General Growth Properties, Inc. (NYSE:GGP) reported its operating
results today for the first quarter of 2007. Core Funds From
Operations (Core FFO) per fully diluted share were $0.65 for the
first quarter of 2007 as compared to $0.71 in the comparable period
of 2006. Fully diluted Funds From Operations per share (FFO) were
$1.66 for the first quarter of 2007, as compared to $.77 reported
last year. Earnings per share � diluted (EPS) were $0.94 for the
first quarter of 2007 as compared to $0.10 in the first quarter of
2006. �Our multi-purpose shopping, dining, socializing and
entertainment venues continue to perform well and to attract
consumers of all ages,� John Bucksbaum, Chief Executive Officer of
General Growth Properties, reported.��Retailer demand for space
remains strong and sales productivity is climbing.� FINANCIAL AND
OPERATIONAL HIGHLIGHTS Core FFO is defined as Funds From Operations
excluding the Real Estate Property Net Operating Income (NOI) from
the Master Planned Communities segment and the provision for income
taxes. Core FFO for the first quarter of 2007 was $192.4 million or
$0.65 per fully diluted share as compared to $209.1 million or
$0.71 per fully diluted share in the first quarter of 2006.
Straight-line rent resulted in approximately $12.4 million or $.04
of Core FFO per fully diluted share in the first quarter of 2007,
versus $15.2 million or $.05 in the same period of 2006. Minimum
rent in the first quarter of 2007 includes approximately $18.7
million less of lease termination income or approximately $.06 less
Core FFO per fully diluted share than the amount of such income
recognized in the first quarter of 2006. FFO increased to $1.66 in
the first quarter of 2007, 115.6% above the $.77 reported in the
first quarter of 2006. Total Funds From Operations for the quarter
increased 116.3% to $491.7 million, from $227.3 million in the
first quarter of 2006. The significant increase in total Funds From
Operations is primarily due to the approximately $298 million, or
$1.00 of FFO, total tax benefit recognized in the first quarter of
2007 attributable to the completion of the previously reported
restructuring of certain of our operating subsidiaries. As a result
of such restructuring, previously recorded net deferred tax
liabilities with respect to such operating subsidiaries were
relieved through the current period provision for income taxes. EPS
were $0.94 per share in the first quarter of 2007 versus $0.10 in
the first quarter of 2006. As discussed above, our first quarter
2007 EPS were significantly impacted by the restructuring of
certain of our operating subsidiaries. The reduction of net
deferred tax liabilities due to the restructuring increased net
earnings, net of minority interest, by approximately $245 million
or approximately $1.00 per share. Also as previously reported, we
adopted FASB Interpretation No. 48, �Accounting for Uncertain Tax
Positions� (FIN 48), in the first quarter of 2007. Such adoption
resulted in the accrual of approximately $81.9 million in
additional net tax liabilities as of January 1, 2007. As required
by FIN 48, approximately $27.8 million of such tax liabilities were
recorded as an increase in goodwill, with the remaining amount of
approximately $54.1 million reflected as a reduction in retained
earnings, with no effect on current operating results. Interest
expense of approximately $2.3 million in the first quarter of 2007
has been accrued for the FIN 48 net tax liabilities recorded and
similar interest expense accruals, and penalties, if applicable,
will continue to be recorded and reported in subsequent periods
within the periodic provision for income taxes. Core FFO per share
guidance - As indicated in previous public communications, per
share guidance for the full year 2007 and beyond will be solely for
Core FFO per fully diluted share. Operating results for our Master
Planned Communities segment, and our income tax expense that is
largely a function of such operations, are very difficult to
estimate in advance. Actual EPS, Funds From Operations (including
these excluded items), NOI and Core FFO will be provided each
quarter. Full year per share guidance will also be provided on a
quarterly basis; however, such guidance will only be given for Core
FFO per fully diluted share. Based on actual first quarter results
and forecasted information, including the projected reduction in
our future interest expense as a result of our newly issued $1.55
billion 3.98% senior exchangeable notes, we currently project 2007
Core FFO per fully diluted share to be in the range of $3.25 to
$3.27 per share, approximately 10% above the Core FFO per fully
diluted share amount of $2.96 for 2006. SEGMENT RESULTS Retail and
Other Segment Real estate property net operating income (NOI) for
the first quarter of 2007 was $558.7 million, comparable to the
$561.4 million produced in the first quarter of 2006. Revenues from
consolidated properties were $674.6 million for the quarter, an
increase of 2.4% compared to $658.8 million for the same period in
2006. Revenues from unconsolidated properties at the Company�s
ownership share increased 2.9% to $181.4 million, compared to
$176.3 million in the first quarter of 2006. Total tenant sales
increased 7.0% in 2007 and comparable tenant sales increased 4.1%
