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Investor Presentation

June 2015
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:

Consumers and

Together Own It 2
GGP S&P 500 Real Estate Company

Portfolio predominantly comprised of Class A

Assets regional malls complemented by flagship
urban retail properties

130 properties located coast-to-coast with total

Scale enterprise value of approximately $46 billion(a)

Senior leadership team with extensive experience

Team and relationships in retail real estate leasing,
development and management

a) As of March 31, 2015.

Consistent earnings and dividend growth generated from long-term
operating leases

Company FFO per Diluted Share(a) Annual Dividends Paid

13% CAGR $1.43

$1.32 14% CAGR
$0.98 $0.63
$0.40 $0.42

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



U.S. Shopping Malls
Of the 1,100 regional malls in the U.S., 425 are considered high-quality
(Class B+ and above)

GGP owns approximately 25% of the high-quality malls in the U.S.

GGP Metrics (as of March 31, 2015)

$20 Billion of Sales Volume(a)
Malls 13.2% Occupancy Cost
Other 425
Malls 675 95.8% Leased

$590 Sales per Square Foot

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.

Retailers highly demand and covet

flagship/iconic stores in our target
o Generates high sales levels

o Creates brand value and recognition

o Increases exposure to consumers

Our strategy is to acquire assets with

significant unrealized growth potential
o Releasing space at higher market rents

o Converting space to retail use

o Leasing vacant space

730 5th Avenue, New York City
Omnichannel Retail
95% of all retail sales are captured by retailers with a brick-and-mortar
o Internet retailers are maturing by expanding into physical stores

o Stores play a crucial role in online purchases two-thirds of consumers who purchase
online use the store
Store Locations(b)

2009 2010 2011 2012 2013
Apple Microsoft Athleta Warby Parker Bonobos Boston Proper

Successful retailers provide their customers with the ability to shop

when and where they want
o Omnichannel strategies with stores as the foundation maximize customer
satisfaction and ultimately profitability
a) Source: ATKearney report titled On Solid Ground: Brick-and-Mortar Is the Foundation of Omnichannel Retailing.
b) Source: Bloomberg.
GGP Developments
Ala Moana Center Expansion Plan
$2.1 billion total projected share of
cost(a) expected to generate 9% to 11%
return on investment (ROI)(b)
o $430 million complete, generating 12% ROI Structure Small

o $1 billion under construction and $730 million

in pipeline
Park Lane Condo

Ala Moana Center significant value

creation in process Ala Moana Center Completion Rendering

o $410 million expansion/renovation

o 9%-10% expected return

o ~$500 million at share of value creation(c)

a) Projected costs and investments exclude capitalized interest and overhead.

b) Return on investment represents first year stabilized cash-on-cost return, based
upon budgeted assumptions.
c) Value creation based on applying 4% capitalization rate to stabilized first year
cash basis expected return on total estimated cost, less total estimated cost.
GGP Annual EBITDA Growth 4% - 5%

Contractual Fixed
Increase in Rents 2% - 3%

Positive Releasing
Spreads 1%

Expense Growth (1%)

Developments 1.5%

Acquisitions 0.5% 10
Average annual growth over the next five years based on current
portfolio and development pipeline

Contribution to
$ %

10% Rolls @ 10% spreads . . . $10 x 10% = $1 $1.00 1.5%

$100 Revenues 75% Contractual @ 2.5% . . . $75 x 2.5% = $1.88 $1.88 2.9%
15% Other revenue . . . No growth $0.00 0.0%

Less $30 Expenses 2.5% average growth . . . ($30) x 2.5% = ($0.76) ($0.76) -1.2%
Less $5 net G&A 2.5% average growth . . . ($5) x 2.5% = ($0.13) ($0.13) -0.2%

Add 1.5% for Development b . . . $1.7B remaining in the current

pipeline over five years at 9% is ~$150 million over five years = $30 1.5%
million per year

Average Annual EBITDA Growth 4.6%

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
GGP Capital Allocation
Since 2010, GGP has created shareholder value through its prudent
capital allocation activities
$7.2 Billion of Capital Reinvested

Developments Stock and Warrant

$2.1 Billion(a) Repurchases
$2.3 Billion
9% to 11% expected
return on investment(a) $16.75 Average Cost per Share
43% Discount To Share Price(b)

