company acquired The Rouse Company, which owned 37 regional shopping malls and Howard Hughes Corporation, a land development company, for $7.2 billion in cash.

By 2008, the company had taken on $25 billion in debt and the company was facing required debt payments. John Bucksbaum was ousted as CEO, though he remained chairman of the board, and Adam Metz was named CEO.

In December 2008, hedge fund manager Bill Ackman disclosed a 25% ownership stake in the company.

In 2009, the company missed a deadline to repay $900 million in loans backed by two Las Vegas properties, putting the company in danger of filing for bankruptcy protection. At that point, the stock price was down 98% in 12 months. The Bucksbaum family's stake in the firm, which was worth $2.5 billion in 2005, had declined in value by a similar amount.

On April 16, 2009, the company filed one of the largest real estate bankruptcies ever and received $375 million in debtor-in-possession financing from Pershing Square Capital Management, the hedge fund managed by Bill Ackman.

In February 2010, Brookfield Asset Management made a $2.625 billion equity investment in the company.

In November 2010, the company exited bankruptcy protection. Creditors were paid in full and equity holders made a "substantial" recovery of their investment, both of which are unusual in bankruptcy filings. In conjunction with the reorganization, the company spun off Howard Hughes Corporation to its shareholders.

In December 2010, CEO Adam Metz and President and COO Thomas Nolan left the company and Sandeep Mathrani, formerly the head of the retail division of Vornado Realty Trust, was named CEO.

In 2011, the company sold Faneuil Hall for $140 million.

In January 2012, the company completed the spin off of The Rouse Company to its shareholders.

In 2013, co-founder Matthew Bucksbaum died.

In February 2014, Bill Ackman sold his remaining shares in the company back to the company for $556 million.

In April 2015, the company acquired the Crown Building for $1.78 billion.

