July 10th, 2012The Rebirth Of General Growth Properties
General Growth Properties (NYSE: GGP), the second-largest public U.S. mall landlord, is living up to its name once again.
After the Chicago-based company exited bankruptcy in 2010, its shares on Tuesday hit $18.66, a record high.
General Growth “is on the right path to delivering solid shareholder returns,” wrote Citigroup (NYSE: C), citing rising retail rents, the company’s more effective management and a strengthened property portfolio. At the end of June, the bank upgraded the real estate investment trust (REIT) to Buy from Neutral and raised its target price to $20 from $17 after meeting with management.
General Growth has outperformed its peers on the Dow Jones All REIT Equity Index, composed of 133 REITs. The index rose 4 percent in the second quarter, down from a 9.5 percent rise in the first quarter. But General Growth shares gained nearly 6.5 percent in the second quarter and 13.12 percent during the first quarter.
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