General Growth Pursues Debt Reduction and Strategic Alternatives
September 22 2008 - 12:50AM
Business Wire
General Growth Properties, Inc. (NYSE:GGP) today announced that the
Company�s Board of Directors and management team is pursuing a
comprehensive evaluation of its alternatives, both financial and
strategic, in an effort to align the market value of the Company�s
common stock more closely with the intrinsic value of the Company�s
stable, high quality portfolio of real estate assets in good
locations with significant barriers to entry. Occupancy reached a
record high of 93.2% in the second quarter of 2008 and comparable
net operating income continued to increase, even in a challenging
consumer sales environment. The Company currently anticipates that
it will be in a position to offer a long-term fixed-rate portfolio
mortgage financing to lenders in mid to late November, and in the
interim will actively pursue several sources of financing for the
Company�s near term maturing obligations. The Company and its
advisors are also developing a comprehensive, strategic plan to
generate capital from a variety of potential sources including, but
not limited to, both core and non-core asset sales, the sale of
joint venture or preferred equity in selected pools of its assets,
a corporate level capital infusion, and/or strategic business
combinations. 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 44 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 and other 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 Forms 10-K and 10-Q, 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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