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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
07/25/201619:26:31Initial Statement of Beneficial Ownership (3)
07/25/201619:26:02Initial Statement of Beneficial Ownership (3)
07/25/201619:25:07Initial Statement of Beneficial Ownership (3)
07/21/201616:51:00Current Report Filing (8-k)
07/19/201617:26:47Amended Statement of Beneficial Ownership (sc 13d/a)
07/12/201611:24:00Correction to Mall Owners Article
07/11/201603:03:00Malls Push Out Department Stores -- WSJ
07/10/201622:35:00Mall Owners Push Out Department Stores
06/30/201610:20:49Annual Report of Employee Stock Plans (11-k)
06/29/201616:11:21Statement of Changes in Beneficial Ownership (4)
06/28/201617:59:21Statement of Changes in Beneficial Ownership (4)
06/27/201616:50:49Statement of Changes in Beneficial Ownership (4)
06/27/201615:33:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces an Investigation...
06/27/201608:11:00GENERAL GROWTH PROPERTIES (GGP) SHAREHOLDER ALERT – Andrews...
06/23/201608:05:00Technical Coverage on REIT - Retail Equities - General Growth...
06/22/201616:37:44Statement of Changes in Beneficial Ownership (4)
06/21/201612:36:00REIT Sector Gets Lower Marks on Pay Plans
06/07/201605:59:00Mall Landlords Embrace High-Tech to Entice Shoppers
06/03/201616:01:00General Growth Properties to Present at NAREIT’s REITWeek 2016 I...
06/02/201616:01:00General Growth Properties Schedules Second Quarter 2016 Earnings...

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