| General Growth Properties: Fact Checking Hovde's NOI numbers |
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| Thursday, 17 December 2009 10:40 |
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Sudhi Analyst submits:
Hovde's short thesis presentation on GGP (GGWPQ.PK) had 2009E NOI at 2.2B. This is based on annualizing Q3 number. In a business that is clearly seasonal (as shown below from 2008 actuals) annualizing based on one quarter seems absurd. Barring Q4 2009 NOI estimates, below are the actual NOI (before adjusting for lease termination fee, tenant allowance,etc) numbers DIRECTLY out of 10-Q and 10-K filings. Complete Story »
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