Everyone likes talking about GGP's equity these days. So I thought I would take my massive model that I have been working with for over a year now, and condense it to the bare essentials to value GGP's equity. Now you too can value GGP's equity.
- The first highlighted value is the "Mall Value" of Rouse. You can see slightly above the input box a quick and dirty valuation matrix based on various cap rates and NOI.
- Further down the page, you will see the next assumption, which is the implied value of all non Rouse malls and properties. I.E. Malls at GGPLP, LLC etc. Again, you can see a quick and dirty valuation matrix to choose whichever value you like. You may notice that I am using slightly higher cap rates for the non-Rouse malls. It has been discussed by consultants and real estate professionals alike that the Rouse portfolio contains better malls on the whole than the GGP side of the fence.
- Next is cash. Now technically, you would not net out admin fees here because they would be spread around various entities, but I was not trying to be perfect here. You can look at GGP's most recent Monthly Operating Results (linked here), to see how much cash is on the balance sheet (remember not to double count Rouse's cash) and how much fees have been accrued.
- Finally is payables. This would also include any tax claims at the company. Again it is quite hard to pin down this number, so I will let you cook your own dinner on this one.