Morningstar | GGP Updated Forecasts and Estimates from 22 Aug 2018
GGP has come a long way since the financial crisis. Overreaching investment strategies, overleverage, and the grinding halt of capital markets flung the firm into default and forced GGP to seek Chapter 11 bankruptcy protection in early 2009, the largest real estate bankruptcy in U.S. history. Since restructuring and re-emerging in late 2010, the company has made significant strides to regain investor confidence and transform itself into a premier retail property operating and investment platform, including shedding billions in noncore assets, deleveraging, and installing new executive leadership. Now primarily an owner of productive, high-quality regional mall and retail assets, GGP appears to be on the right path.GGP shareholders voted to approve a proposed acquisition by Brookfield Property Partners in a special meeting held on July 26, 2018. All GGP shares will be exchanged for cash or equity of either Brookfield Property Partners or Brookfield Property REIT. The transaction is likely to close by the end of August.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.
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