$2.8 Billion

$1.7 billion Urban Retail

$550 million Class A Malls
$550 million Anchor Pads

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

o Minimize corporate recourse and cross-collateralization

o Adhere to investment-grade debt levels upon financing

Net debt-to-EBITDA is 4.7x on a net present value basis(a)

Laddered maturities mitigate refinancing risk and earnings volatility(b)

$4,000 ~30% of debt matures
within 5 years
4.11% weighted average interest rate $3,000
(in millions)

85% of debt is fixed interest rate
~7 year weighted average remaining $1,500
term to maturity $1,000
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

Hypothetical scenario assuming a 100 basis point increase in rates:

2015 2016 2017

Maturing Debt Balance (in millions) $220 $241 $557
Expiring Interest Rate 5.83% 4.40% 4.94%
Current Market Rate (10-yr T + 175 bps)(a) 4% 4% 4%
Incremental Interest Expense if Current Market ($1.8) $1.4 $0.3
Rate Increases by 100 bps (in millions)
Estimate of Diluted Shares Outstanding(b) 960 960 960
Impact to FFO per share $(0.00) $0.00 $0.00

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.

REITs Performance
REITs have outperformed the S&P 500 on a total return basis since
1994, with retail REITs outpacing all other REITs

+10.9%(a) +9.4%(a)

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

a) Source: Bloomberg. Figure represents CAGR over stated time period.

REITs Performance(a)
REITs have generated mostly positive returns during rising interest rate periods
over the past 20 years

REITs positive performance driven by increasing cash flows and dividends

FNRETR Index US 10 Year Yield







a) Source: Bloomberg.

GGP Sustainability
Committed to being an environmentally responsible business

Concentrated on investments that increase environmental

performance in key areas such as:

Solar power generation

Heating and cooling


Water usage

Waste management

Awarded the 2014 Green Star and recognized as the North

American leader in the Retail Large Cap Sector by GRESB(a)

a) GRESB stands for Global Real Estate Sustainability Benchmark.

GGP - Earnings Guidance
Full Year 2015 Full Year 2014
Amounts stated in billions, except per share Guidance Actual Change

Same Store Net Operating Income $2.27 $2.20 4.75%

Company Net Operating Income 2.30 2.20

Company Earnings Before Interest, Taxes,

Depreciation and Amortization 2.13 2.00 5%

Company Funds From Operations (FFO) 1.37 1.25 9%

Company FFO per Diluted Share $1.43 $1.32 8%

a) The guidance reflects managements view of current and future market conditions, including assumptions with respect to Same Store NOI growth,
rental rates, occupancy levels, retail sales, variable expenses, interest rates and the earnings impact of the events referenced in the Companys 1st
quarter 2015 earnings press release and previously disclosed. The guidance also reflects managements view of capital market conditions. The
estimates do not include possible future gains or losses, or the impact on operating results from other possible future property acquisitions or
dispositions or capital markets activity. Earnings per share estimates may be subject to fluctuations as a result of several factors, including any gains
or losses associated with disposition activity. By definition, FFO and Company FFO do not include real estate-related depreciation and amortization,
provisions for impairment, or gains or losses associated with property disposition activities. This guidance is a forward-looking statement and is subject
to the risks and other factors described in the Companys 1st quarter 2015 earnings press release and in the Companys annual and quarterly periodic
report filed with the Securities and Exchange Commission. Actual results for 2015 could vary materially from the amounts presented if any of
managements assumptions are incorrect. Each amount shown represents the approximate midpoint of a range of possible outcomes and reflects
managements best estimate of the most likely outcome. Full year 2015 guidance is current as of April 28, 2015, the date of GGPs 1st quarter 2015
earnings conference call. For a reconciliation of the non-GAAP measures shown to their respective GAAP measure please refer to GGPs 1st quarter
2015 earnings release and Supplemental Information available at and as furnished with the Securities and Exchange Commission.
Contact Information:

Michael Berman Kevin Berry

Executive Vice President and Vice President
Chief Financial Officer Investor Relations
(312) 960-5044 (312) 960-5529

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 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 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 from time to time.