compared to the same period last year. Comparable NOI from
consolidated properties in the first quarter of 2007 increased by
0.5% compared to the same period last year. Excluding lease
termination income from both periods, Comparable NOI from
consolidated properties increased by 4.0%. Comparable NOI from
unconsolidated properties at the Company�s ownership share for the
quarter declined by approximately 0.3% compared to the first
quarter of 2006. Excluding lease termination income from both
periods, Comparable NOI from unconsolidated properties increased by
3.8%. Retail Center occupancy increased to 92.9% at March 31, 2007,
compared to 91.1% at March 31, 2006. Sales per square foot for
first quarter 2007 (on a trailing twelve month basis) were $458
versus $444 in the first quarter of 2006. Average rent and
recoverable common area costs - For consolidated properties, the
sum of average rent and recoverable common area costs per square
foot for new/renewal leases signed during the first quarter of 2007
was $36.87 whereas the sum of average rent and recoverable common
area costs for leases expiring in 2007 was $31.38. For
unconsolidated properties, the sum of average rent and recoverable
common area costs per square foot for new/renewal leases signed in
the first quarter of 2007 was $44.64 as compared to such amounts
for leases expiring in 2007 was $37.95. Master Planned Communities
Segment NOI in the first quarter of 2007 for the Master Planned
Communities segment was $3.6 million for consolidated properties
and $5.7 million for unconsolidated properties as compared to $38.6
million and $6.2 million, respectively, in 2006. Land sale revenues
in the first quarter of 2007 were approximately $23.8 million for
consolidated properties and approximately $13.4 million for
unconsolidated properties, compared to $137.2 million and $18.5
million, respectively, for revenues in 2006. CONFERENCE
CALL/WEBCAST General Growth Properties, Inc. will host a live
Webcast of its conference call regarding this announcement on our
website, www.ggp.com. This Webcast will take place on Tuesday, May
1, 2007, at 9:00 a.m. Eastern Time (8:00 a.m. CT, 6:00 a.m. PT).
The Webcast can be accessed by selecting the conference call icon
on the GGP home page. General Growth Properties, Inc. is the second
largest U.S.-based publicly traded Real Estate Investment Trust
(REIT). General Growth currently has ownership interest in, or
management responsibility for, over 200 regional shopping malls in
45 states, as well as ownership in planned community developments
and commercial office buildings. The Company�s portfolio totals
approximately 200 million square feet of retail space and includes
over 24,000 retail stores nationwide. The Company is listed on the
New York Stock Exchange under the symbol GGP. For more information,
please visit the Company website at http://www.ggp.com. NON-GAAP
SUPPLEMENTAL FINANCIAL MEASURES AND DEFINITIONS FUNDS FROM
OPERATIONS AND CORE FFO General Growth, consistent with real estate
industry and investment community preferences, uses Funds From
Operations as a supplemental measure of operating performance for a
REIT. The National Association of Real Estate Investment Trusts
(NAREIT) defines Funds From Operations as net income (loss)
(computed in accordance with Generally Accepted Accounting
Principles (GAAP)), excluding gains (or losses) from cumulative
effects of accounting changes, extraordinary items and sales of
properties, plus real estate related depreciation and amortization
and after adjustments for unconsolidated partnerships and joint
ventures. The Company considers Funds From Operations a
supplemental measure for equity REITs and a complement to GAAP
measures because it facilitates an understanding of the operating
performance of the Company�s properties. Funds From Operations does
not give effect to real estate depreciation and amortization since
these amounts are computed to allocate the cost of a property over
its useful life. Since values for well-maintained real estate
assets have historically increased or decreased based upon
prevailing market conditions, the Company believes that Funds From
Operations provides investors with a clearer view of the Company�s
operating performance. However, we believe that Funds From
Operations is a less meaningful supplemental measure for the Master
Planned Communities segment of our business. Funds From Operations
does not facilitate an understanding of the operating performance
of the Master Planned Communities segment of our business as our
primary strategy in this segment is to develop and sell land in a
manner that increases the value of the remaining land. In addition,
the Master Planned Communities segment of our business is operated
within taxable REIT subsidiaries and therefore our income tax
expense is largely attributable to this segment of the business. To
isolate these parts of the Company from the Retail and Other
segment for which Funds From Operations is a relevant measure of
operating performance, the Company also uses Core FFO as an
operating measure. Core FFO is defined as Funds From Operations
excluding the Real Estate Property Net Operating Income from the
Master Planned Communities segment and the provision for income
