GGP Reports 1Q Results; Reviewing Strategic Alternatives, Potential Catalyst for Shares
GGP reported first-quarter earnings, roughly in line with our expectations and prior management guidance. We are currently maintaining our $29 per share fair value estimate and narrow-moat rating.Overall, performance across GGP's portfolio was steady. Tenant sales per square foot gained almost 1% while same-store net operating income increased 2.5%, year over year, on marginally lower leased percentage of 95.9% and leasing spreads of 10.5%. However, management highlighted that performance in it...
GGP is a self-administered and self-managed real estate investment trust. The company, through its subsidiaries and affiliates, is an owner and operator of retail properties with a property portfolio primarily comprised of Class A retail real estate. As of Dec 31 2017, the company owned, either entirely or with joint venture partners, 125 retail properties located throughout the U.S. The company provides management and other services to substantially all of its properties, including properties which the company owns through joint venture arrangements. Substantially all of the company's business is conducted through GGP Operating Partnership, LP, GGP Nimbus, LP, and GGP Limited Partnership.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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