RESULTSMarket does not seem to like the results but the good news is the balance sheet looks stronger. But UNITHOLDER EQUITY PER UNIT is now under $30 and this is what happens when you issue equity at lower values than what your own internal calculated values conclude. See my earlier posts about insider selling :) I guess management obviously feels they got a steal on GGP and time to prove it.
Not sure why its buried in the supplemental, however, it is an unbelievable management group that raises $5.2 billion in equity, $4.9 billion acquisition financing, sells 35 malls for $2.7 billion and sells a 10% stake in GGP for $1.5 billion to get GGP closed.
CEO opening statement in his press release, “The successful acquisition of GGP Inc. marks the culmination of a five-year effort to consolidate "ALL" of our real estate investments, giving us direct ownership of our assets and cash flows, and increasing the flexibility of our balance sheet,”
OR, is Forest City another long process like GGP with more assets, more debt and more DILUTION.