General Growth Properties (GGP) On Verge Of Bankruptcy
Nov 11th, 2008 | By Andrew Snyder | Category: Financial NewsWise investors have traditionally headed for real estate investment trusts (REITs) for their regular, sizeable dividends. Over the past two years, we have grown accustomed to bi-annual payments of 6%, 8% or even 10% of share price.
What if I could tell you one REIT is currently paying over 350%? You would think it is too good to be true.
Of course, you would be right. General Growth Properties (NYSE:GGP), with its $0.43 share price and last dividend payment of $2 per share, may pop up on the screens of investors looking for a big dividend, but there is absolutely no way you should expect to see any dividend from this REIT, let alone anything close to a double-digit payout.
Desperate for cash
General…