General Growth Properties, the owner of eight shopping centers in Maryland, including four in Baltimore, on Monday said it is considering selling some of its assets to boost its tumbling stock price.
Shopping centers are battling a slow leasing market as consumers pull back on retail spending. Commercial real estate relies heavily on debt to finance properties and boost returns.
The Chicago-based company said it was planning to raise capital through measures including asset sales, capital infusion, the sale of joint venture or preferred equity, and strategic business combinations.
In Maryland, GGP owns Harborplace & The Gallery, Mondawmin Mall, The Village of Cross Keys in Baltimore, White Marsh Mall, The Mall in Columbia, Laurel Commons, Towson Town Center and Owings Mills Mall.
In morning trading, GGP’s stock price was down about 20 percent to about $17 per share. The company’s stock price traded as high as $57.84 in the past year.
