Transformation still leaves GGP with questionable assets in a tough retail environment.
GGP reported quarterly results for likely the last time as a public company and came in above our expectations. Sales per square foot for in-line tenants were up a very strong 4.2%. Occupancy was down 40 basis points to 94.2% year over year, though percentage of space leased fared better as it fell 10 basis points to 95.6%, so the loss of occupancy appears to be a timing issue. Releasing spreads remained strong at 12.3%, above our 10% estimate, which drove same-store net operating income growth ...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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