What it tells you is that GGP has huge NOL carryforwards that were used to make big acquisitions of major mall portfolios at very cheap prices... the huge accretive acquisitions allowed for rapid use of the NOL carryforwards and increase the dividends.
From here, today, I predict SPG is the big play over the next five years and perhaps a faster dividend grower since GGP does not have an outlet mall division that has barely entered the worldwide picture.....
It is interesting to look at SPG's performance during the past 5 years vs. CBL and GGP, two REITs in the same category. You mentioned that SPG has had a 40% increase in dividend and perhaps the share price has doubled in that period - which is very respectable. During that same period CBL and GGP have increase their dividends approximately 100% and the share prices have about quadrupled.
That is pretty amazing given all three are in the same business. What does that tell us about the 3 companies?
I don't want to hurt my own cause since I have a significant % of my portfolio in equity reit's, but the bargain hunter in me says wait on adding. $63 might get me more interested, but I'm just hanging on the sidelines for now.On the other hand, I'm not selling here as I plan to hold between 10 years and forever.