GGP Ggp Inc. (delisted)

General Growth Properties, Inc. (NYSE: GGP) announced today it expects to close its sixth new mortgage loan since the beginning of 2008 next week. This sixth loan represents the final loan expected to be completed in the first quarter. The total of these six new mortgage loans for both the wholly-owned and joint venture properties was $1.3 billion. There was existing debt on four of the properties totaling $550 million. Consequently, these new mortgage loans are expected to generate excess proceeds of $750 million. The Company�s share of the excess proceeds is expected to be approximately $658 million. The funds have been used in part to purchase The Shoppes at Palazzo in Las Vegas, to make contributions to joint ventures and payments to joint venture partners, to repay existing debt including the last outstanding unsecured JP Realty Public Notes, and for general working capital purposes. During the second quarter of 2008, approximately $105 million of existing property loans, including the Company�s 50% share of a joint venture mortgage loan, will mature. As of today, the Company is in various stages of discussions and/or due diligence with numerous lenders for new mortgage loans aggregating more than $2.5 billion. These potential mortgage loans are on income-producing properties that are currently unencumbered, as well as on properties with existing mortgages that will mature throughout the balance of 2008. In addition, the Company is also in various stages of discussions and/or due diligence with numerous parties regarding various types and forms of non-debt capital. Currently, the aggregate amount of new non-debt capital generated if all of the potential transactions close is expected to be approximately $1.75 billion. None of the non-debt capital transactions currently being discussed and/or pursued involve any public �capital markets�-type executions. All of the transactions, to the extent closed, would be private. At this time, the Company cannot be absolutely certain that any of these potential mortgage and non-debt transactions will in fact close during the second quarter of 2008. However, the Company currently anticipates at least $1.5 billion of aggregate mortgage and/or non-debt transactions will in fact close during the second quarter of 2008 and those transactions will produce at least $1 billion of excess proceeds. The Company expects to apply the majority of those proceeds to repay a $722 million acquisition loan and to use the balance for working capital purposes. The Company will separately announce major financing transactions, if any, as they occur. In addition to our regularly scheduled first quarter 2008 earnings announcement and supplemental information issued in conjunction with it, another update of General Growth�s capital raising activities will be provided at or before the end of the second quarter of 2008. Due to purchase accounting mark to market adjustments, the amounts included in this press release for debt maturing in 2008 do not strictly agree with amounts reported in accordance with generally accepted accounting principles (GAAP). If such amounts were reconciled to GAAP, the Company believes the reconciling items would be quantitatively and qualitatively immaterial and such debt amounts disclosed approximate the GAAP amounts. GGP 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 our expected liquidity and 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.