Michael Missaghie General Growth Properties Inc. GGP-N PAST TOP PICK Oct 16, 2014

(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 Missaghie

Owned

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$1.050

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TOP PICK

The drop is more interest rate related. A re-tracement to the $64 would not be unexpected. Also pays a small dividend. This is a short-term trade and is looking for 10% in the next month or two.

TOP PICK

Real estate. Likes it because it is a financial and because it has had a big drop. A good company. Feels the whole financial services area has been very deeply oversold. Does not have exposure to the mortgage problems. You have to get out if it hits $47 again.

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.

DON'T BUY

Emerged out of bankruptcy. Strong sponsorship. Huge rally in B-Quality malls today and this one trades in line with them. Exited this name in downturn earlier this year. 10-12% total return but he is more comfortable with domestic names.

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.

TOP PICK

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.

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Michael Missaghie General Growth Properties Inc. GGP-N PAST TOP PICK Oct 16, 2014

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