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Opinions Michael Missaghie
General Growth Properties Inc.GGPTOP PICKJul 09, 2014
Michael MissaghieOwned
$1.05
Stock price when the opinion was issued
investment companiesfunds
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PAST TOP PICK
(Top Pick Nov 20/13, Up 19.41%) Owns high quality shopping malls in the US. Brookfield got it when they filed for bankrupsy during the financial crisis. They lowered their leverage and staggered out their debt maturities. Trades at a slight discount to net asset value.
Michael MissaghieOwned
investment companiesfunds
TOP PICK
Premier shopping malls across the US. Portfolio has been repositioned and they have gotten rid of non-core assets. We are starting to see the fruits of their labour. Sales per square foot are growing at about 5% per quarter. Anticipates more upside out of their portfolios. 2.7% distribution.
Michael MissaghieOwned
investment companiesfunds
COMMENT
They couldn’t finance their debt and went into bankruptcy but assets were worth $25 a share. He bought at $0.50 because he calculated it was worth $8.
Richard FoglerOwned
investment companiesfunds
Filed for bankruptcy coming out of the financial crisis but they are fine now. Have done a great job of shedding non-core assets that aren`t involved in retail as well as to ensure debt structure is laddered. Will benefit from the strength in the US consumer.