GGP Ggp Inc. (delisted)

General Growth Properties, Inc. (NYSE:GGP) announced today the completion of approximately $896 million of mortgage loans. The maturity dates of these mortgage loans range from five to seven years. The proceeds were fully used to retire a $58 million bond issued by The Rouse Company LP maturing December 11, 2008, as well as to refinance approximately $814 million of mortgage indebtedness scheduled to mature in 2009. These refinanced loans are separate from the Fashion Show and Palazzo mortgage loans currently scheduled to mature on December 12, 2008. The Company is continuing discussions with its syndicate of lenders for a further extension of these two mortgage loans. There can be no assurance that the Company will obtain these further extensions. General Growth is a U.S. based, publicly traded Real Estate Investment Trust. The Company currently has an 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 portfolio totals approximately 200 million square feet of retail space 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 Web site at www.ggp.com. This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, our liquidity and refinancing demands, our ability to successfully manage our strategic and financial review, our level of indebtedness and interest rates, retail and credit market conditions, tenant occupancy and tenant bankruptcies, impairments, land sales in the Master Planned Communities segment, and the cost and success of development and re-development projects. Readers are referred to the documents filed by General Growth Properties, Inc. with the SEC, 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.