Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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...
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...
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 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 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 seems to be moving forward with the planned takeover by Brookfield Property Partners, which is expected to close in the early third quarter. While the headlines say that Brookfield is offering GGP shareholders $23.50 per share in cash, increased from the initial $23 offer proposed in November 2017, only $9.25 billion will be paid to shareholders in cash, with the balance of the deal being paid with Brookfield stock. Given Brookfield's decline in price from November 2017, the mix of cash and ...
CHICAGO--(BUSINESS WIRE)-- GGP Inc. (the “Company” or “GGP”) (NYSE: GGP) today reported results for the three months ended March 31, 2018. GAAP Operating Results For the three months ended March 31, 2018, net income attributable to GGP was $64.0 million, or $0.06 per diluted share, as compared to $107.2 million, or $0.11 per diluted share, in the prior year period. Net income attributable to GGP decreased 40.2% from the prior year period primarily due to the impairment of one property in...
Moody's Investors Service assigned a corporate family rating of Ba2 to GGP Inc. ("GGP") and a senior secured rating of Ba3 to GGP's proposed bank credit facility currently being marketed. The rating outlook is stable. The following ratings were assigned: GGP Inc.: - Corp...
CHICAGO--(BUSINESS WIRE)-- GGP Inc. (“GGP”) (NYSE: GGP) will report financial and operational results for the first quarter 2018 before the market opens on Thursday, May 3, 2018. The earnings release and supplemental financial package will be available on the Investors section of GGP’s website at www.ggp.com. GGP has elected to not hold a conference call to discuss its financial and operational results given the announced transaction with Brookfield Property Partners L.P. (NASDAQ: BPY; TSX: BPY.UN). GGP ...
NEW ORLEANS--(BUSINESS WIRE)-- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of GGP Inc. (“GGP” or the “Company”) (NYSE: GGP) to Brookfield Property Partner L.P. (“BPY”) (NASDAQ: BPY). Under the terms of the proposed transaction, shareholders of GGP will receive only $23.50 in cash, or either one BPY unit or one share of a newly created U.S. REIT, subject to proration for each share of GGP that they own. KSF is seeking to determine...
NEW YORK--(BUSINESS WIRE)-- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased GGP Inc. (“GGP” or the “Company”) (NYSE: GGP) stock prior to March 26, 2018. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of GGP to Brookfield Property Partners L.P. (“BPY”). Under the terms of the transaction, GGP shareholders may elect to receive $23.50 in cash or either one BPY unit or one share of a new BPY...
GGP reported fourth-quarter results with funds from operations of $0.48 per share coming in at the top of management’s previously issued range. No guidance was given for 2018 because the Brookfield deal is in limbo. However, there were obvious signs of slowing in the space. Same-store net operating income increased 1.3% in the fourth quarter compared with the full-year increase of 1.6% against 2016. Management did say it expects 2018 same-store net operating income growth of 2%-3%. Ultimately...
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of GGP Inc. (“GGP”) (NYSE: GGP) concerning the acquisition by Brookfield Property Partners L.P. Under the terms of the agreement, valued at approximately $15.3 billion, GGP shareholders will only receive $23.50 per share owned. The consideration is significantly lower than at least one analyst’s estimated value of $34.50. If you are an affected investor, and...
STEVENSON, Md.--(BUSINESS WIRE)-- The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of GGP Inc. (NYSE: GGP) (“GGP” or the “Company”) relating to the proposed buyout of GGP by Brookfield Property Partners L.P. Under the terms of the agreement, GGP shareholders can elect to receive either $23.50 in cash or either one BPY unit or one share of a new BPY U.S. REIT securit...
STEVENSON, Md.--(BUSINESS WIRE)-- The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of GGP Inc. (NYSE: GGP) (“GGP” or the “Company”) relating to the proposed buyout of GGP by Brookfield Property Partners L.P. Under the terms of the agreement, GGP shareholders can elect to receive either $23.50 in cash or either one BPY unit or one share of a new BPY U.S. REIT securit...
WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.: Do you own shares of GGP Inc. (NYSE: GGP)? Did you purchase any of your shares prior to March 26, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights? Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of GGP Inc. (“GGP” or the “Company”) (NYSE: GGP) regarding possible breaches of fiduciary dut...
NEW YORK--(BUSINESS WIRE)-- Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of GGP Inc. (NYSE:GGP) shareholders concerning the proposed acquisition of the company by Brookfield Property Partners L.P. (NASDAQ:BPY). Our investigation concerns whether GGP’s board of directors failed to adequately shop the company and obtain the best possible value for its shareholders before entering into a definitive merger agreement with Brookfield. Under the terms of the agreement, GGP shareholders can elect to receive...
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