taxes. In order to provide a better understanding of the
relationship between Core FFO, Funds From Operations and GAAP net
income, a reconciliation of Core FFO and Funds from Operations to
GAAP net income has been provided. Neither Core FFO nor Funds From
Operations represent cash flow from operating activities in
accordance with GAAP, neither should be considered as an
alternative to GAAP net income and neither is necessarily
indicative of cash available to fund cash needs. In addition, the
Company has presented Funds From Operations on a consolidated and
unconsolidated basis (at the Company�s ownership share) as the
Company believes that given the significance of the Company�s
operations that are owned through investments accounted for on the
equity method of accounting, the detail of the operations of the
Company�s unconsolidated properties provides important insights
into the income and Funds From Operations produced by such
investments for the Company as a whole. REAL ESTATE PROPERTY NET
OPERATING INCOME (NOI) AND COMPARABLE NOI General Growth believes
that Real Estate Property Net Operating Income (NOI) is a useful
supplemental measure of the Company�s operating performance. The
Company defines NOI as operating revenues (rental income, land
sales, tenant recoveries and other income) less property and
related expenses (real estate taxes, land sales operating costs,
repairs and maintenance, marketing and other property expenses). As
with Funds From Operations described above, NOI has been reflected
on a consolidated and unconsolidated basis (at the Company�s
ownership share). Other REITs may use different methodologies for
calculating NOI, and accordingly, the Company�s NOI may not be
comparable to other REITs. Because NOI excludes general and
administrative expenses, interest expense, depreciation and
amortization, gains and losses from property dispositions, minority
interest in consolidated joint ventures, and extraordinary items,
it provides a performance measure that, when compared year over
year, reflects the revenues and expenses directly associated with
owning and operating commercial real estate properties and the
impact on operations from trends in occupancy rates, rental rates,
land values and operating costs. This measure thereby provides an
operating perspective not immediately apparent from GAAP operating
or net income. The Company uses NOI to evaluate its operating
performance on a property-by-property basis because NOI allows the
Company to evaluate the impact that factors such as lease
structure, lease rates and tenant base, which vary by property,
have on the Company�s operating results, gross margins and
investment returns. In addition, management believes that NOI
provides useful information to the investment community about the
Company�s operating performance. However, due to the exclusions
noted above, NOI should only be used as an alternative measure of
the Company�s financial performance. For reference and as an aid in
understanding management�s computation of NOI, a reconciliation of
NOI to consolidated operating income as computed in accordance with
GAAP has been presented. Comparable NOI excludes from both years
the NOI of properties with significant physical or merchandising
changes and those properties acquired or opened during the relevant
comparative accounting periods. PROPERTY INFORMATION The Company
has presented information on its consolidated and unconsolidated
properties separately in the accompanying financial schedules. As a
significant portion of the Company�s total operations are
structured as joint venture arrangements which are unconsolidated,
management of the Company believes that operating data with respect
to all properties owned provides important insights into the income
produced by such investments for the Company as a whole. In
addition, the individual items of revenue and expense for the
unconsolidated properties have been presented at the Company�s
ownership share of such unconsolidated ventures. As substantially
all of the management operating philosophies and strategies are the
same regardless of ownership structure, an aggregate presentation
of NOI and other operating statistics yields a more accurate
representation of the relative size and significance of the
elements of the Company�s overall operations. FORWARD LOOKING
STATEMENTS This press release contains forward-looking statements,
including our Core FFO per fully diluted share guidance. Actual
results may differ materially from the results suggested by these
forward-looking statements, for a number of reasons, including, but
not limited to, the retail market, tenant occupancy and tenant
bankruptcies, the level of indebtedness and interest rates, market
conditions, land sales in the Master Planned Communities segment,
the cost and success of development and re-development projects and
ability to successfully manage growth. Readers are referred to the
documents filed by General Growth Properties, Inc. with the SEC,
specifically the most recent report on Form 10-K, which further
identify the important risk factors which could cause actual
results to differ materially from the forward-looking statements in
this release. The Company disclaims any obligation to update any
forward-looking statements. � GENERAL GROWTH PROPERTIES, INC.
