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Institutional Holdings is now at 94.3%. The recent percentage increases was due to Norges Bank reporting their GGP shares of 22,076,959 down 3,229,317 from the prior year which was not reported til currently.
Norges Bank is the second largest foreign investor in the USA after Canada investing more thanr $4B in 2014. Norges Bank recently took a 45% stake in 40 story office building in mid Manhattan for $400M.
List of Institutional Owners more than 5%
Brookfield 386,858,971 shares 36.8%
Vanguard 73,788,573 shares 8.3%
Blackrock 52,844,360 shares 6.0%
Total Shares Outstanding 885,434,516 February 17, 2015
IMO, if GGP earnings are increasing which means the divy is increasing approximately at the same rate, Vanguard & Blackrock will do what they do. The significance of their holdings is that if Brookfield continues to maintain their position, Vanguard & Blackrock holdings plays a prominent role going forward.
GGP has a lot goings on.
2018 $300M Norwalk, Conn
Nordstrom scheduled to open as Anchor tenant
2016 Scheduled completion of Major Renovation of Ala Moana Center
Year 2015 GOOD
Year 2016 BETTER
There was quite an amount of discussion of 200 Lafayette St NYC purchased for $150M in 2013. The Office portion is currently up for Sale for $120M after GGP redid the retail section. This will give some idea how the Crown Building will be redone to increase the retail space and the possible disposition of the Office Space.
Dividend Doctrine of Investors Liberation Movement
Dividends can and should be paid ONLY when the company has nil debt,
its business outlook is satisfactory, it has "surplus" cash defined as money it
can't productively use in its business, and its stock price is too high to
appropriately repurchase (meaning without making the remaining shares
less valuable fundamentally). Any dividend declaration in violation of these
four conditions is ipso facto NOT in the best interest of shareholders.
If a dividend is paid, it should be done annually to save expense, occur when
the company's cash hoard is most abundant, and timed in a manner to
minimize the tax consequence to shareholders.
REITs generally should not pay distributions exceeding the legally required
minimum of 90% of taxable income following the same timing principles.
Dividents are now being declared by many public companies whose shares are held
by intermediary institutions on behalf of their unsophisticated holders for completely
illegitimate reasons that the unsophisticated holders would never approve if they were
aware of the damaging effects. That's why the First Iron Rule for independent investors
and the slogan of Investors Liberation Movement is "Never buy mutual funds!"
Someday, I hope that I.L.M. can approve mutual funds operated according to
our doctrines because I realize that many ordinary people can't spend the time
to personally manage their investments.
/s/ William H. Brandt, Acting Chair
Sentiment: Strong Sell
I was wandering how GGP would finance the recent Crown Building in NYC because this was the most asked about question in the recent CC.
With the Australians coming to purchase 25% of the Ala Moana Center for $900M, this answers my question.
I am amazed how much Class A Malls are worth.
I am planning to hear the presentation by GGP at the Citibank REIT conference tomorrow. Now the Crown Building becomes center stage.
It will be interesting how GGP will develop the Crown Building because Manhattan Real Estate is prime Commercial Property.
The team that GGP put together after BK is very determine to get GGP back up. $60 pps would mean that income for stockholders would have be double from where it is now with this low interest environment.
Most analysts predict a 5-10% yearly gain which puts pps around $33-$35 range for 2015.
IMO, if GGP raises its divy in the 1st qtr 2015, then I think GGP can go higher
Anne, do you ever think GGP could ever reach the 60's as it was pre bankruptcy? I just wonder if it could ever reach those prices again.
JPM currently has an Overweight Rating on GGP with a PT of $32. JPM currently holds 15,420,868 shares of GGP and added 5,204,084 shares in the 4th qtr 2014.