Is General Growth Properties an Outstanding Speculation?
I don’t often feature a specific stock in my posts. But when I have a compelling idea that deserves to be shared, there might be an exception. Today is such a special opportunity situation. I have tracked General Growth Properties for many years. It has a Midwestern origin and flavor and many of its properties are in the heartland of the country, including the Minneapolis area, my home town. GGP as it is known by its ticker, has for most of its existence been conservatively managed. It has grown slowly both organically (developing new malls), through tight operational managemant, and through acquisition or merger (including the Homart deal in 1995 that relocated GGP to Chicago). After decades of conservatively growing GGP, management made a deal in September 2004 that was bold, but in hindsight, was ill-timed, when they bought Rouse Companies, one of its principal rivals and the holder of some of the most famous retail properties in America, including Fanueil Hall in Boston). This acqu
