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Burdened by debt and stupid, greedy insiders GGP

74%

+33.19% in 4 days (closed on 10/05/08)   General Growth Properties is a Chicago-based commerical property REIT that invests heavily in malls.  In the last year, the company's $27 billion dollar debt load has contributed to the stock's 73% decline, while insiders have cashed out to the tune of $112 million dollars.  Continue reading »

Retailer bankruptcies and less consumer spending to weigh on mall REIT GGP

72%

+15.57% in 26 days (closed on 09/18/08) GGP is already down pretty substantially.  However, with more retailers going belly-up and the consumer spendng less, the near-term future looks dim.  GGP's balance sheet is littered with long-term debt, and not much cash on hand...not a good position to be in during a long-term downturn (IMHO, mall reits will be in pain until the median home price in the US has a decent trend up). Continue reading »

General Growth Properties: Challenged by inability to refinance $6B in debt GGP

49%

+97.22% in 577 days General Growth Properties: Challenged by inability to refinance $6B in debt in next two years due to credit market conditions. Continue reading »

General Growth growing the wrong way - Short GGP

29%

+0.44% in 5 hours (closed on 02/22/08) REIT has recently been under huge pressure partly due to the negative economic outlook, which I believe is justly been reported by the Main stream media, although may have been mildly overblown in WSJ.  However, nonetheless, the Res RE is not looking up anytime soon despite rate cuts due to the tightened lending on top of decreasing housing prices, oversupply, etc.  Commercial RE is just seeing the beginning of lowered mall sales and lowered occupancy due to the effects of lowered consumer spending.  So much more downside available.  EPS at $1.2 and paying $2 in dividend is not sustainable,... Continue reading »

From the Blogosphere

WSJ: Recession Turns Malls into Ghost Towns; "Dead Malls" to Grow to 100 Nationwide

34%

As with everything the past 10 weeks, the following is simply for entertainment purposes. Of course mall based REITs are among the best performers of the past few months as everything (and the sun) is "priced in". And the Federal Reserve is now expanding TALF to allow nearly every loan under the sun to be shielded from reality. This story in the Wall Street Journal focuses on malls which we've touched on many times in the past[Nov 27, 2008: AP - Malls, Hotels Next Victims in New Mortgage Crisis] [Dec 2007: Credit Downturn Hits Malls] But there are no troubles in backstopped land of Ame... Continue reading »

Key Ruling for General Growth Properties CMBS Wednesday

If the ruling goes as indicated by the judge, his is bad for bondholders, very good for General Growth and then good for shareholders as anything that strengthens the holding company is by default good for them. Also, tomorrow a ruling is expected on the DIP financing General Growth will present to the judge. We may find out today whom they have selected. From the WSJ (Dow Jones)--A final ruling is expected Wednesday on whether General Growth Properties Inc. (GGP) would be allowed to... Continued at Todd Sullivan's ValuePlays Continue reading »

Key Ruling for General Growth Properties CMBS Wednesday

2 %

If the ruling goes as indicated by the judge, his is bad for bondholders, very good for General Growth and then good for shareholders as anything that strengthens the holding company is by default good for them. Also, tomorrow a ruling is expected on the DIP financing General Growth will present to the judge. We may find out today whom they have selected. From the WSJ <>(Dow Jones)--A final ruling is expected Wednesday on whether General Growth Properties Inc. (GGP) would be allowed to tap into the cash flow from its properties, and overturn what was believed to be a basic tenet of commercial m... Continue reading »

Key Ruling for General Growth Properties CMBS Wednesday

If the ruling goes as indicated by the judge, his is bad for bondholders, very good for General Growth and then good for shareholders as anything that strengthens the holding company is by default good for them. Also, tomorrow a ruling is expected on the DIP financing General Growth will present to the judge. We may find out today whom they have selected. From the WSJ <>(Dow Jones)--A final ruling is expected Wednesday on whether General Growth Properties Inc. (GGP) would be allowed to tap into the cash flow from its properties, and overturn what was believed to be a basic tenet of commercial m... Continue reading »

More Pershing/General Growth Factual Inaccuracies

What is going on out there with folks and General Growth Properties (GGWPQ) and Pershing? Is anyone actually doing any research before they put "finger to keyboard" Hat tip to reader Mark for bringing this to my attention. First we had the NY Times this weekend not know Pershing is required to file with the SEC disclosing its activity in General Growth. Now we have Deal.com and this story: General Growth Properties Inc. (NYSE: GGP) was the Titanic of the Real Estate Investment Trust ocean... Continued at Todd Sullivan's ValuePlays Continue reading »

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