GGP Reports Year-End 2016 Results; Quality-Focused Strategy Continues to Support Performance
Newly renamed GGP Inc. reported positive though decelerating fourth-quarter and full-year 2016 results in line with our expectations. Same-store occupancy for the year held roughly flat as same-store net operating income grew 5.1% and 4.4% for the quarter and year, respectively. Management also provided initial 2017 guidance of 4.0%-4.5% same-store net operating income growth resulting in roughly 4% growth of company funds from operations per share to $1.59 at the midpoint, also matching expecta...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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