General Growth Announces Fourth Quarter Financing Activity
December 18 2007 - 8:26PM
Business Wire
General Growth Properties, Inc. (NYSE: GGP) announced today that it
has completed approximately $1.4 billion of mortgage financings
since the end of the third quarter, including approximately $366
million of 2008 maturities. In addition, the company has obtained
binding commitments for secured mortgage financing of certain
properties scheduled to close in January 2008 totaling $900
million. Through these combined financings, the company expects to
fund the initial payment of the previously announced acquisition of
The Shoppes at Palazzo and raise incremental proceeds of
approximately $270 million, after repaying the existing mortgages.
The company has applied incremental proceeds raised to date towards
payments on the company�s revolving credit facility and other debt,
as well as funding the ongoing development pipeline and general
corporate purposes. The company plans to apply expected incremental
proceeds from the January financings similarly. �These completed
financings and commitments, totaling approximately $2.3 billion in
the last couple of months, represent significant progress towards
funding our capital needs for the coming year. While these are
turbulent times in the capital markets, these financings and
commitments clearly demonstrate that our lenders continue to value
the consistently positive and stable cash flow growth of General
Growth�s portfolio of high quality regional malls� said Bernard
Freibaum, CFO of General Growth. �The outlook in our core business
remains very strong, and we continue to expect at least 5% average
Comparable NOI growth in 2007-2009,� said John Bucksbaum, CEO of
General Growth. General Growth is one of the largest U.S.-based
publicly traded Real Estate Investment Trusts (REIT) based upon
market capitalization. The Company currently has ownership interest
in, or management responsibility for, a portfolio of more than 200
regional shopping malls in 45 states, as well as ownership in
master planned community developments and commercial office
buildings. The Company�s portfolio totals approximately 200 million
square feet and includes over 24,000 retail stores nationwide. The
Company is listed on the New York Stock Exchange under the symbol
GGP. For more information, please visit the Company website at
http://www.ggp.com. This press release contains forward-looking
statements, including information regarding future financing
transactions that have not yet closed. Actual results may differ
materially from the results suggested by these forward-looking
statements, for a number of reasons, including, but not limited to,
the retail market, tenant occupancy and tenant bankruptcies, the
level of indebtedness and interest rates, market conditions, land
sales in the Master Planned Communities segment, the cost and
success of development and re-development projects and our ability
to successfully manage growth. Readers are referred to the
documents filed by General Growth Properties, Inc. with the SEC,
specifically the most recent report on Form 10-K, which further
identify the important risk factors which could cause actual
results to differ materially from the forward-looking statements in
this release. The Company disclaims any obligation to update any
forward-looking statements.
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