Type
|
Public company |
---|---|
Traded as | NYSE: GGP S&P 500 Index component |
Industry | Real estate investment trusts |
Founded | 1954 (1954) |
Founder | Martin Bucksbaum Matthew Bucksbaum |
Headquarters | Chicago, Illinois |
Key people
|
Bruce Flatt, Chairman Sandeep Mathrani, CEO |
Revenue | $2.346 billion (2016) |
Net income
|
$1.272 billion (2016) |
Total assets | $22.732 billion (2016) |
Total equity | $8.635 billion (2016) |
Number of employees
|
1,800 (2016) |
Website | www |
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.
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
In GGP 42 funds of 2213 total. Show all
Fund name | Ticker shares |
---|---|
BlackRock Institutional Trust Company, N.A. | 21.96M |
BlackRock Fund Advisors | 17.47M |
BlackRock Group LTD | 7.38M |
COHEN & STEERS CAPITAL MANAGEMENT INC | 5.67M |
Standard Life Investments LTD | 4.72M |
Shinko Asset Management Co., Ltd. | 3.73M |
RUSSELL FRANK CO/ | 2.13M |
Sentry Select Capital Corp. | 1.60M |
MANAGED ACCOUNT ADVISORS LLC | 1.55M |
BlackRock Investment Management, LLC | 1.42M |
BLACKROCK ADVISORS LLC | 0.93M |
BlackRock Japan Co. Ltd | 0.86M |
DELTA LLOYD NV | 0.52M |
CORNERSTONE CAPITAL MANAGEMENT HOLDINGS LLC. | 0.41M |
JANUS CAPITAL MANAGEMENT LLC | 0.24M |