OVERVIEW (In thousands, except per share amounts) � Three Months
Ended March 31, 2007 2006 Funds From Operations ("FFO") � Company
stockholders $ 404,282� $ 186,269� Operating Partnership
unitholders 87,385� 41,000� Operating Partnership $ 491,667� $
227,269� � Increase in FFO over comparable prior year period 116.3�
% 8.4� % � FFO per share: Company stockholders - basic $ 1.66� $
0.77� Operating Partnership - basic 1.66� 0.77� Operating
Partnership - diluted 1.66� 0.77� Increase in diluted FFO over
comparable prior year period 115.6� % 6.9� % � Core Funds From
Operations ("Core FFO") Core FFO $ 192,412� $ 209,055� Core FFO per
share - diluted 0.65� 0.71� � Dividends Dividends paid per share $
0.45� $ 0.41� Payout ratio (% of diluted FFO paid out) 27.1� %
53.2� % � Real Estate Property Net Operating Income ("NOI") �Retail
and Other: Consolidated $ 448,679� $ 452,061� Unconsolidated
110,032� 109,342� Total Retail and Other 558,711� 561,403� �Master
Planned Communities: Consolidated 3,649� 38,622� Unconsolidated
5,666� 6,155� Total Master Planned Communities 9,315� 44,777�
�Total Real estate property net operating �income $ 568,026� $
606,180� � (note) Certain prior period amounts have been
reclassified to conform to the current period presentation. � � �
Selected Balance Sheet Information March 31, 2007 December 31, 2006
Cash and cash equivalents $ 64,918� $ 97,139� Investment in real
estate: Net land, buildings and equipment $19,495,428� $19,564,992�
Developments in progress 754,233� 673,900� Investment in and loans
to/from Unconsolidated Real Estate Affiliates 1,545,714� 1,499,036�
Investment land and land held for development and sale 1,685,181�
1,655,838� Net investment in real estate $23,480,556� $23,393,766�
Total assets $25,304,426� $25,241,445� � Mortgage and other
property debt payable $20,739,953� $20,521,967� Minority interest -
Preferred 181,572� 182,828� Minority interest - Common 372,277�
347,753� Stockholders' equity 1,824,823� 1,664,079� Total
capitalization (at cost) $23,118,625� $22,716,627� � Consolidated
Properties Unconsolidated Properties (a) Summarized Debt
Information Outstanding Balance Average Interest Rate (d)
Outstanding Balance Average Interest Rate (d) Fixed rate (c)
$17,093,986� 5.66� % $ 3,564,616� 5.61� % Variable rate (c)
3,417,237� 6.96� 284,426� 7.46� Totals $20,511,223� (b) 5.88� % $
3,849,042� 5.75� % � � (a) Reflects the Company's share of debt
relating to the properties owned by the Unconsolidated Real Estate
Affiliates. � (b) Excludes special improvement districts liability
of $59.1 million, minority interest adjustment of $66.3 million and
purchase accounting mark-to-market adjustments of $103.3 million. �
(c) Includes the effects of interest rate swaps. � (d) Rates
include the effects of deferred finance costs and the effect of a
360 day rate applied over a 365 day period. � � GENERAL GROWTH
PROPERTIES, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands,
except per share amounts) � Three Months Ended March 31, 2007 2006
Revenues: Minimum rents $ 436,041� $ 437,731� Tenant recoveries
199,455� 185,442� Overage rents 15,580� 14,227� Land sales 23,793�
137,220� Management and other fees 27,572� 28,713� Other 26,347�
25,286� Total revenues 728,788� 828,619� Expenses: Real estate
taxes 56,860� 54,964� Repairs and maintenance 50,972� 47,054�
Marketing 12,580� 12,030� Other property operating costs 100,037�
86,450� Land sales operations 20,144� 98,598� Provision for
doubtful accounts 5,493� 6,213� Property management and other costs
53,142� 45,060� General and administrative 12,268� 5,158�
Depreciation and amortization 175,118� 165,346� Total expenses
486,614� 520,873� Operating income 242,174� 307,746� � Interest
income 2,034� 3,222� Interest expense (268,348) (278,794) Income
(loss) before income taxes andminority interest and equity in
income ofunconsolidated affiliates (24,140) 32,174� Benefit
(provision) for income taxes 288,392� (26,404) Minority interest
(54,417) (11,224) Equity in income of unconsolidated affiliates
20,359� 28,468� Net income $ 230,194� $ 23,014� � Basic Earnings
Per Share $ 0.94� $ 0.10� Diluted Earnings Per Share 0.94� 0.10� �
� GENERAL GROWTH PROPERTIES, INC. PORTFOLIO RESULTS AND FUNDS FROM
OPERATIONS ("FFO") (In thousands) � Three Months Ended March 31,
2007 Consolidated Unconsolidated Segment Retail and Other
Properties Properties Basis Property revenues: Minimum rents $
436,041� $ 109,166� $ 545,207� Tenant recoveries 199,455� 48,261�
247,716� Overage rents 15,580� 2,467� 18,047� Other, including
minority interest 23,545� 21,458� 45,003� Total property revenues
674,621� 181,352� 855,973� Property operating expenses: Real estate
taxes 56,860� 15,129� 71,989� Repairs and maintenance 50,972�
11,121� 62,093� Marketing 12,580� 3,372� 15,952� Other property
operating costs 100,037� 40,847� 140,884� Provision for doubtful
accounts 5,493� 851� 6,344� Total property operating expenses
225,942� 71,320� 297,262� ��Retail and other net operating income
448,679� 110,032� 558,711� � Master Planned Communities Land sales
23,793� 13,361� 37,154� Land sales operations (20,144) (7,695)
(27,839) Master Planned Communities net operating income 3,649�
5,666� 9,315� � � � Real estate property net operating income
452,328� 115,698� $ 568,026� � Management and other fees 27,572�
4,089� Property management and other costs (26,559) (799)
Headquarters/regional costs (26,583) (11,126) General and
administrative (12,268) (135) Depreciation on non-income producing
assets, including headquarters building (3,115) -� Interest income
2,034� 3,677� Interest expense (268,348) (52,084) Benefit for
income taxes 288,392� 1,548� Preferred unit distributions (4,059)
-� Other FFO from minority interest 1,405� -� FFO 430,799� 60,868�
Equity in FFO of Unconsolidated Properties 60,868� (60,868)
Operating Partnership FFO $ 491,667� $ -� � � Three Months Ended
March 31, 2006 Consolidated Unconsolidated Segment Retail and Other
Properties Properties Basis Property revenues: Minimum rents $
437,731� $ 105,329� $ 543,060� Tenant recoveries 185,442� 46,566�
232,008� Overage rents 14,227� 2,350� 16,577� Other, including
minority interest 21,372� 22,068� 43,440� Total property revenues
658,772� 176,313� 835,085� Property operating expenses: Real estate
taxes 54,964� 14,868� 69,832� Repairs and maintenance 47,054�
10,556� 57,610� Marketing 12,030� 3,507� 15,537� Other property
operating costs 86,450� 37,948� 124,398� Provision for doubtful
accounts 6,213� 92� 6,305� Total property operating expenses
206,711� 66,971� 273,682� ��Retail and other net operating income
452,061� 109,342� 561,403� � Master Planned Communities Land sales
137,220� 18,549� 155,769� Land sales operations (98,598) (12,394)
(110,992) Master Planned Communities net operating income 38,622�
6,155� 44,777� � � � Real estate property net operating income
490,683� 115,497� $ 606,180� � Management and other fees 28,713� -�
Property management and other costs (23,844) -�
Headquarters/regional costs (21,216) (8,007) General and
administrative (5,158) (975) Depreciation on non-income producing
assets, including headquarters building (3,336) -� Interest income
3,222� 2,977� Interest expense (278,794) (43,081) Provision for
income taxes (26,404) (159) Preferred unit distributions (4,315) -�
Other FFO from minority interest 1,466� -� FFO 161,017� 66,252�
Equity in FFO of Unconsolidated Properties 66,252� (66,252)
Operating Partnership FFO $ 227,269� $ -� � � GENERAL GROWTH
PROPERTIES, INC. SUPPLEMENTAL DISCLOSURE OF CERTAIN REVENUES AND
EXPENSES REFLECTED IN FFO (In thousands) � Three Months Ended Three
Months Ended March 31, 2007 March 31, 2006 Consolidated
Unconsolidated Consolidated Unconsolidated Properties Properties
Properties Properties Minimum rents: Above- and below-market tenant
leases, net $ 9,539� $ 2,367� $ 9,104� $ 2,486� Straight-line rent
9,408� 2,979� 12,530� 2,705� Other property operating costs:
Non-cash ground rent expense (1,589) (193) (1,720) (140) Real
estate taxes: Real estate tax stabilization agreement (981) -�
(843) -� Interest expense: Mark-to-market adjustments on debt
10,506� 994� 7,939� 853� Amortization of deferred finance costs
(3,531) (452) (2,708) (619) Debt extinguishmentcosts: �Write-off of
mark-to-market adjustments -� -� 3,143� -� �Write-off of deferred
finance costs -� -� (4,898) -� Totals $ 23,352� $ 5,695� $ 22,547�
$ 5,285� � � WEIGHTED AVERAGE SHARES (In thousands) � Three Months
Ended March 31, 2007 2006 � Basic 243,653� 240,621� Diluted
244,407� 241,588� Assuming full conversion of Operating Partnership
units: Basic 296,318� 293,584� Diluted 297,072� 294,551� � �
GENERAL GROWTH PROPERTIES, INC. RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES (In thousands) �
Three Months Ended March 31, 2007 2006 Reconciliation of Real
Estate Property Net Operating Income ("NOI") to GAAP Operating
Income � Real estate property net operating income: Segment basis $
568,026� $ 606,180� Unconsolidated Properties (115,698) (115,497)
Consolidated Properties 452,328� 490,683� Management and other fees
27,572� 28,713� Property management and other costs (26,559)
(23,844) Headquarters/regional costs (26,583) (21,216) General and
administrative (12,268) (5,158) Depreciation and amortization
(175,118) (165,346) Minority interest in NOI of Consolidated
Properties 2,802� 3,914� Operating income $ 242,174� $ 307,746� � �
� Reconciliation of Core FFO to Funds From Operations ("FFO") and
to GAAP Net Income � Core FFO $ 192,412� $ 209,055� Master Planned
Communities net operating income 9,315� 44,777� Benefit (provision)
for income taxes 289,940� (26,563) Funds From Operations -
Operating Partnership 491,667� 227,269� Depreciation and
amortization of capitalized real estate costs (212,510) (199,795)
Other 793� 784� Minority interest to Operating Partnership
unitholders (49,756) (5,244) Net income $ 230,194� $ 23,014� � � �
Reconciliation of Equity in NOI of Unconsolidated Properties to
GAAP Equity in Income of Unconsolidated Affiliates � Equity in
Unconsolidated Properties: NOI $ 115,698� $ 115,497� Net property
management fees and costs 3,290� -� Net interest expense (48,407)
(40,104) Headquarters, general and administrative and income taxes
(9,713) (9,138) FFO of unconsolidated properties 60,868� 66,255�
Depreciation and amortization of capitalized real estate costs
(40,507) (37,787) Other, including gains on sale of investment
properties (2) -� Equity in income of unconsolidated affiliates $
20,359� $ 28,468� � � � Reconciliation of Weighted Average Shares
Outstanding Basic: Weighted average number of shares outstanding -
FFO per share 296,318� 293,584� Conversion of Operating Partnership
units (52,665) (52,963) Weighted average number of Company shares
outstanding - GAAP EPS 243,653� 240,621� � Diluted: Weighted
average number of shares outstanding - FFO per share 297,072�
294,551� Conversion of Operating Partnership units (52,665)
(52,963) Weighted average number of Company shares outstanding -
GAAP EPS 244,407� 241,588�
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