Beats FFO expectations with higher occupancy. Raises divy which is makes REITs good investments. Revenue also increased from prior year which makes SPG especially Strong since the dollar is Strong and SPG has may Malls outside of the USA.
This looks like a really good acquisition for GGP and Jeff Sutton. From the Press Release, it seems that the Office Portion, floors 4-26, was portioned off and going to be redeveloped into luxury residential condos.. The Retail Portion is floors 1-3 which GGP & Jeff Sutton will control. Since GGP was in control of the purchase, GGP may have gotten a good price for the Retail Portion of the Crown Building.
It will be an interesting Conference Call, on Tuesday April 28, 2015 after GGP reports earnings on Monday, April 27, 2015.