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General Growth's 4Q Loss Balloons On $749 Million Of Write-Downs

DOW JONES NEWSWIRES General Growth Properties Inc. (GGWPQ) posted a sharply wider fourth-quarter loss on write-downs of $749 million as the company continued a public-relations fight against the $10 billion proposed takeover bid from larger rival Simon Property Group Inc. (SPG). "The operating results we reported today demonstrate we are successfully executing our business strategy to create long-term value for our stakeholders," contended Chief Executive Adam Metz. The results' disclosure came hours after General Growth said it will establish a bidding process for the company that will allow Simon to compete against a planned investment from Brookfield Asset Management Inc. (BAM). The move is a response to creditors that are complaining about the mall giant's decision to reject Simon's proposal, which would pay off their $7 billion in claims in full. General Growth's loss widened to $612.4 million, or $1.96 a share, from $6.5 million, or 2 cents a share, a year earlier. Excluding write-downs and other impacts, funds from operations--a key REIT profitability metric--fell to 61 cents from 74 cents as revenue dropped 12% to $794.1 million. -By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com

Stock News for General Growth Properties (GGP)
DateTimeHeadline
03/25/201517:32:39Statement of Changes in Beneficial Ownership (4)
03/18/201516:16:26Statement of Changes in Beneficial Ownership (4)
03/18/201505:54:03Lumber Liquidators A Value Play?
03/17/201515:13:18Macerich Rejects Bid from Rival Mall Owner Simon Property--4th...
03/17/201508:27:12Macerich rejects Simon offer, adopts poison pill
03/17/201508:09:00Macerich Board Announces Governance Changes to Protect Stockholder...
03/16/201519:13:06Statement of Changes in Beneficial Ownership (4)
03/16/201517:36:41Amended Statement of Beneficial Ownership (sc 13d/a)
03/16/201509:56:45Rates fall; REITs big winners early
03/16/201507:32:34Top 10 Performers Of The Last 10 Years - Cramer's Mad Money (3/13/15)
03/15/201501:38:38InsiderInsights.com Daily Round Up 3/13/15: KMI, DO, CSBR, WIW
03/13/201517:39:00Statement of Changes in Beneficial Ownership (4)
03/12/201516:01:00General Growth Properties Schedules First Quarter 2015 Earnings...
03/10/201518:03:24Hawaiian Mall Draws Hefty Price, Australian Investor
03/10/201501:01:48Simon Property Makes $16 Billion Bid for Macerich -- 4th Update
03/09/201520:01:15Simon Property Makes $16 Billion Bid for Macerich -- 4th Update
03/09/201509:12:33Simon Property makes its move on Macerich
03/09/201509:00:00Simon Property Group Proposes To Acquire Macerich For $91.00...
03/07/201512:01:58InsiderInsights.com Daily Round Up 3/6/15: BK, OAS, GPC, CAPL
03/06/201517:00:52Statement of Changes in Beneficial Ownership (4)

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