General Growth Properties Inc (GGP), Howard Hughes Corp (HHC), Rouse Properties Inc (RSE): Tracking the Pieces of This Former Empire

Looking ahead, Howard Hughes Corp (NYSE:HHC) seems to be back on track with its development plans, including a new master planned community that is slated to be built next to its Ward Centers shopping complex in Hawaii. In addition, the company is planning commercial redevelopments at both its Summerlin community in Las Vegas and its South Street Seaport complex in New York City. While the company is heavily tied to a continuing rise in home sales, the Federal Reserve seems unwilling to change course in its bid to drive national home sales higher.

Rouse

Rouse Properties Inc (NYSE:RSE) regained its independence in January 2012, eight years after becoming part of the General Growth empire. Unfortunately, the company is only a shadow of its former self, as General Growth kept its best assets, including the Water Tower Place shopping center in Chicago. However, Rouse Properties Inc (NYSE:RSE) does still have a national footprint, operating 32 malls in secondary markets around the U.S.

In FY2012, Rouse Properties Inc (NYSE:RSE) posted generally weak results, with declines in revenues and adjusted operating income of 0.4% and 25.0%, respectively, versus the prior year. The company’s results were hurt by weak overall sales growth from its tenant base, as well as increased financing and operating costs from being a public company. Undaunted, Rouse has continued to build upon its national footprint, with recent acquisitions of malls in Michigan and Texas for roughly $160 million, which should improve its geographic diversification and future profitability.

General Growth Properties Inc (NYSE:GGP) enhanced shareholder value by completing the divestiture of its ill-fated Rouse acquisition from 2004. While Howard Hughes Corp (NYSE:HHC) and Rouse Properties Inc (NYSE:RSE) are interesting potential stories, General Growth is a leader in the retail real estate sector and is a must-own stock for long-term investors.

The article Tracking the Pieces of This Former Empire originally appeared on Fool.com and is written by Robert Hanley.

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