In January 2017, the company changed its name to GGP Inc.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2016-06-30 Reiterated Rating Citigroup Inc. Buy
2016-06-17 Reiterated Rating Mizuho Buy $35.00
2016-05-26 Reiterated Rating Mizuho Buy
2016-05-04 Reiterated Rating BMO Capital Markets Buy
2016-05-03 Reiterated Rating Credit Suisse Buy
2016-05-03 Reiterated Rating Credit Suisse Group AG Buy
2016-05-02 Reiterated Rating Bank of America Buy
2016-05-02 Reiterated Rating Bank of America Corp. Buy
2016-04-13 Initiated Coverage Mizuho Buy $33.00
2016-03-21 Boost Price Target Evercore ISI $32.00
2016-03-16 Reiterated Rating Credit Suisse Buy $32.00
2016-03-07 Upgrade Evercore ISI Hold to Buy $30.00 to $31.00
2016-02-09 Reiterated Rating Deutsche Bank Buy $35.00
2016-02-09 Reiterated Rating Deutsche Bank AG Buy $35.00
2016-02-03 Reiterated Rating RBC Capital Outperform $32.00 to $33.00
2016-02-03 Reiterated Rating Royal Bank Of Canada Outperform $32.00 to $33.00
2016-01-26 Downgrade Barclays Overweight to Equal Weight $31.00 to $27.00
2016-01-26 Downgrade Barclays PLC Overweight to Equal Weight $31.00 to $27.00
2016-01-14 Lower Price Target SunTrust Buy $35.00 to $30.00
2016-01-14 Lower Price Target SunTrust Banks Inc. Buy $35.00 to $30.00
2015-12-17 Downgrade JPMorgan Chase & Co. Overweight to Neutral $31.00 to $29.00
2015-12-04 Initiated Coverage Boenning Scattergood Outperform $32.00
2015-12-03 Lower Price Target Barclays Overweight $32.00 to $31.00
2015-12-03 Reiterated Rating JPMorgan Chase & Co. Outperform $27.00 to $32.00
2015-11-16 Downgrade Evercore ISI Buy to Hold $29.00
2015-10-20 Boost Price Target Barclays Overweight $31.00 to $32.00
2015-10-14 Boost Price Target Cowen and Company Outperform $33.50 to $40.00
2015-09-25 Upgrade BMO Capital Markets Market Perform to Outperform $32.00
2015-09-08 Reiterated Rating Evercore ISI Buy $33.00 to $32.00
2015-09-08 Lower Price Target Evercore Partners Inc. Buy $33.00 to $32.00
2015-08-21 Boost Price Target Barclays Overweight $30.00 to $31.00
2015-08-20 Upgrade Credit Suisse Neutral to Outperform $31.00 to $33.00
2015-08-12 Reiterated Rating S&P Equity Research Buy $33.00
2015-08-04 Reiterated Rating Deutsche Bank Buy $34.00
2015-08-04 Reiterated Rating Oppenheimer Buy $35.00
2015-08-04 Reiterated Rating Oppenheimer Holdings Inc. Buy $35.00
2015-07-18 Lower Price Target Barclays Overweight $33.00 to $30.00
2015-07-03 Reiterated Rating Goldman Sachs Neutral
2015-07-03 Reiterated Rating Goldman Sachs Group Inc. Neutral
2015-06-09 Reiterated Rating Evercore ISI Buy $33.50 to $33.00
2015-05-08 Upgrade RBC Capital Sector Perform to Outperform $31.00 to $32.00
2015-04-28 Reiterated Rating Oppenheimer Outperform $35.00
2015-04-20 Lower Price Target Barclays Overweight $34.00 to $33.00
2015-02-11 Boost Price Target Citigroup Inc. Buy $31.00 to $33.00
2015-02-02 Boost Price Target JPMorgan Chase & Co. Overweight $27.00 to $32.00
2015-01-29 Boost Price Target Stifel Nicolaus Buy $32.00 to $33.00
2015-01-26 Reiterated Rating Deutsche Bank Buy $31.00 to $33.00
2015-01-20 Initiated Coverage Cowen and Company Outperform $35.00
2015-01-05 Boost Price Target Stifel Nicolaus Buy $27.00 to $32.00
2014-12-05 Reiterated Rating Citigroup Inc. Buy $27.00 to $31.00
2014-11-11 Initiated Coverage Credit Suisse Neutral
2014-10-28 Boost Price Target Oppenheimer Outperform $26.00 to $28.00
2014-10-28 Reiterated Rating Stifel Nicolaus Buy $26.00 to $27.00
2014-09-16 Reiterated Rating Citigroup Inc. Buy $26.00 to $27.00
2014-08-05 Boost Price Target Deutsche Bank Buy $26.00 to $27.00
2014-07-29 Reiterated Rating Stifel Nicolaus Buy $25.00 to $26.00
2014-07-21 Boost Price Target Barclays Overweight $27.00 to $28.00
2014-05-01 Reiterated Rating Citigroup Inc. Buy $26.00
2014-04-30 Boost Price Target Imperial Capital $21.00 to $22.00
2014-04-29 Boost Price Target Oppenheimer Outperform $23.00 to $26.00
2014-04-29 Boost Price Target Stifel Nicolaus Buy $23.00 to $25.00
2014-04-22 Boost Price Target Barclays Overweight $26.00 to $27.00
2014-03-12 Upgrade Barclays Equal Weight to Overweight $23.00 to $26.00
2014-01-16 Initiated Coverage S&P Equity Research Buy
2014-01-16 Upgrade JPMorgan Chase & Co. Neutral to Overweight
2014-01-06 Initiated Coverage Oppenheimer Outperform
2013-11-11 Lower Price Target Imperial Capital In-Line $22.00 to $21.00
2013-11-01 Upgrade Bank of America Neutral to Buy $22.50 to $25.00
2013-10-30 Boost Price Target RBC Capital Sector Perform $22.00 to $23.00
2013-09-19 Initiated Coverage Credit Suisse Neutral $21.00
2013-04-05 Reiterated Barclays Equal Weight $20 to $19
2012-09-06 Initiated Imperial Capital In-line
2012-05-02 Reiterated Stifel Nicolaus Buy $18 to $20
2012-01-17 Upgrade Stifel Nicolaus Hold to Buy $17
2010-12-06 Initiated UBS Neutral $16
2016-06-30 Reiterated Rating Citigroup Inc. Buy
2016-06-17 Reiterated Rating Mizuho Buy $35.00
2016-05-26 Reiterated Rating Mizuho Buy
2016-05-04 Reiterated Rating BMO Capital Markets Buy
2016-05-03 Reiterated Rating Credit Suisse Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks