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June 2015
GGP
High Performance
Our Mission
Do the
Attitude To own and operate best-in-class retail Right Thing
properties that provide an outstanding
environment and experience for our:
Communities
Retailers
Employees
Consumers and
Shareholders.
Together Own It 2
GGP S&P 500 Real Estate Company
2011 (b) 2012 2013 2014 2015 2011 (b) 2012 2013 2014 2015
a) Company FFO per diluted share is a non-GAAP financial measure. The most directly comparable GAAP measure is net income attributable to GGP per diluted share. Net
income (loss) attributable to GGP per diluted share for the years ended 2011, 2012, 2013, 2014, and 2015 was $(0.37), $(0.52), $0.31, $0.69 and $1.43, respectively. 2015 figure
based on earnings guidance. Please refer to the Earnings Guidance page of this presentation for more information.
b) 2011 figures exclude the FFO attributable to Rouse Properties, Inc. and the stock dividend from the spin-off.
c) Dividends for 2015 are based on the $0.17 current quarterly dividend annualized. 4
GGP National Presence
Regional
Malls
Urban
Retail
Assets
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U.S. Shopping Malls
Of the 1,100 regional malls in the U.S., 425 are considered high-quality
(Class B+ and above)
High-quality regional malls are shopping hubs within their trade areas
a) The Sales Volume figure is for all tenants excluding anchors and for the trailing 12 month period.
b) The Sales per Square Foot figure is for all tenants occupying space less than 10,000 square feet and for the trailing 12 month period. 6
GGP Urban Retail
Target markets - New York City, Chicago,
Miami, Boston, Washington, D.C., San
Francisco and L.A.
o Stores play a crucial role in online purchases two-thirds of consumers who purchase
online use the store
600
500
Store Locations(b)
400
300
200
100
0
2009 2010 2011 2012 2013
Apple Microsoft Athleta Warby Parker Bonobos Boston Proper
Contractual Fixed
Increase in Rents 2% - 3%
Positive Releasing
Spreads 1%
Developments 1.5%
Acquisitions 0.5% 10
GGP EBITDA Growth
Average annual growth over the next five years based on current
portfolio and development pipeline
Contribution to
EBITDA Growth
$ %
a
Less $30 Expenses 2.5% average growth . . . ($30) x 2.5% = ($0.76) ($0.76) -1.2%
a
Less $5 net G&A 2.5% average growth . . . ($5) x 2.5% = ($0.13) ($0.13) -0.2%
a) Model assumes base of $100 in revenues, $30 in expenses, and $5 in net G&A based on five-year historical averages
b) Development assumption is based on current $2.1 billion pipeline, less approximately $400 million already complete, and assumes no further developments
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GGP Capital Allocation
Since 2010, GGP has created shareholder value through its prudent
capital allocation activities
$7.2 Billion of Capital Reinvested
Acquisitions
$2.8 Billion
a) $2.1 billion represents GGPs total projected share of cost as of March 31, 2015. The 9% to 11% expected return on investment represents first year
stabilized cash on cost return, based upon budgeted assumptions. Actual costs may vary. 12
b) Based on GGPs closing stock price of $29.55 on March 31, 2015.
GGP Financial Flexibility
Financing Policy
o Obtain property-secured debt with laddered maturities
$2,500
85% of debt is fixed interest rate
$2,000
~7 year weighted average remaining $1,500
term to maturity $1,000
$500
$0
(c)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
a) Assumes future debt principal payments are discounted back at 8%. EBITDA refers to Company Earnings Before Interest, Taxes, Depreciation
and Amortization for 2015 as presented on the Earnings Guidance page of this presentation.
b) As of March 31, 2015 and presented at GGPs proportionate share.
c) Maturities in 2022 include $1.05 billion for Ala Moana Center. 13
GGP Limited Exposure to Rising Rates
Nominal impact to FFO per share
a) Represents managements current estimate of current interest rates for secured borrowing on high-quality malls.
b) Stated in millions and based on actual outstanding shares as of March 31, 2015.
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REITs Performance
REITs have outperformed the S&P 500 on a total return basis since
1994, with retail REITs outpacing all other REITs
14,090
+10.9%(a) +9.4%(a)
3,842
1,561 568
Dec 31, 1993 April 30, 2015 Dec 31, 1993 April 30, 2015
NAREIT Equity REIT Total Return Index S&P Total Return Index
Mall REITs have displayed stability in dividends and cash flow growth, with
mall REIT earnings outgrowing S&P 500 earnings by 40% over the past 10 years
REITs are not correlated to the S&P 500 over the long run, making them
candidates for investors seeking broad diversification among asset classes
1200
1000
800
600
400
200
a) Source: Bloomberg.
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GGP Sustainability
Committed to being an environmentally responsible business
Lighting
Water usage
Waste management
FORWARD-LOOKING STATEMENTS
Certain statements made in this presentation may be deemed "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in
any forward-looking statement are based on reasonable assumption, it can give no assurance that its
expectations will be attained, and it is possible that actual results may differ materially from those indicated by
these forward-looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but
are not limited to, the Company's ability to refinance, extend, restructure or repay near and intermediate term
debt, its indebtedness, its ability to raise capital through equity issuances, asset sales or the incurrence of new
debt, retail and credit market conditions, impairments, its liquidity demands, and economic conditions. The
Company discusses these and other risks and uncertainties in its annual and quarterly periodic reports filed with
the Securities and Exchange Commission. The Company may update that discussion in its periodic reports, but
otherwise takes no duty or obligation to update or revise these forward-looking statements, whether as a result of
new information, future developments, or otherwise.
Investors and others should note that the Company posts this Investor Presentation on the Investors page of its
website at www.ggp.com. From time to time, the Company updates the Investor Presentation and when it does, it
will be posted on the Investors section of its website at www.ggp.com. It is possible that the updates could include
information deemed to be material information. Therefore, the Company encourages investors, the media and
others interested in the Company to review the information posted on the Investors section of its website at
www.ggp.com from time to time.
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