General Growth Properties Inc. (NYSE: GGP) put its money where its mouth is Feb 10 when it purchased back 27,624,282 of its common shares from affiliates of Pershing Square Capital Management L.P. at $20.12 per share, or $556 million.
The transaction reduces General Growth Properties’ total diluted common shares outstanding to approximately 937 million shares. Some industry experts think buying back its stock was a good move considering that retail property values could be currently undervalued. This will quickly change if the economy starts to gain steam in 2014, which is exactly what some economists are predicting.
Penny Stock Made Good
The real-estate developer and property manager has restructured itself several times to adapt to ever-changing marketplace conditions and competition.
During the real-estate boom of the 1990s and early 2000s, the Chicago-based developer and manager of prime retail space, saw its stock skyrocket to $64.00 a share in March of 2007. But when the real estate market crashed, General Growth Properties was forced to file bankruptcy and its stock price fell to 59 cents a share on Feb. 27, 2009.
General Growth Properties has recovered from the depths of becoming a penny stock and is currently selling in the $20 range. If you had invested $1,000 in the company when it hit its low five years ago, that $1,000 would today be worth about $38,898.
But more importantly, the company has appeared to learn from its earlier mistakes. It is acting proactively, reacting to a retail marketplace that is being swallowed live by online merchants
Its latest annual year results prove this point beyond a doubt.
General Growth Properties Reports Full Year 2013 Results
On Feb 3, General Growth Properties Inc. (the "Company" or "GGP") (NYSE: GGP) reported results for the three and twelve months ended Dec. 31, 2013.
For the three months Dec. 31, 2013 Company Funds from Operations ("Company FFO") per share increased 17.0% to $0.36 per diluted share from $0.31 per diluted share in the prior year period. Company FFO increased 11.3% to $347 million from $311 million in the prior year period.
Company Earnings Before Interest, Taxes, Depreciation and Amortization ("Company EBITDA") increased 3.7% to $556 million from $536 million in the prior year period.
Comparable Net Operating Income ("Same Store NOI") increased 6.2% to $582 million from $548 million in the prior year period.
Net income attributable to GGP, which is impacted primarily by depreciation expense, provisions for impairment and a gain from change in control of investment properties, was $77 million, or $0.07 per diluted share, as compared to $32 million, or $0.04 per diluted share, in the prior year period.
For the 12 Months Ended December 31, 2013 Company FFO per share increased 18.2% to $1.16 per diluted share from $0.98 per diluted share in the prior year period. Company FFO increased 15.7% to $1,148 million from $992 million in the prior year period.
Company EBITDA increased 4.3% to $2,015 million from $1,932 million in the prior year period.
Same Store NOI increased 6.0% to $2,112 million from $1,993 million in the prior year period.
On Feb. 20, GGP's share price closed at $ 22.34, up 11 cents from its closing price of $22.23 the previous day.
Find out what could be the best investor's move when it comes to GGP by getting the complete report here, or by cutting and pasting the following link in your Web browser:
High Volume on Medical-Marijuana Stock
In the medical-marijuana sector Alternative Energy Partners Inc. (OTCQB: AEGY), has become one of the most active penny stocks lately.
On Feb.20, the Florida company that legally sells medical marijuana to patients online share volume was a robust 173,671,437 shares. One reason for this continuous surge could be Alternative Energy’s Jan. 31 announcement that it launched a Web site connecting collectives with patients in California.
Roll-Out First in California
The ecommerce site, with the domain name PharmaJanes.com, is now open for new patient enrollment. PharmaJanes will first begin servicing parts of metropolitan Southern California, and thereafter will expand throughout California in phases. At the appropriate time, PharmaJanes intends to roll out nationwide, according to the release.
PharmaJanes will facilitate patient enrollment in its exclusive network of dispensaries by processing and verifying patients’ applications. In addition, PharmaJanes will route the orders to its exclusive non-profit collectives, which then will process and deliver the orders to patients. Upon completion of verification, patients will have access to all medical cannabis products available on the PharmaJanes menu.
Patients order Medical Marijuana from Comfort of Home
“By bringing technology to bear on the medical cannabis industry, PharmaJanes marks the beginning of a new era of simplified and streamlined access to medicine by patients from the comfort of their own homes,” the chief technology officer of the site Frank Gomez said, in a written statement.
“We are expecting this to be a solid growth engine for the company and to revolutionize the way medical cannabis is delivered to patients,” he added.
AEGY shares closed at 0.0073 cents on Feb.20, down 0.0005 cents from its closing price of 0.0078 the previous day.
Find out what could be the best investor’s move when it comes to AEGY by getting the complete report here, or by cutting and pasting the following link in your Web browser:
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